Global Blockchain in Healthcare Market Outlook, 2030

The global blockchain in healthcare market is undergoing a substantial change, fueled by the swift adoption of blockchain technology and its potential to tackle various issues confronted by the healthcare sector. Blockchain, a decentralized and distributed digital ledger technology, is set to transform the way healthcare systems function by offering secure, transparent, and unchangeable data management solutions. As healthcare systems globally become more dependent on digital records, ensuring the integrity, confidentiality, and accessibility of sensitive patient information has emerged as a vital concern. Blockchain technology presents an encouraging solution to these challenges by facilitating realtime sharing and updating of medical records among various stakeholders, including healthcare providers, insurance companies, and patients, while preserving data privacy and security. One of the major uses of blockchain in healthcare is in the management of electronic health records (EHRs). Conventional EHR systems are frequently fragmented, making it challenging for patients and healthcare providers to obtain complete and accurate medical histories. Blockchain technology enables the development of a secure, interoperable system where patient records are saved in a decentralized way. This guarantees that patient data is not only retrievable across different healthcare systems but also safeguarded against unauthorized modifications or breaches. By introducing a blockchainbased EHR system, patients are empowered with more control over their medical information, which can be distributed among healthcare providers, enhancing the continuity of care, decreasing errors, and improving overall healthcare delivery.

Global blockchain in healthcare market will reach $58.9 billion by 2030, growing by 70.5% annually over 20202030. Another vital area where blockchain is having a considerable effect is in the pharmaceutical supply chain. The global pharmaceutical sector faces issues linked to the counterfeiting of drugs, which can lead to patient harm and considerable financial losses. Blockchain technology can improve the transparency and traceability of the pharmaceutical supply chain by delivering an unchangeable record of each transaction, from the manufacturer to the distributor and eventually to the patient. By utilizing blockchain, stakeholders can monitor and authenticate the legitimacy of drugs at every phase, preventing the entry of counterfeit or substandard medications into the market while promoting patient safety. This degree of traceability also facilitates more efficient recalls and the rapid identification of defective or unsafe products. Moreover, blockchain is being progressively embraced for improving the efficiency of healthcare payment and billing systems. The intricacy and lack of clarity in healthcare billing processes frequently result in fraud, overbilling, and administrative inefficiencies. Blockchain can enhance payment systems by establishing transparent, auditable transactions that diminish fraud and errors in billing. Through smart contracts, blockchain can automate payment processes among patients, providers, and insurance firms, guaranteeing timely and accurate settlements while eliminating unnecessary intermediaries. This not only boosts the efficiency of financial transactions but also enriches the overall patient experience by reducing billing discrepancies.

The global blockchain in healthcare market is experiencing considerable adoption in various countries and regions, featuring key players from both developed and emerging markets. The United States is taking the lead in the implementation of blockchain technology within healthcare, propelled by the nation’s advanced healthcare infrastructure, technologyoriented companies, and substantial investment in digital health innovation. Prominent healthcare institutions, insurance providers, and government organizations in the U. S. have investigated blockchain to enhance data privacy, improve interoperability, and fight fraud, especially in managing Electronic Health Records (EHRs) and pharmaceutical supply chains. Europe is also a significant region in the blockchain in healthcare market, with nations such as the United Kingdom, Germany, and Switzerland at the forefront. The European Union's emphasis on establishing a cohesive digital health ecosystem and strict data protection laws like GDPR has stimulated the adoption of blockchain for secure and transparent healthcare data management. The U. K. , in particular, has led the way in utilizing blockchain for clinical trials and medical research, while Germany’s dedication to digitizing its healthcare system fosters the development of blockchain solutions in the industry. AsiaPacific is a developing region that holds considerable growth potential. China, Japan, and India are actively investigating blockchain in healthcare to tackle issues like counterfeit medications, medical record management, and inefficiencies in supply chains. China, with its strong technological infrastructure, has already initiated several blockchainbased projects in healthcare, including the use of blockchain to enhance drug traceability and prevent fraud. Japan’s emphasis on technological innovation and regulatory support for blockchain integration is facilitating its incorporation into the nation’s healthcare system, particularly in enhancing the security of patient data.

The worldwide market for blockchain in healthcare is categorized by type into Public Blockchain, Consortium or Hybrid Blockchain, and Private or Permission Blockchain. Public Blockchains function as decentralized networks that are accessible to everyone and provide transparency and immutability, rendering them appropriate for healthcare systems that necessitate public trust and transparency. The uptake of Public Blockchains in healthcare is rising, particularly for clinical trials and supply chain management. Consortium or Hybrid Blockchains merge aspects of both public and private models, presenting a compromise between transparency and control, making them optimal for collaborations among healthcare organizations and partners. Private or Permission Blockchains represent permissioned networks where only authorized entities can engage, ensuring elevated levels of security and privacy, thereby making them suitable for managing sensitive patient data and adhering to strict data protection standards. The demand for each of these blockchain types is experiencing growth, with anticipated expansion from 2019 to 2030 as the adoption of blockchain accelerates within healthcare. The overall blockchain market in healthcare is divided by provider into Infrastructure and Protocol Providers, Middleware Providers, and Application and Solution Providers. Infrastructure and Protocol Providers deliver the essential technology and frameworks that facilitate the establishment and management of blockchain networks, supplying crucial tools for secure data storage and transactions. Middleware Providers act as a link between blockchain systems and enduser applications, enabling seamless communication and the integration of blockchain with current healthcare infrastructures. These providers play a vital role in guaranteeing the scalability and effectiveness of blockchain solutions. Application and Solution Providers concentrate on creating specific blockchain applications for healthcare, such as electronic health records (EHR), drug traceability, and clinical trial management. They customize blockchain technology to meet the particular requirements of the industry. It is expected that these segments will undergo notable growth from 2019 to 2030, fueled by the rising need for blockchain solutions in healthcare to enhance security, transparency, and operational efficiency.

The blockchain market in healthcare is divided by application into Clinical Data Exchange and Interoperability, Claims and Billing, Supply Chain Management, Drug Traceability, Drug Discovery and Clinical Trials, and Other Applications. Clinical Data Exchange and Interoperability applications aim to enhance data sharing and accessibility among healthcare providers while safeguarding patient privacy and security. Blockchain has the potential to enable smooth, secure data exchange, addressing current interoperability challenges. Claims and Billing applications utilize blockchain to automate and refine insurance claims processes, minimizing fraud and ensuring prompt payments. Supply Chain Management makes use of blockchain for improved transparency and traceability, especially in monitoring the distribution of pharmaceuticals and medical supplies. Drug Traceability applications guarantee that medications are verified and comply with regulatory standards, thus diminishing the risk of counterfeit drugs. Additionally, blockchain is revolutionizing Drug Discovery and Clinical Trials by offering secure, transparent, and tamperresistant records, thereby optimizing the efficiency of research. Growth is anticipated for these applications from 2019 to 2030. The global blockchain in healthcare market is divided by end user into Hospitals, Pharmaceutical Companies, Insurance Providers, and Other End Users. Hospitals represent a crucial end user, as blockchain technology can enhance electronic health record management, safeguard patient data, and lower administrative expenses. Pharmaceutical Companies are implementing blockchain for drug traceability, supply chain management, and clinical trials, ensuring adherence to regulatory standards and diminishing the risk of counterfeit medications. Insurance Providers utilize blockchain's capability to simplify claims processing, improve fraud detection, and enhance billing accuracy, thereby lowering expenses and increasing service efficiency. Other End Users encompass research organizations, healthcare technology providers, and government entities, all of whom apply blockchain for various healthcarerelated tasks, including data sharing, compliance, and operational efficiency. Each of these enduser categories is anticipated to witness significant growth from 2019 to 2030 as the incorporation of blockchain continues to expand within the healthcare sector. The global blockchain in healthcare market is divided by organization size into Large Enterprises and Small and Medium Enterprises (SMEs). Large Enterprises are the primary adopters of blockchain technology owing to their considerable resources and the intricacy of their operations, particularly in healthcare systems, pharmaceuticals, and insurance. These companies utilize blockchain to enhance data security, optimize processes, and guarantee compliance with regulations. Small and Medium Enterprises (SMEs) are progressively adopting blockchain as the technology becomes more costeffective and scalable. SMEs benefit from blockchain’s capacity to lower operational costs, improve data security, and elevate service offerings, especially in the domains of patient data management and billing. Both categories are expected to see growth, but large enterprises are likely to contribute more substantially to market revenue due to their enhanced investment potential and largerscale implementations. The rising availability of blockchainasaservice (BaaS) solutions is also aiding SMEs in engaging with the blockchain transformation.



Considered in this report
• Historic Year: 2019
• Base year: 2024
• Estimated year: 2025
• Forecast year: 2030

Aspects covered in this report
• Global Blockchain in Healthcare Market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Based on Offering, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2019-2030 included in each section.
• Platform
• Services

Based on Type, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2019-2030 included in each section.
• Public Blockchain
• Consortium or Hybrid Blockchain
• Private or Permission Blockchain

Based on Provider, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2019-2030 included in each section.
• Infrastructure and Protocol Providers
• Middleware Providers
• Application and Solution Providers

Based on Application, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2019-2030 included in each section.
• Clinical Data Exchange & Interoperability
• Claims and Billing
• Supply Chain Management
• Drug Traceability
• Drug Discovery & Clinical Trials
• Other Applications

Based on End User, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2019-2030 included in each section.
• Hospitals
• Pharmaceutical Companies
• Insurance Providers
• Other End Users

Based on Organization Size, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2019-2030 included in each section.
• Large Enterprises
• Small and Medium Enterprises (SMEs)
The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to agriculture industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.