Blockchain Technology in Healthcare Market Analysis And Forecast To 2031: By Type (Public, Private), By Application (Clinical Trials, Supply Chain Management, Data Exchange and Interoperability, Claims Adjudication and Billing Management), By End-use (Pha

Blockchain Technology in Healthcare Market Analysis And Forecast To 2031: By Type (Public, Private), By Application (Clinical Trials, Supply Chain Management, Data Exchange and Interoperability, Claims Adjudication and Billing Management), By End-use (Pharmaceutical Companies, Healthcare Payers, Healthcare Providers), And Region

The global Blockchain Technology in Healthcare Market was valued at USD 1.5 Billion in 2021 and it is anticipated to grow up to USD 16.2 Billion by 2031, at a CAGR of 27.3% during the forecast period.

Blockchain technology is a distributed database that allows for secure, transparent and tamper-proof sharing of data. In healthcare, blockchain can be used to create a secure and interoperable system for storing and sharing medical data. By creating a decentralized network of health data, blockchain can help to reduce errors, improve data quality and increase trust between patients and providers. Additionally, blockchain can help to enable new applications such as clinical trial management, drug supply chain tracking and patient-centered data sharing.
Global Blockchain Technology in Healthcare Market Scope and Report Structure

Market Trends and Drivers
Growing need to store & secure medical data coupled with the rising incidence of medical data breaches to spur the blockchain technology in healthcare market expansion

There has been a surge in the requirement to store and secure medical data that can have significant advantages for healthcare facilities, medical staff, and patients. Blockchain technology is cross-checked, encrypted, and decentralized that enables medical data to remain strongly backed, thereby providing stimulus to the market progression. The government of several countries is emphasizing on the digitalization of the healthcare system and related industry sectors that potentially improve health outcomes, enhance patient engagement, enable better predictions, etc. Owing to increased attack volume for various healthcare service providers, the U.S. and UK government has made a significant investment to ensure that all health records are digitized. Further, medical data has been subjected to risks of privacy breaches attributed to unauthorised access to electronic health records (EHR) or loss of physical patient files.
Market Restraints and Challenges
Lack of skilled professionals with the required technical expertise to handle blockchain technology in healthcare may have a negative impact on the market growth. Blockchain technology in healthcare is complex in nature and henceforth, requires skilled professionals to operate and manage the task. Lack of a skilled workforce, particularly in the emerging economies may hamper the adoption of blockchain technology in healthcare. Apart from the revenue loss, the shortage of skilled professionals in handling this technology also produces a variety of other negative consequences for firms such as the inability to deliver precise market needs, affecting customer satisfaction, etc.
Global Blockchain Technology in Healthcare Market Segmental Overview
The report analyses the global Blockchain Technology in Healthcare Market based on type, application, end-user, and region.

Global Blockchain Technology in Healthcare Market by Type

Based on type, the market is segregated as private, and public. Amongst them, public segment is poised to register a significant CAGR from 2023 to 2031 led by the rising preference for a public blockchain system that provides several advantages comprising greater transparency, offer decentralized structure, and records everything among others. This blockchain system is widely used to manage healthcare data efficiently. Digital ledger technology (DLT) and Ethereum, a public network, are one of the broadly used blockchain systems in healthcare. The digital ledger technology is highly secure, eliminates the need for a third-party caretaker, and delivers a high amount of transparency. Public blockchain technology is specifically designed to operate with maximum medical data security, thereby augmenting the industry value. Further, the cost-effectiveness of implementing public blockchain technology in healthcare is the key factor that leads to industry expansion. Featuring a high standard of security protocols, reliable portal services, and anonymous nature are expected to positively influence the market demand.

Global Blockchain Technology in Healthcare Market by Application

On the basis of application, the Blockchain Technology in Healthcare Market is categorized into Clinical Trials, Supply Chain Management, Data Exchange and Interoperability, Claims Adjudication and Billing Management, and Others. The clinical trials segment held significant share of the blockchain technology in healthcare market in 2021 impelled by the wide range applications of blockchain technology for improving clinical trials quality. Implementation of this technology enhances recruitment, allows full decentralization, supports governance with real-time decision making, and optimizes the performance of repetitive tasks that enable trials to take place effectively. Blockchain technology aids in reaching a considerable level of historicity and inviolability of data for the whole document flow in a clinical trial. This further allows the secure automation of clinical trials through smart contracts, ensures traceability, and prevents a posteriori reconstruction.

Global Blockchain Technology in Healthcare Market by End-user

With regards to end-user, the Blockchain Technology in Healthcare Market is divided into Pharmaceutical Companies, Healthcare Payers, Healthcare Providers, and Others. The healthcare providers segment captured significant revenue in 2021 driven by the broad range of uses and applications of blockchain technology in healthcare. The digital ledger technology supports healthcare providers through managing the medicine supply chain efficiently and facilitating the secure transfer of patient medical records. This technology has increased the productivity of healthcare providers by offering a novel model for health information exchanges by making electronic medical records more resourceful. The blockchain system is providing opportunities to healthcare providers by reducing or eliminating the friction and costs of current intermediaries. Additionally, it reduces complexity and creates secure & immutable information.
Geographical Analysis of Global Blockchain Technology in Healthcare Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America Blockchain Technology in Healthcare Market revenue is poised to grow significant CAGR during the forthcoming years. The major market share is attributable to the recent advancements in blockchain technology along with several government initiatives supporting the acceptance of these innovative platforms in healthcare. Venture capital investors are identifying the enormous potential that blockchain technology can offer for enhancing patient care, broadening the reach of health services, and cutting down medical care expenses. Companies functioning in the country comprising BurstIQ, Akiri, Factom, etc. are emphasizing on the development of blockchain technology solutions that ensures healthcare data to remain secured, provide complete and up-to-date information about patients' health & healthcare activity, etc. Similarly, robust economic growth in the U.S. has led market to showcase strong growth in value terms.
Major Players in the Global Blockchain Technology in Healthcare Market
The key players in the Blockchain Technology in Healthcare Market Akiri, Inc., Avaneer Health, Inc., BurstIQ, Crystalchain, Change Healthcare, Inc., Chronicled, Equideum Health, Embleema, Farma Trust, and Guardtime, among others.
COVID-19 Impact
The COVID-19 pandemic arose as an unparalleled health concern, infecting a significant number of people across the world. The pandemic inflicted economic damages and financial adversities on global economy and several industrial sectors. Several countries imposed national emergencies and lockdowns to curb the spread & infection due to the SARS-CoV-2. Clinical studies and surveys have reported a drop in the outpatient and emergency medical services in the U.S. Many medical practices were hampered, distracted, postponed and halted, especially the elective medical practices, thereby impacting the industry growth.

However, the coronavirus outbreak propelled the acceptance of innovative technologies comprising blockchain technology in healthcare. Several countries implemented blockchain technology in healthcare facilities that aided in effective planning operations and resource deployments. This technology has enhanced clinical trial data management by reducing delays in regulatory approvals, streamlined the communication between diverse stakeholders of the supply chain, etc. Furthermore, numerous market players are focused to develop a blockchain-based tracking system to halt the spread of misinformation.
Recent Developments

In Aug-2022, Oracle teamed up with InfStones, the world’s leading blockchain infrastructure provider. This collaboration aimed at combining InfStones’ top blockchain development platform with Oracle Cloud Infrastructure (OCI) to boost Web3 development. This collaboration would assist in delivering major insights that drive the development, evolution, and adoption of Web3 applications across the globe.
In Jul-2022, Equideum Health entered into a partnership with SIMBA Chain, a cloud-based, blockchain-as-a-service (BaaS) platform. This partnership aimed to enhance global healthcare by developing a decentralized marketplace called the Equideum Exchange to empower individuals to monetize health as well as health-associated data about them.
In May-2022, Equideum Health teamed up with Nokia Bell Labs, an American industrial research and scientific development company. This collaboration aimed to use data generated from video feeds, wearables, smartphones, and home health devices.
In Apr-2022, Chronicled partnered with AmerisourceBergen, an American drug wholesale company. This partnership aimed to use a new blockchain-powered solution developed to improve pharmaceutical chargeback accuracy and substantially decrease chargeback rejections.
In Aug-2021, Chronicled came into a partnership with MediLedger, an industry-owned permissioned blockchain network. This partnership aimed to use the latest blockchain-powered solution on the MediLedger Network to simplify operations over the pharmaceutical supply chain and allow a reliable, frictionless experience for pharmacies over the country.
In May-2021, BurstIQ entered into collaboration with The National Center for Advancing Translational Sciences (NCATS) at the National Institutes of Health (NIH). This collaboration aimed to acknowledge the protection of intellectual property related to NCATS’ work on translational science.
In Jun-2020, Oracle came into a collaboration with HACERA, a US-based technology company. This collaboration aimed to provide reliable information through MiPasa platform.

Frequently Asked Questions
Q1. How big is the Blockchain Technology in Healthcare Market?

Ans. The global Blockchain Technology in Healthcare Market was valued at USD 1.5 Billion in 2021 and it is anticipated to grow up to USD 16.2 Billion by 2031, at a CAGR of 27.3% during the forecast period.

Q2. What is the Blockchain Technology in Healthcare Market growth rate?

Ans. The growth rate of the Blockchain Technology in Healthcare Market is 27.3%.

Q3. Which region holds a major market share for the market?

Ans. North America holds a major market share of the Blockchain Technology in Healthcare Market in 2021.

Q4. Which segment accounted for the largest Blockchain Technology in Healthcare Market share?

Ans. By end user, the Healthcare Providers segment accounted for the largest Blockchain Technology in Healthcare Market share.

Q5. Who are the key players in the digital diabetes management market?

Ans. The global Blockchain Technology in Healthcare Market report includes players such  as Akiri, Inc., Avaneer Health, Inc., BurstIQ, Crystalchain, Change Healthcare, Inc., Chronicled, Equideum Health, Embleema, Farma Trust, and Guardtime, among others.

Q6. What are the factors driving the Blockchain Technology in Healthcare Market growth?

Ans. The major factors driving the growth of the market are growing prevalence of H, pylori across the globe.

Q7. What are the key growth strategies of Blockchain Technology in Healthcare Market players?

Ans. The key growth strategies of Blockchain Technology in Healthcare Market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the Blockchain Technology in Healthcare Market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the Blockchain Technology in Healthcare Market during the forecast period.

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