Published Date : 31 Jan 2024
The global blockchain in healthcare market size was exhibited at USD 0.76 billion in 2022 and is anticipated to touch around USD 14.25 billion by 2032, expanding at a CAGR of 34.02% from 2023 to 2032.
Like artificial intelligence (AI), machine learning (ML), robotics, and virtual reality, blockchain has been promoted as an emerging technology in various fields, including healthcare. It is an advanced tool used to create innovative solutions for multiple industries. The blockchain in healthcare market revolves around the utilization of blockchain network to store and exchange patient information shared among hospitals, laboratories, pharma companies, and doctors. It plays a crucial role in transforming the healthcare industry with organizations DHL, Blockpharma, and Walmart already engaging blockchain services for managing their medical supply chain.
Blockchain applications can accurately detect serious, even dangerous, errors in the medical field. By improving the health system's performance, blockchain technology significantly enhances the security and transparency of medical information sharing. The blockchain in healthcare market is growing with the rising emphasis on analysis of patient data. Blockchain helps marketers keep track of medicines. Health and pharma industries are eliminating fake drugs using this technology by tracking the manufacturing of these drugs as it helps to find the reason for mishandling.
Within the healthcare industry, there is an urgency for developments to accelerate at incredible speeds. For optimum quality of services, the market often relies on advanced technologies. Blockchain technology's secure and transparent nature ensures that patient data is protected, fostering trust among healthcare professionals, hospitals, laboratories, pharma companies, and doctors. It can enhance patient history management, particularly in tracking and insurance submission, resulting in faster clinical operations due to optimized data maintenance. Moreover, precise and efficient data exchange and sharing between network members and healthcare providers will contribute to developing cost-effective and efficient treatments for many diseases.
In 2023, Europe dominated the blockchain in the healthcare market. This dominance is attributed to the extensive utilization of digital technology and advanced healthcare infrastructure, fostering ideal conditions for the effective implementation of blockchain technology. Significant investments by European governments and healthcare organizations have further propelled the blockchain market. The fruitful collaborations between European health departments, research bodies, and blockchain providers have produced innovative solutions.
European countries are home to numerous research institutions and universities that actively contribute to blockchain research. This intellectual capital plays a crucial role in the development of innovative solutions for the healthcare sector. Some European countries have been early adopters of blockchain in healthcare, implementing pilot projects and real-world applications. This early-mover advantage can contribute to a more established and mature blockchain ecosystem.
With the help of blockchain, patients can place their trust in multiple healthcare providers and receive swift authentication, leading to an expedited treatment process. Organizations like the European Blockchain Services Infrastructure (EBSI), the Dutch Institute for Healthcare Improvement, and the EU Blockchain Observatory and Forum are continuously improving the blockchain infrastructure in the region.
|Market Revenue in 2023
|USD 1.02 Billion
|Projected Forecast Revenue by 2032
|USD 14.25 Billion
|Growth Rate from 2023 to 2032
|CAGR of 34.02%
|2023 to 2032
|North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Security and privacy
The two most essential factors in the healthcare industry are security and privacy. The distributed and immutable nature of blockchain ensures data integrity to prevent unauthorized access. Blockchain encryption technology can improve the security of health records, protecting patient information from potential breaches. As healthcare organizations become more concerned about data security, blockchain technology has become more widely adopted. Thereby, the rising emphasis on security and privacy is observed to act as a driver for blockchain in healthcare market.
Data integrity and tracking
Blockchain and distributed ledger technologies play a pivotal role in preserving the integrity of health data. This is a crucial aspect of precise diagnosis and effective treatment planning. These technologies significantly reduce the risk of errors or fraud by ensuring data immutability and transparency. The capability to trace the origin and modifications of every piece of information is paramount in healthcare, where the precision of patient records can directly influence medical outcomes.
The menace of counterfeit medicines and vaccines, particularly in developing countries, has led to numerous fatalities. The availability and integrity of products and materials during transportation are crucial. Blockchain technology emerges as a powerful tool to develop systems that can safeguard the integrity of medical supplies and monitor them throughout transport.
This technology also aids large organizations across multiple locations by automating ordering processes and optimizing the utilization of medical resources, ensuring safe levels of essential medical supplies such as drugs, vaccines, and medical devices. Such known importance of data integrity and tracking in the hospital sector acts as a driver for the blockchain in healthcare market.
Lack of expertise
Organizations must address several technical, organizational, behavioural, and economic challenges to implement healthcare blockchain worldwide successfully. The main problem that hinders using this advanced technology in medical facilities is that more expertise is needed. Blockchain applications are still in their infancy and need more research and exploration. It is a vital part of transactions and data transfer. Blockchain in healthcare is likely to expand in the future to overcome this issue. Thereby, lack of expertise is observed to act as a restraint for the blockchain in healthcare market.
Advancements in healthcare sector
Multiple advancements in healthcare sector are observed to offer opportunity for the blockchain in healthcare market. Blockchain provides a transparent and immutable audit trail, which can assist healthcare organizations in demonstrating compliance with regulatory requirements and standards. Blockchain allows patients to have greater control over their health data. Patients can grant permission for specific entities to access their data, fostering a patient-centric approach and empowering individuals to share their data securely. With the increasing digitization of health records and the use of electronic health information, maintaining data security and privacy becomes crucial.
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