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Blockchain Technology in Healthcare Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2022-2030

Published Date: July, 2022
No of Pages: 165
Delivery Format: PDF + Excel

$2,950.00

Description of the Report

Blockchain technology has taken worldwide by storm with its innovative use in data transactions, primarily in the financial industry. Its massive popularity across many industries has increased the need for this technology within the healthcare sector to bring radical transformations.

The global market for healthcare blockchain is expected to grow to approximately USD 829.0 million by 2023, up from just 53.9 million as of 2018 at a rate of 72.8 percent. The rising incidence of data breaches in healthcare, the growing threat of counterfeit drugs, the growing use of blockchain as a service (BaaS), and the transparency and immutability of blockchain technology are among the major factors driving this market growth. However, the unwillingness to release data and the absence of a central authority and standardization will likely limit the market’s expansion to a small degree. The report focuses on the blockchain for the healthcare market and is segmented by applications, end-users, and location.

In terms of implementation Supply chain management industry is predicted to have the most market share in the forecast time.

Based on its numerous applications in healthcare and healthcare, the market for healthcare blockchain is divided into clinical interoperability identity management, supply chain management, health insurance and fraud prevention, and various other applications. In 2017 Supply chain management sector represented the highest market share in the global Blockchain market for healthcare. The reasons for this include the growing amount of fake medicines in circulation, as well as strict rules such as the Drug Quality and Security Act (DQSA) in the US and the Falsified Medicines Directive (FMD) in Europe, which are driving the use of blockchain technology in the management of supply chains.

As for the end-users, The pharmaceutical company segment is expected to have the most significant market share over the forecast time.

Based on the type of end-users, the healthcare blockchain market in the world is broadly divided into pharmaceutical companies and healthcare providers, as well as healthcare payers and other end-users. The pharmaceutical companies segment accounted for the most significant portion of the market for healthcare blockchain. Those who pay for health care are predicted to record the highest CAGR between 2018 and 2023. The growth in the healthcare payers sector is due to the rising demand for secure health information exchange between healthcare providers and payers, the risk of insurance fraud, increasing health tourism, and the necessity to increase the efficiency of healthcare institutions.

North America to dominate the market over the forecast period.

North America accounted for the most of the health blockchain industry. The development of the North American healthcare blockchain market is driven by the introduction of regulations within the region regarding the security of patient information and improving the quality of healthcare and the increasing prevalence of fraud in the healthcare industry, and the need to cut down on the rising costs for healthcare and the growing necessity to safeguard medical information from being manipulated.

However, on the other hand, it is expected that the Asia Pacific region is expected to experience the fastest CAGR between 2018 and 2023. Factors like the improvement of healthcare infrastructure, the increasing use of EHR systems as well as other health IT solutions, the increasing need for health information exchange between various stakeholders within the healthcare sector due to the growing medical tourism in the region, and the ever-increasing necessity to stop counterfeit medicines from getting into the supply chain are driving the expansion of this region.

Market Dynamics

Driver: Increasing frequency of data breaches involving healthcare

In the past, the frequency of security breaches has significantly increased within the healthcare sector. In the last five years, data breaches in healthcare have increased in frequency and size, most severe breaches affecting more than 80 million individuals. Health data breaches typically expose sensitive information, including personally identifiable data like Social Security numbers, names, and addresses, to sensitive health data like Medicaid identification numbers, health insurance details, and medical history of patients.

Restrictions: Reluctance to divulge information

In the health industry, most payers and healthcare providers, especially in emerging countries, are reluctant to divulge information due to a lack of laws governing the exchange of medical information. Healthcare providers have it advantageous to keep information private because sharing information with healthcare payers can reduce the reimbursement because they may receive different rates for various patients. In this scenario, where all stakeholders in the health industry are in a war for profit and are hesitant to share accurate information, adopting a transparent technology, such as distributed ledgers, will be a problem. This could hinder the use of blockchain technology within the healthcare industry.

Opportunity: Government Initiatives

Blockchain technology is now emerging as a viable solution for healthcare. Numerous startups have begun to address essential issues in the field of healthcare (such as interoperability of medical records and data security and stopping counterfeit drugs from getting into the supply chain of pharmaceuticals) using Blockchain technologies. Over the past few years, blockchain technology has attracted the attention of a variety of players in the healthcare industry. Because of the growing demand for this technology, various government agencies worldwide invest in blockchain technology to investigate the subject.

Problem: Insufficient awareness and understanding

The biggest obstacle to the development of blockchain tech is the absence of an understanding of distributed ledger systems and their use within the healthcare industry. Patients in the healthcare sector lack knowledge of disruptive technology’s advantages and the way it operates. This might prevent businesses from investing their money in this emerging technology. In its present form, blockchain technology is an unknown, vast frontier prone to uncertainty and expansion. Investors, public officials, and entrepreneurs are still trying to use their potential to change how businesses operate.

Blockchain is a system of cryptographic algorithms operating over an extensive network of computers. Thus, understanding the associated technology is vital to experience blockchain’s advantages. Inadequate knowledge and general awareness are among the main obstacles to the widespread acceptance of blockchain. The rising adoption and use of distributed ledger technology could ensure that understanding blockchain is crucial. This could result in creating and growing platforms to offer training in this area. But, the difficulties of old infrastructures will remain a challenge since the feasibility of implementing decentralized cryptosystems isn’t within the standard IT development capabilities.

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The scope of the Report

Report MetricInformation
Market size is available for many years2016 – 2023
The base year is considered to be the year of the year.2017
Forecast period2018 – 2023
Forecast unitsMillion (USD)
Segments that are coveredApplication, End-User and Region
Geographies that are coveredNorth America, Europe, APAC, RoW
Companies coveredMarket leaders include IBM (US), Microsoft (US), Guardtime (Estonia), PokitDok (US), Gem (US), Chronicled (US), iSolve (US), Hashed Health (US), Patientory (US), Factom (US), Proof.Work (UK), SimplyVital Health (US), FarmaTrust (UK), Blockpharma (France) as well as Medicalchain (UK)

Blockchain Technology in Healthcare Market Report Scope and Segmentation

ATTRIBUTESDETAILS
ESTIMATED YEAR2022
BASE YEAR2021
FORECAST YEAR2030
HISTORICAL YEAR2017-2021
UNITValue (USD Million/Billion)
BY REGIONNorth America, Europe, Asia Pacific, Latin America, Middle East and Africa

Through Application

  • Management of supply chain
  • Clinical Data Exchange & Interoperability
  • Claims Adjudication & Billing Management
  • Other Applications

By the End-User

  • Pharmaceutical Companies
  • Healthcare Players
  • Healthcare Providers
  • Other End Users

In Region

    • North America
      • US
      • Canada
      • Mexico
    • Europe
      • Germany
      • Italy
      • France
      • UK
      • Spain
      • Poland
      • Russia
      • The Netherlands
      • Norway
      • Czech Republic
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Indonesia
      • Malaysia
      • Thailand
      • Singapore
      • Australia & New Zealand
      • Rest of Asia Pacific
    • South America
      • Brazil
      • Argentina
      • Colombia
      • Rest of South America
    • The Middle East & Africa
      • Saudi Arabia
      • UAE
      • South Africa
      • Northern Africa
      • Rest of MEA

Key Market Players

IBM (US), Microsoft (US), Guardtime (Estonia), PokitDok (US), Gem (US), and Hashed Health (US).

Recent Changes

  • In 2018, Microsoft, Viant, and GSK formed a consortium dubbed the Viant Blockchain Programme aimed to speed up the adoption of the blockchain-based supply chain within diverse verticals like healthcare.
  • In the year 2018, Chronicled partnered with Qtum Foundation. Through this collaboration, both companies are integrating smart devices using an encrypted distributed ledger backend, combining IoT and blockchain technologies.
  • In 2018, Hashed Health partnered with Global Healthcare Exchange, a healthcare business and automation firm, to utilize blockchain technology to resolve problems related to tracking products and auditing, data management, and order processing throughout the supply chain for healthcare.
  • In 2017 Microsoft and Accenture worked together to develop solutions for managing identity.

Table of Contents

1 Introduction (Page No. – 13)
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Markets Covered
1.3.2 Years Considered for the Study
1.4 Limitations
1.5 Currency
1.6 Stakeholders

2 Research Methodology (Page No. – 16)
2.1 Research Approach
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Breakdown of Primaries
2.1.2.3 Key Industry Insights
2.2 Market Size Estimation
2.3 Market Breakdown and Data Triangulation
2.4 Assumptions for the Study

3 Executive Summary (Page No. – 24)

4 Premium Insights (Page No. – 27)
4.1 Healthcare Blockchain: Market Overview
4.2 Europe: Healthcare Blockchain Market, By Country & Application
4.3 Geographical Snapshot of the Healthcare Blockchain Market
4.4 Healthcare Blockchain Market: Regional Mix

5 Market Overview (Page No. – 31)
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Incidence of Healthcare Data Breaches
5.2.1.2 Increasing Threat of Counterfeit Drugs
5.2.1.3 Increasing Adoption of Blockchain as A Service (BaaS)
5.2.1.4 Transparency & Immutability of the Distributed Ledger Technology
5.2.1.5 Cost-Effective & Secured Data Interoperability Through Blockchain
5.2.2 Restraints
5.2.2.1 Reluctance to Disclose Data
5.2.2.2 Lack of A Central Entity & Common Set of Standards
5.2.3 Opportunities
5.2.3.1 Government Initiatives
5.2.3.2 Significant Increase in Funding Through Venture Capital Investments & Initial Coin Offering (ICO)
5.2.4 Challenges
5.2.4.1 Lack of Awareness & Understanding
5.2.4.2 Technical Challenges Pertaining to Scalability

6 Technology Overview (Page No. – 39)
6.1 Introduction
6.2 Structure of Blockchain
6.3 Types of Blockchain
6.3.1 Public Blockchain
6.3.2 Private Blockchain
6.3.3 Consortium Blockchain (Permissioned Blockchain)
6.4 Healthcare Blockchain Consortiums
6.4.1 The Hyperledger Healthcare Working Group
6.4.2 Hashed Health Blockchain Consortium
6.4.3 The Mediledger Project
6.4.4 Humana, Multiplan, Optum, Quest Diagnostics and Unitedhealthcare Blockchain Group
6.4.5 Viant Blockchain Programme
6.5 Type of Blockchain Providers in Healthcare
6.5.1 Application and Solution Providers
6.5.2 Middleware, Infrastructure, and Protocol Providers
6.6 Potential Healthcare Applications of Blockchain

7 Healthcare Blockchain Market, By Application (Page No. – 44)
7.1 Introduction
7.2 Supply Chain Management
7.3 Clinical Data Exchange & Interoperability
7.4 Claims Adjudication & Billing Management
7.5 Other Applications

8 Healthcare Blockchain Market, By End User (Page No. – 57)
8.1 Introduction
8.2 Pharmaceutical Companies
8.3 Healthcare Payers
8.4 Healthcare Providers
8.5 Other End Users

9 Healthcare Blockchain Market, By Region (Page No. – 67)
9.1 Introduction
9.2 North America
9.2.1 Us
9.2.2 Canada
9.3 Europe
9.3.1 Uk
9.3.2 Estonia
9.3.3 Germany
9.3.4 Rest of Europe (RoE)
9.4 Asia Pacific (APAC)
9.5 Rest of the World (RoW)

10 Competitive Landscape (Page No. – 90)
10.1 Overview
10.2 Healthcare Blockchain Market: Vendor Venchmarking
10.3 Investments in Healthcare Blockchain Market
10.4 Competitive Scenario
10.4.1 Agreements, Collaborations, & Partnerships
10.4.2 Product Launches and Enhancements
10.4.3 Acquisitions

11 Company Profiles (Page No. – 97)
(Business Overview, Solutions Offered, Recent Developments, SWOT Analysis & MnM View)*
11.1 IBM
11.2 Microsoft
11.3 Guardtime
11.4 Pokitdok
11.5 Gem
11.6 Hashed Health
11.7 Chronicled
11.8 Isolve
11.9 Patientory
11.10 Factom
11.11 Emerging Healthcare Blockchain Companies
11.11.1 Medicalchain
11.11.2 Proof.Work
11.11.3 Simplyvital Health
11.11.4 Farmatrust
11.11.5 Blockpharma

*Details on Business Overview, Solutions Offered, Recent Developments, SWOT Analysis & MnM View Might Not Be Captured in Case of Unlisted Companies.

12 Appendix (Page No. – 119)
12.1 Insights of Industry Experts
12.2 Discussion Guide
12.3 Knowledge Store: Marketsandmarkets Subscription Portal
12.4 Introducing RT: Real-Time Market Intelligence
12.5 Available Customizations
12.6 Related Reports
12.7 Author Details

List of Tables (76 Tables)

Table 1 Home Healthcare Blockchain Market Snapshot
Table 2 Recent Examples of Data Breaches in the Healthcare Industry
Table 3 Drivers: Impact Analysis
Table 4 Restraints: Impact Analysis
Table 5 Opportunities: Impact Analysis
Table 6 Challenges: Impact Analysis
Table 7 Key Potential Applications of Blockchain Technology in Healthcare
Table 8 Healthcare Blockchain Market, By Application, 20162023 (USD Million)
Table 9 Supply Chain Management Blockchain Offerings By Key Market Players
Table 10 Key Blockchain Projects for Supply Chain Management
Table 11 Healthcare Blockchain Market for Supply Chain Management, By Region, 20162023 (USD Million)
Table 12 North America: Healthcare Blockchain Market for Supply Chain Management, By Country, 20162023 (USD Million)
Table 13 Europe: Healthcare Blockchain Market for Supply Chain Management, By Country, 20162023 (USD Million)
Table 14 Impact of Blockchain on Data Interoperability
Table 15 Clinical Data Exchange & Interoperability Blockchain Offerings By Key Market Players
Table 16 Key Blockchain Projects in Clinical Data Exchange & Interoperability
Table 17 Healthcare Blockchain Market for Clinical Data Exchange & Interoperability, By Region, 20162023 (USD Million)
Table 18 North America: Healthcare Blockchain Market for Clinical Data Exchange & Interoperability, By Country, 20162023 (USD Million)
Table 19 Europe: Healthcare Blockchain Market for Clinical Data Exchange & Interoperability, By Country, 20162023 (USD Million)
Table 20 Claims Adjudication & Billing Management Blockchain Offerings By Key Market Players
Table 21 Key Blockchain Projects in Claims Adjudication & Billing Management
Table 22 Healthcare Blockchain Market for Claims Adjudication & Billing Management, By Region, 20162023 (USD Million)
Table 23 North America: Healthcare Blockchain Market for Claims Adjudication & Billing Management, By Country, 20162023 (USD Million)
Table 24 Europe: Healthcare Blockchain Market for Claims Adjudication & Billing Management, By Country, 20162023 (USD Million)
Table 25 Blockchain Offerings for Other Applications By Key Market Players
Table 26 Healthcare Blockchain Market for Other Applications, By Region, 20162023 (USD Million)
Table 27 North America: Healthcare Blockchain Market Other Applications, By Country, 20162023 (USD Million)
Table 28 Europe: Healthcare Blockchain Market for Other Applications, By Country, 20162023 (USD Million)
Table 29 Healthcare Blockchain Market, By End Users, 20162023 (USD Million)
Table 30 Healthcare Blockchain Market for Pharmaceutical Companies, By Region, 20162023 (USD Million)
Table 31 North America: Healthcare Blockchain Market for Pharmaceutical Companies, By Country, 20162023 (USD Million)
Table 32 Europe: Healthcare Blockchain Market for Pharmaceutical Companies, By Country/Region, 20162023 (USD Million)
Table 33 Healthcare Blockchain Market for Healthcare Payers, By Region, 20162023 (USD Million)
Table 34 North America: Healthcare Blockchain Market for Healthcare Payers, By Country, 20162023 (USD Million)
Table 35 Europe: Healthcare Blockchain Market for Healthcare Payers, By Country, 20162023 (USD Million)
Table 36 Healthcare Blockchain Market for Healthcare Providers, By Region, 20162023 (USD Million)
Table 37 North America: Healthcare Blockchain Market for Healthcare Providers, By Country 20162023 (USD Million)
Table 38 Europe: Blockchain Market for Healthcare Providers, By Country, 20162023 (USD Million)
Table 39 Healthcare Blockchain Market for Other End Users, By Region, 20162023 (USD Million)
Table 40 North America: Healthcare Blockchain Market for Other End Users, By Country, 20162023 (USD Million)
Table 41 Europe: Healthcare Blockchain Market for Other End Users, By Country, 20162023 (USD Million)
Table 42 Healthcare Blockchain Market, By Region, 20162023 (USD Million)
Table 43 Key Blockchain Projects in North America
Table 44 North America: Healthcare Blockchain Market, By Country, 20162023 (USD Million)
Table 45 North America: Healthcare Blockchain Market, By Application, 20162023 (USD Million)
Table 46 North America: Healthcare Blockchain Market, By End User, 20162023 (USD Million)
Table 47 US: Key Macroindicators
Table 48 US: Healthcare Blockchain Market, By Application, 20162023 (USD Million)
Table 49 US: Healthcare Blockchain Market, By End User, 20162023 (USD Million)
Table 50 Canada: Key Macroindicators
Table 51 Canada: Healthcare Blockchain Market, By Application, 20162023 (USD Million)
Table 52 Canada: Healthcare Blockchain Market, By End User, 20162023 (USD Million)
Table 53 Europe: Healthcare Blockchain Market, By Country, 20162023 (USD Million)
Table 54 Europe: Healthcare Blockchain Market, By Application, 20162023 (USD Million)
Table 55 Europe: Healthcare Blockchain Market, By End User, 20162023 (USD Million)
Table 56 UK: Key Macroindicators
Table 57 UK: Healthcare Blockchain Market, By Application, 20162023 (USD Million)
Table 58 UK: Healthcare Blockchain Market, By End User, 20162023 (USD Million)
Table 59 Estonia: Key Macroindicators
Table 60 Estonia: Healthcare Blockchain Market, By Application, 20162023 (USD Million)
Table 61 Estonia: Healthcare Blockchain Market, By End User, 20162023 (USD Million)
Table 62 Germany: Key Macroindicators
Table 63 Germany: Healthcare Blockchain Market, By Application, 20162023 (USD Million)
Table 64 Germany: Healthcare Blockchain Market, By End User, 20162023 (USD Million)
Table 65 RoE: Healthcare Blockchain Market, By Application, 20162023 (USD Million)
Table 66 RoE: Healthcare Blockchain Market, By End User, 20162023 (USD Million)
Table 67 APAC: Healthcare Blockchain Market, By Application, 20162023 (USD Million)
Table 68 APAC: Healthcare Blockchain Market, By End User, 20162023 (USD Million)
Table 69 RoW: Healthcare Blockchain Market, By Application, 20162023 (USD Million)
Table 70 RoW: Healthcare Blockchain Market, By End User, 20162023 (USD Million)
Table 71 Growth Strategy Matrix (20152018)
Table 72 Healthcare Blockchain Market: Product Portfolio Assessment of Key Market Players
Table 73 Key Healthcare Blockchain Funding
Table 74 Agreements, Collaborations & Partnerships, 20152018
Table 75 Product Launches, 20152018
Table 76 Acquisitions, 20152018

List of Figures (25 Figures)

Figure 1 Healthcare Blockchain Market Segmentation
Figure 2 Research Design
Figure 3 Breakdown of Primary Interviews: By Company Type, Designation, and Region
Figure 4 Bottom-Up Approach
Figure 5 Top-Down Approach
Figure 6 Data Triangulation Methodology
Figure 7 Healthcare Blockchain Market, By Application, 2018 vs 2023 (USD Million)
Figure 8 Healthcare Blockchain Market, By End User, 2018 vs 2023 (USD Million)
Figure 9 North America Dominated the Healthcare Blockchain Market in 2017
Figure 10 Rising Incidence of Healthcare Data Breaches is Driving Market Growth
Figure 11 UK Accounted for the Largest Market Share in 2017
Figure 12 US Commanded the Largest Share of the Healthcare Blockchain Market in 2017
Figure 13 Asia Pacific to Register the Highest CAGR During the Forecast Period
Figure 14 Healthcare Blockchain Market: Drivers, Restraints, Opportunities, & Challenges
Figure 15 Centralized vs Distributed Blockchain
Figure 16 Claims Adjudication & Billing Management to Witness the Highest Growth in the Healthcare Blockchain Applications Market During the Forecast Period
Figure 17 Healthcare Payers to Witness the Highest Growth During the Forecast Period
Figure 18 Healthcare Blockchain Market, By Region, 2018 vs 2023 (USD Million)
Figure 19 Healthcare Blockchain Market: Geographic Snapshot
Figure 20 North America: Healthcare Blockchain Market Snapshot
Figure 21 Europe: Healthcare Blockchain Market Snapshot
Figure 22 Key Developments in the Healthcare Blockchain Market Between January 2015 and June 2018
Figure 23 Vendor Benchmarking: Market Attractiveness vs Company Strength
Figure 24 IBM: Company Snapshot
Figure 25 Microsoft: Company Snapshot

Major Segmentation

Through Application

  • Management of supply chain
  • Clinical Data Exchange & Interoperability
  • Claims Adjudication & Billing Management
  • Other Applications

By the End-User

  • Pharmaceutical Companies
  • Healthcare Players
  • Healthcare Providers
  • Other End Users

In Region

  • North America
    • US
    • Mexico
    • Canada
  • Europe
    • UK
    • Estonia
    • Germany
    • Rest Of Europe
    • APAC
    • RoW

Major Companies

IBM (US), Microsoft (US), Guardtime (Estonia), PokitDok (US), Gem (US), and Hashed Health (US).

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