Blockchain in healthcare market size will reach USD 14.25 billion by 2032

Precedence Research predicts that the global blockchain in healthcare market size is expected to reach around USD 14.25 billion by 2032 and it is expected to grow at a registered CAGR of 34.02% from 2023 to 2032.

Ottawa, Dec. 22, 2022 (GLOBE NEWSWIRE) — The global healthcare market-sized blockchain will reach $1.02 billion in 2023. A growing set of documents called blocks linked together cryptographically is referred to as a blockchain. A cryptographic hash of the previous block, time and date, and transaction details are 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 contains information about the one before it. As a result, blockchains are resistant to data manipulation, since the contents of a block cannot be changed afterwards, once recorded, without affecting all subsequent blocks. The two primary types of blockchains are private and public. However, there are a few variants, such as hybrid and consortium blockchains.

Key Insight:

• By network type, the public sector has taken 57% of the market share in 2022.

• By application, the supply chain management segment has accounted for more than 26% of the total market share in 2022.

• By end user, the biopharmaceutical & medical unit the corporate segment has accounted for 41% of the market share in 2022.

• Geographically, the Europe region has held the highest market share of 36% in 2022.

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Blockchain is a state-of-the-art technology used to provide revolutionary solutions across many industries, including healthcare. The healthcare sector uses a blockchain network to store and transfer patient data across hospitals, diagnostic laboratories, pharmacies and doctors. Blockchain technologies can reliably detect serious and even dangerous errors in the medical field. As a result, it can increase the efficiency, security and transparency of the exchange of medical data throughout the healthcare system. This technology can help medical institutions understand and improve the analysis of patient records.

The story continues

Blockchain technology can detect fraud in clinical trials, potentially increasing data efficiency for the healthcare sector. Developing a unique data storage pattern with the highest possible level of security can alleviate concerns about data manipulation in the healthcare sector. 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 sector.

Regional snapshot

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

During the forecast period, the healthcare blockchain market in Europe is likely to increase in revenue share. One of the key factors driving the market’s revenue growth is the increasing number of government initiatives in the region to bring about digital transformation, moving away from paper-based medical records and adopting technology to offer patients quick and accurate medical care. Since 2012, Estonia has used blockchain technology to conduct financial transactions and secure patient records and medical data in the healthcare sector. Currently, over 90% of health-related data is ledger based on digital technology, and almost 99% of clinical prescriptions are created digitally.

Asia Pacific blockchain in the healthcare sector is estimated to register consistent revenue CAGR throughout the forecast period due to medical facilities’ increased adoption of EHR systems. These countries also used the technology to monitor drug and vaccine doses and contacts during the COVID-19 pandemic to stop the spread of the virus. As an illustration, hospitals in China will use blockchain technology in 2020 to accurately track the supply of COVID-19 prescriptions to patients’ homes, further boosting the digitization of data and the rapid development of healthcare infrastructure in Asia-Pacific driving market revenue growth.

Report highlights

• By network type, the public sector had 56.4% of the global market in 2021. The private category will experience significant growth in the coming years. Recording functions and data management are the main reasons for the growth in the private sector.

• By application, the healthcare blockchain technology market share was over 25% for supply chain management in 2021. The technology enables pharmaceutical companies to improve interoperability with Internet of Things (IoT) devices. It also helps them regulate the drug supply chain and recruit participants for clinical trials.

• By end-user, biopharmaceutical and medical device businesses had the largest market share by end-user in 2021, accounting for nearly 40% because these companies spend heavily on research and development. The hospital segment is likely to expand at a rapid rate (MGH).

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Scope of the report

The market dynamics of blockchain in the healthcare sector

Market driver

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

Due to increased data breaches, data theft, and sensitive health data leaks from digital health platforms, the market is likely to witness revenue growth throughout the forecast period. Electronic records on individualized health databases have replaced paper-based records due to rapid progress in the health sector. Due to centralized regulation, conventional databases such as SQL are vulnerable to data manipulation. Blockchain technology successfully prevents data breaches thanks to its decentralized nature, which empowers users. Errors 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 is increasingly using DLTs to track the entire supply chain, from manufacturers to customers and research laboratories. These help track how many items have been delivered over a specific time frame. Market revenue is projected to grow as more industries use technology to close the gap between demand and supply. The digitization of supply chains on the Internet has accelerated the emergence of fake medicines and drugs 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 is either counterfeit or of poor quality.

As a result, customers can 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 between health personnel working in different institutions, which has contributed to advancing knowledge and speeding up disease detection. However, sharing such sensitive data on social media that is available for purchase is risky. The market is expected to continue increasing in revenue in the coming years due to the increasing use of blockchain technologies, which provide a secure platform for encrypted data exchange and viewing among verified users.

Market Restrictions

One of the main factors preventing income development is patients’ reluctance to hand over medical data and the need for technological expertise.

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 sector. However, because this technology is still in its early stages, its pros and cons still need to be thoroughly investigated, making patients hesitant to accept it and to some extent reducing the demand for the technology in healthcare. Users can become more confident using digital platforms and online workshops that guide them through the use of DLTs. Lack of technological know-how and cyber-attacks on healthcare websites are two more factors expected to restrain the market revenue growth during 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 goal was to provide technology to developing countries.

• 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 industry. The goal is to create a shared, highly secure and open blockchain network that can help many players in the healthcare sector.

• In May 2019, Batam (Indonesia) aimed to gather many partners to help deliver a blockchain solution to its citizens. The clinic and BP Batam collaborate primarily with assistance from BP Batam Hospital. Deloitte Southeast Asia and JP Consulting provide clinical governance and project management expertise on behalf of the clinic.

Market segmentation

By network type

Upon application

• Claims processing and invoicing

• Clinical data exchange and interoperability

• Clinical studies and e-consent

• Supply Chain Management

• Others

By end user

By geography

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