Blockchain in Healthcare Market Size to Hit USD 14.25 BN by 2032

Ottawa, Dec. 22, 2022 (GLOBE NEWSWIRE) -- The global blockchain in healthcare market size will reach at USD 1.02 billion in 2023. An increasing set of documents called blocks linked together cryptographically is referred to as a blockchain. A cryptographic hash of the preceding block, the time and date, and transaction details are all included in each block. The timestamp facilitates hashing by verifying that the transaction data existed when the block was broadcast. They form a chain, with each new block supporting the ones before it since each block holds information about the one before. As a result, blockchains are resistant to data manipulation since, once recorded, the contents of any one block cannot be changed retrospectively without affecting all subsequent blocks. The two primary types of blockchains are private and public ones. However, there are a few variants, like Hybrid and Consortium blockchains.

Key Insights:

• By network type, the public segment has captured 57% of the market share in 2022.
• By application, the supply chain management segment has held more than 26% of the total market share in 2022.
• By end-user, the biopharmaceutical & medical device companies segment has accounted for 41% of the market share in 2022.
• By geography, the Europe region has held highest market share of 36% in 2022.

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Blockchain is a state-of-the-art technology that is being used to offer revolutionary solutions across many industries, including healthcare. The healthcare sector uses a blockchain network to store and transfer patient data across hospitals, diagnostic labs, pharmacies, and physicians. Blockchain technologies can reliably detect grave and even dangerous mistakes in the medical area. As a result, it may enhance the efficiency, security, and openness of the exchange of medical data throughout the healthcare system. This technology can help medical institutions understand and improve the analysis of patient records.

Blockchain technology can detect fraud in clinical trials, potentially increasing data efficiency for the healthcare industry. Developing a unique data storage pattern with the highest level of security possible can alleviate worries about data manipulation in the healthcare industry. It offers flexibility, connectivity, accountability, and authentication for data access. For several reasons, health records must be kept secure and private. Blockchain helps prevent specific dangers while enabling decentralized data protection in the healthcare industry.

Regional Snapshot

The North American blockchain healthcare market is estimated to contribute the largest revenue share throughout the forecast period. The noticeable presence of significant technology developers in these countries will likely impact the market's revenue growth significantly. A substantial impact on the market's revenue growth is anticipated from the professional services network in this region, which is also creating blockchain frameworks that companies interested in the technology may employ.

During the projected period, the market for healthcare blockchain in Europe will likely increase in revenue share. One of the key factors propelling the market's revenue growth is the rising number of government initiatives in the region to bring about digital transformation, move away from paper-based medical records, and adopt technology to offer patients quick and accurate medical help. Since 2012, Estonia has been using blockchain technology to perform financial transactions and secure patient records and medical data in the healthcare industry. Currently, over 90% of healthcare-related data is ledger-based on digital technology, and almost 99% of clinical prescriptions are created digitally.

The Asia Pacific blockchain in the healthcare market is estimated to record consistent revenue CAGR throughout the forecast period due to medical facilities' increased usage of EHR systems. These countries also used the technology to monitor medication and vaccine dosages and contacts during the COVID-19 pandemic to stem the virus' spread. As an illustration, hospitals in China will use blockchain technology in 2020 to precisely trace the supply of COVID-19 prescriptions to patients' homes, further increasing the digitalization of data and the rapid development of healthcare infrastructure in Asia-Pacific fuelling market revenue growth.

Report Highlights

• By network type, the public sector held 56.4% of the global market in 2021. The private category will experience significant growth over the next few years. Recording features and data management are the main reasons driving the private sector's growth.
• By application, the blockchain technology market share for the healthcare industry was over 25% for supply chain management in 2021. The technology enables pharmaceutical companies to enhance interoperability with the Internet of Things (IoT) devices. It also assists them in regulating the drug supply chain and recruiting participants for clinical trials.
• By end user, Biopharmaceutical & medical device businesses sector had the most significant market share by end-user in 2021, accounting for nearly 40% because these companies spend much money on research and development. The hospital segment will likely expand at a rapid rate (MGH).
  
  

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Scope of the Report

Market Dynamics of Blockchain in the Healthcare Market

Market Driver

The market for blockchain in healthcare is seeing revenue growth due to increasing demand for distributed ledger technology.

Due to increased data breaches, data theft, and sensitive healthcare data leakage from digital healthcare platforms, the market will likely see revenue growth throughout the forecast period. Electronic medical records on individualized healthcare databases have replaced paper-based records due to quick advancement in the healthcare industry. Due to centralized regulation, conventional databases like SQL are vulnerable to data manipulation. Blockchain technology successfully prevents data breaches thanks to its decentralized nature, which gives users power. Faults on the blockchain must also be fixed with another block before both blocks are available to all users to provide resilience and avoid data manipulation. These characteristics have increased the technology's uptake.

The pharmaceutical sector increasingly uses DLTs to track the whole supply chain, from manufacturers to customers and research labs. These aid in tracking how many things have been supplied throughout a specific time frame. The market revenue is projected to expand as more industries utilize technology to close the demand-supply gap. The digitization of supply chains on the Internet has sped up the emergence of fake medicines and pharmaceuticals that, when used, can have fatal side effects. According to the World Health Organization (WHO), one in ten pharmaceutical products in low and middle-income countries are either fraudulent or of poor quality.

As a result, customers may place orders knowing that regulatory agencies have verified the manufacturer. The increasing use of Electronic Health Records (EHRs) has led to a greater exchange of clinical data amongst healthcare professionals working in different institutions, which has helped to advance knowledge and hastened disease detection. However, sharing such sensitive data on social media sites that are available for purchase is risky. The market is expected to continue rising in revenue over the coming years due to the increasing use of blockchain technologies, which provide a safe platform for encrypted data exchange and viewing among verified users.

Market Restraints

One of the main factors preventing revenue development is patients' reluctance to disclose medical data and a need for technological competence.

Digital currencies have been using blockchain technology for more than ten years, and over that time, it has gradually permeated other industries, including the healthcare industry. However, because this technology is still in its early phases, benefits and drawbacks still need to be thoroughly examined, which makes patients hesitant to accept it and, to some extent, lowers the demand for the technology in healthcare. Users may get more confident using digital platforms and online workshops that walk them through using DLTs. Lack of technological know-how and cyberattacks on healthcare websites are two additional factors anticipated to restrain market revenue growth over the forecast period.

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Recent Developments

• In March 2018, IBM introduced a free platform to help startups create blockchain initiatives. The main objective was to provide technology to developing nations.
• In January 2019, Anthem, Aetna, PNC Bank, Health Care Service Corporation (HCSC), and IBM launched a new partnership to design and build a blockchain-based network to increase transparency and interoperability in the healthcare sector. The objective is to create a shared, highly secure, and open blockchain network that can help many players in the healthcare industry.
• In May 2019, Batam (Indonesia) aimed to assemble many partners to help deliver a blockchain solution to its residents. The clinic and BP Batam are collaborating primarily with the assistance of BP Batam Hospital. Deloitte Southeast Asia and JP Consulting are providing clinical governance and project management expertise on behalf of the clinic.
  
  

Market Segmentation

By Network Type

• Public
• Private

By Application

• Claims Adjudication & Billing
• Clinical Data Exchange & Interoperability
• Clinical Trials & eConsent
• Supply Chain Management
• Others
  
  

By End-User

• Payers
• Providers
• Biopharmaceutical & Medical Device Companies
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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