Blockchain Technology in Healthcare Market to grow with a CAGR of 45.58% through 2029

Development of internet-of-healthcare system using blockchain and rising incidence of healthcare data breaches is expected to drive the Global Blockchain Technology in Healthcare Market growth in the forecast period, 2025-2029.

According to TechSci Research report, “Blockchain Technology in Healthcare Market - Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F”, the Blockchain Technology in Healthcare Market stood at USD 550.02 Million in 2023 and is anticipated to grow with a CAGR of 45.58% through 2029. The surge in data breaches has emerged as a primary catalyst propelling the adoption of blockchain technology within the healthcare sector, positioning it at the forefront of industry trends. With medical databases increasingly targeted by cybercriminals seeking to exploit or trade healthcare data for profit, blockchain emerges as a vital solution. Moreover, the escalating prevalence of counterfeit drugs underscores the imperative for blockchain technology, offering robust safeguards for supply chain management against fraudulent products. Consequently, the integration of blockchain into healthcare systems drives growth within the Blockchain Technology in Healthcare Market. Nonetheless, market expansion encounters obstacles due to the absence of standardized protocols and the intricate nature of the technology. Conversely, ongoing technological breakthroughs present lucrative opportunities for major players to invest in the Blockchain Technology in Healthcare Market market.

The mounting incidence of data breaches, coupled with the imperative to address these vulnerabilities, stands as a pivotal factor propelling market growth. Noteworthy strategic initiatives by industry leaders, coupled with the imperative to combat drug counterfeiting and enhance health data management, drive the widespread adoption of blockchain technology. As the sector evolves, the healthcare blockchain market is poised for robust growth, buoyed by the increasing embrace of blockchain as a service (BaaS). Blockchain solutions offer versatile applications addressing diverse challenges in healthcare, spanning supply chain management, smart contracts, individual health data privacy, data management complexities, varied payment models, and disease outbreak tracking. Significant technological advancements are actively reshaping the landscape of blockchain in healthcare, with key industry players focusing on pioneering technical solutions to meet escalating demand and fortify their market positions.

A significant hurdle confronting the healthcare sector revolves around the need for a dependable system and enhanced understanding of blockchain's potential. Despite widespread blockchain applications in the BFSI sector, negative media portrayals of bitcoin have impeded market expansion. The COVID-19 pandemic has, however, catalyzed the global Blockchain Technology in Healthcare Market, fostering accelerated adoption, particularly within the healthcare domain. A multitude of enterprises are actively championing blockchain-driven initiatives in healthcare to streamline operations and bolster efficiency.

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The Global Blockchain Technology in Healthcare Market is segmented into type, application, end user, regional distribution, and company.

Based on End User, Pharmaceutical and Medical Device Companies have emerged as the dominating segment in the Global Blockchain Technology in Healthcare Market in 2023. Operating in tightly regulated settings that necessitate secure and transparent data management systems, these enterprises find blockchain technology particularly advantageous. By furnishing a decentralized and immutable ledger, blockchain ensures the integrity and transparency of data, thereby harmonizing with regulatory mandates. Pharmaceutical and medical device firms contend with extensive volumes of sensitive data, encompassing patient records, clinical trial information, and supply chain data. Blockchain offers a reliable and streamlined approach to managing such data, mitigating the risks associated with data breaches, and ensuring adherence to stringent privacy regulations such as HIPAA in the United States and GDPR in the European Union.

Based on Region, Asia Pacific have emerged as the fastest growing region in Global Blockchain Technology in Healthcare Market during the forecast period. The Asia Pacific region is undergoing rapid technological advancements and digital transformation across various sectors, including healthcare, fostering an environment conducive to the integration of cutting-edge technologies such as blockchain. With a sizable and diverse population, the region presents both opportunities and challenges for healthcare systems. Blockchain technology holds promise in addressing some of these challenges by enhancing data management, transparency, and interoperability among different healthcare stakeholders. Moreover, there is a growing awareness among governments, healthcare providers, and patients in the Asia Pacific region regarding the potential advantages of blockchain in healthcare. Governments are initiating initiatives to promote the adoption of digital health technologies, including blockchain, to enhance healthcare delivery and outcomes. 

Major companies operating in Global Blockchain Technology in Healthcare Market are:

           ·         IBM Corporation

           ·         Patientory Inc.

           ·         iSolve Technologies Private Limited

           ·         Solve.Care Foundation OÜ

           ·         Oracle Corporation

           ·         Change Healthcare 

           ·         BurstIQ, LLC

           ·         Medicalchain SA

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“In recent years, there has been a significant surge in the adoption of blockchain technology, driven by advancements in technology and the growing demand for secure methods of patient recruitment, retention, and data management in drug discovery and clinical trials. Integrating blockchain technology into drug discovery operations is poised to improve the overall drug development process by enabling traceability in the drug supply chain and detection of counterfeit drugs and medications. The popularity of blockchain technology has grown exponentially, offering the potential to revolutionize the healthcare sector by providing a reliable option for storing and exchanging data within the industry. Moreover, it offers a swift solution for tracking and authenticating medical shipments and drugs throughout the supply chain and logistics operations. Additionally, it facilitates the consolidation of longitudinal patient records, including disease registries, laboratory results, and treatment-related data”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

“Blockchain Technology in Healthcare Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Public, Private), By Application (Supply Chain Management, Data Exchange and Interoperability, Claims Adjudication and Billing, Others), By End User (Pharmaceutical and Medical Device Companies, Healthcare Payers, Healthcare Providers), By Region and Competition, 2019-2029F”, has evaluated the future growth potential of Global Blockchain Technology in Healthcare Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Blockchain Technology in Healthcare Market.

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