IMARC Group’s report titled “Blockchain in Healthcare Market Report by Network Type (Private, Public, and Others), Application (Supply Chain Management, Data Exchange and Interoperability, Claims Adjudication and Billing Management, and Others), End Use (Healthcare Providers, Healthcare Payers, Biopharmaceutical Medical Device Companies, and Others), and Region 2024-2032”. The global blockchain in healthcare market size reached US$ 2.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 41.1 Billion by 2032, exhibiting a growth rate (CAGR) of 38.26% during 2024-2032.
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Factors Affecting the Growth of the Blockchain in Healthcare Industry:
- Increasing Data Security and Privacy:
Blockchain creates an immutable ledger where, once data is recorded, it cannot be altered or deleted. This feature ensures that patient records and other sensitive data are protected against tampering and unauthorized modifications, which is critical in safeguarding against data breaches and cyberattacks. Moreover, blockchain empowers patients by giving them control over their health data. Patients can decide who accesses their information and track how their data is used, leading to greater transparency and trust in how their personal health information is managed.
- Enhanced Transparency and Traceability:
Blockchain technology provides an immutable record of each transaction along the supply chain, ranging from manufacturing to distribution to retail. This helps prevent counterfeit drugs from entering the market, ensures compliance with regulations, and improves safety. By tracking every step of a drug journey, stakeholders can verify the authenticity and handling of pharmaceuticals, ensuring they have not been tampered with. Furthermore, blockchain allows for the creation of a decentralized and immutable ledger of medical records that can be accessed by authorized personnel only. This improves the traceability of changes to medical records and ensures that the patient history is accurate and comprehensive.
- Smart Contracts for Automation:
Smart contracts can automatically process insurance claims when predefined conditions are met, reducing the need for intermediaries and the potential for human error. This is leading to faster and more accurate claims processing, reduces administrative costs, and improves patient satisfaction. In addition, in the healthcare supply chain, smart contracts can automate the verification and payment processes for pharmaceutical products. When a shipment of drugs meets all required conditions like temperature control and delivery time, the smart contract automatically executes payment, which ensures timely and accurate transactions and reduces the risk of fraud.
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Leading Companies Operating in the Global Blockchain in Healthcare Industry:
- Akiri Inc.
- Blockchain Ai Solutions Ltd.
- Blockpharma
- BurstIQ Inc.
- Chronicled Inc.
- Guardtime
- Hashed Health
- International Business Machines Corporation
- iSolve LLC
- Oracle Corporation
- Patientory Inc.
- Proof.Works
- Sirma Group Holding.
Blockchain in Healthcare Market Report Segmentation:
By Network Type:
- Private
- Public
- Others
Public represents the largest segment due to its inherent characteristics of transparency, decentralization, and security.
By Application:
- Supply Chain Management
- Data Exchange and Interoperability
- Claims Adjudication and Billing Management
- Others
Supply chain management accounts for the majority of the market share as it plays a vital role in ensuring the integrity, transparency, and efficiency of the supply chain processes.
By End Use:
- Healthcare Providers
- Healthcare Payers
- Biopharmaceutical Medical Device Companies
- Others
Biopharmaceutical and medical device companies hold the biggest market share owing to the critical need for enhanced security, transparency, and efficiency in managing complex data and supply chains.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America enjoys the leading position in the blockchain in healthcare market on account of a highly developed healthcare infrastructure and a strong presence of major technology companies investing in blockchain technology.
Global Blockchain in Healthcare Market Trends:
The rising integration of blockchain with Internet of Things (IoT) devices and wearables is becoming more common. These devices generate vast amounts of data that need to be securely stored and managed. Blockchain provides a reliable solution for ensuring the integrity and security of this data.
In addition, there is a growing focus on patient-centric solutions that give patients more control over their health data. Blockchain enables patients to manage access to their medical records, ensuring transparency and empowering them to make informed decisions about their healthcare.
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