The global blockchain in healthcare market size is estimated to be USD 494.0 million in 2021 and reach USD 3,661.9 million in 2027, registering a CAGR of 44.99% during the forecast period, 2021-2027. The healthcare industry is witnessing rapid intervention of advanced technologies, which is expected to encourage the penetration of blockchain in healthcare applications significantly. Blockchain technology is an innovative and important technology as it stands as proof of all the transactions on the network. Healthcare and pharmaceuticals industries face many challenges regarding drug counterfeiting where ingredients and dosages included in medicines may differ due to which product would trigger sudden impacts and lead to death incidences. The adoption of blockchain technology thus holds immense importance as it serves to record data and information in a way that makes it difficult or impossible to hack, change or cheat the system. The rising awareness about the significant potential role of blockchain technology in gathering patient information, hospital data, and medical records will drive the growth of the blockchain in the healthcare market.
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Growing investment in blockchain technology in the healthcare sector
The rate of blockchain adoption is increasing at a significant pace across the globe. Owing to this, the investment in blockchain technology has increased substantially, with key market players looking to grab the opportunity in the market. Considering blockchain’s sheer potential, it is not surprising that several new start-ups are trying to find unique software applications outside the conventional finance ecosystem. Some of the significant drivers of blockchain adoption can be attributed to the rising investments by the public and government organizations. Further, this rise in investment and funding enables the new start-ups to increase their R&D. For instance, according to Stanford Graduate School of Business, blockchain-based start-ups raised nearly USD 4 billion in 2017 alone through a process known as “ICO” or a token generation event. This included several healthcare companies such as SimplyVital Health. In this process, a blockchain company creates a digital currency called “tokens” and sells it to public and private investors.
Bitcoin technology has found applications in various sectors, including manufacturing, healthcare, fintech, logistics, and so on. One of the largest investment potentials of blockchain technology resides in the healthcare sector. Applications for blockchain in healthcare include digital health records exchange, pharmaceutical supply chain management, EHR, and so on. Blockchain offers a more secure, decentralized, and efficient solution that would otherwise be difficult to achieve in many of these areas. On account of the factors above, traditional investors and consulting teams in different companies are now actively exploring possible investments in the blockchain industry for the healthcare industry. For instance, in January 2018, blockchain startup Akiri raised funding of USD 10 million to build a decentralized health data ledger system. Health2047, a technology incubator company, was the one to provide the funding to this company. Akiri developed the Akiri Switch platform, a “network-as-a-service” tool for the safe exchange of public healthcare information and patient records across the US healthcare system. Further, in 2017, a US-based healthcare startup, Patientory, utilized token auctions to raise funds from 1,700 individual investors; in just 3 days, the funds were raised to USD 7.2 million. Token sales are standard across blockchain platforms where an individual uses cryptocurrency to purchase tokens. Patientory uses blockchain technology to store and link medical records of patients and physicians to make them easy to view and distribute; also, the company guarantees the security of sensitive patient data.
Apart from public firms and individual investors, governments of various countries are backing the blockchain technology to strengthen the multiple countries’ digital drive, such as the US, Japan, China, Australia, and Spain. China is one of the leading countries when it comes to blockchain adoption. Despite the abrasive stance on cryptocurrency by the Chinese government, blockchain technology is seen as a potential future investment by the government. In August 2019, Hangzhou, a Chinese city, received funding of USD 1.6 billion to invest in blockchain startups, including dedicated healthcare companies. In this, the Chinese government contributed more than 30% in the funding. Other cities in the country, such as the local government of Shenzhen and Guiyang, provided USD 79 million and USD 790,000, respectively, to blockchain startups. Further, the provincial government of Jiangbei, Nanjing city, has announced that it is planning to fund around USD 1.4 billion in blockchain technology.
Furthermore, in Australia, according to the Minister for Industry, Science and Technology, the proportion of blockchain technology startups in the country had risen to 8.1% in 2019, which is more than a 50% increase from 2016-2017, when it was only 3.4%.
The US, UK, China, and Estonia are major countries that have adopted blockchain technology and are continuously investing. Other major countries adopting blockchain technology are Australia, Singapore, Malta, Japan, UAE, and India. Seeing the future potential of blockchain, the Australian government has passed a bill removing tax from cryptocurrency transactions. Whereas countries such as India, with one of the largest pharmaceuticals industries, are trying to refine their medicine supply chain using blockchain. The Indian government is further looking at blockchain as a potential solution for fighting fake drugs circulating in the country.
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Key Factors Likely to Influence Blockchain in Healthcare Industry over Forecast Period:
Besides EMR and EHR data management, the industry has been inclined toward using blockchain technology for data protection and management of personal (patient) health records. Point-of-care (POC) genomics management has emerged as a lucrative area of application over the recent past, giving a strong push to the adoption of blockchain in healthcare applications. A lot of research is in progress around enhancing the potential application base of blockchain in healthcare segments, thereby pushing the market’s growth prospects. One of these ongoing research areas includes using the technology to create a single system that ultimately enables cheaper, faster, and superior patient care.
The growth of blockchain in the healthcare market is driven by rising demand for advanced & innovative technology, increasing expenditure in the healthcare industry, and increasing cases of healthcare breaches which result in a further rise in the need and demand for transparent and immutable distributed ledger technology, thereby accelerating the growth of the global market for blockchain in the healthcare industry. Favorable government initiatives and stringent regulatory framework, in addition to escalating funding and capital investments by private and government organizations, are also expected to play out as the driving factors for the blockchain in the healthcare market. However, the lack of awareness among healthcare providers and the general public regarding the potential advantages of blockchain technology continues to restrain rapid market expansion. Controversies around bitcoin are also anticipated to the growth of the blockchain in the healthcare market over the forecast period.
Impact of COVID-19 on Blockchain in Healthcare Market:
In 2020, the COVID-19 virus emerged as a pandemic and widely impacted regions, countries, communities, and individuals in uncountable ways, from education to healthcare insurance. In the global market, the government of different developed and developing countries are investing high amounts to address the issues that arrived due to the virus. Besides, to minimize the impact of the virus, there are different solutions based on blockchain technologies introduced, and these solutions aim to help people worldwide.
Blockchain in healthcare emerged as an essential technology to transform the operation into an efficient and transparent healthcare business model. The technology is incorporating by companies to meet the higher degrees of accuracy and trust because technology is a tamper-proof private ledger. Moreover, blockchain technology does not minimize the impact of the COVID-19 virus itself. Still, it can be implemented in the healthcare processes as the first line of rapid protection through a network of connected devices that can alert the user related to disease outbreaks. Therefore, it is expected that the incorporation of blockchain technology in the healthcare sector can reduce the deadly effect of viruses by enabling early detection of diseases, efficient clinical trials, and impact management of outbreaks and treatment.
Scope of the Report
The report outlines the blockchain in healthcare market study based on application and end user.
The Blockchain in Healthcare market has been segmented on the basis of application–
- Supply Chain Management
- Clinical Data Exchange & Interoperability
- Claims Adjudication & Billing management
- Others, by End user (Healthcare Providers, Healthcare Players, Pharmaceutical Companies, Others)
The blockchain in healthcare market has been segmented on the basis of the end user–
- Healthcare Providers
- Healthcare Players
- Pharmaceutical Companies
Blockchain in Healthcare Market: Regional Outlook
Based on the region, the blockchain in healthcare market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East and Africa. In 2019, North America held the largest share in the blockchain in the healthcare market, followed by Europe due to increasing implementation and strict adherence to regulatory acts. Moreover, Asia Pacific is expected to project the highest CAGR globally over the forecast period owing to growing incidences of fraudulent billings and data breaches and the rising need to reduce the overall healthcare costs.
Blockchain in Healthcare Market: SWOT Analysis
- Speedy access to medical data
- Tamper-proof information sharing
- A smaller number of software and system vendors
- Not much scalable
- lack of storage capacity for a large amount of data
- Lower fraud risk in medical supply chain
- Beneficiaries get more control over the data
- Potential for startups and forged partnership in healthcare
- Anonymity of data
- Hesitant social adoption of technology
- Interoperability issues
- Cultural and trust concerns to adopt blockchain for sensitive data
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Key Global Blockchain in Healthcare Market Competitors Includes –
The key players in the blockchain in healthcare market focus more on new product development and launches, partnerships and collaborations, and innovative technological upgrades. For instance, in January 2019, Aetna, Anthem, Health Care Service Corporation (HCSC), IBM Corp., and PNC Bank announced a collaboration to leverage blockchain technology to enhance transparency and interoperability in healthcare. The companies will use blockchain to improve a range of healthcare concerns, including enabling seamless health information exchanges, promoting efficient claims and payment processing, and maintaining current and accurate provider directories. Further, in September 2019, Nebula Genomics, Inc. launched a blockchain-based DNA sequencing intending to eliminate the need for customers to reveal personal information. The vital blockchain in healthcare manufacturers operating in the global market are –
- Gem Health
- Hashed Health
- SimplyVital Health
- Nebula Genomics
The blockchain in healthcare market report thoroughly analyzes macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with every market player’s presence in the respective segment and region/country. The information concluded in the report includes the inputs.
Blockchain in Healthcare Market Report Covers Comprehensive Analysis On:
- Market Segmentation & Regional Analysis
- Market Size of 10 years
- Pricing Analysis
- Supply & Demand Analysis
- Product Life Cycle Analysis
- Porter’s Five Forces & Value Chain Analysis
- Developed & Emerging Economies Analysis
- PEST Analysis
- Market and Forecast Factor Analysis
- Market Opportunities, Risks, & Trends
- Conclusion & Recommendation
- Regulatory Landscape
- Patent Analysis
- Competition Landscape
- 15+ Company Profiles
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Blockchain in Healthcare Market Regional Analysis Includes:
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA
Blockchain in Healthcare Market: Target Audience
- Blockchain in healthcare providers
- Blockchain technology developers, providers, and system integrators
- Hospitals, clinics, and homecare diagnostics
- Medical research laboratories and universities
- Venture capitalists and private investment firms
- Research and development companies