The global blockchain in healthcare market size was US$ 494.0 million in 2021. The global blockchain in healthcare market is forecast to grow to US$ 4,661.9 million by 2030 by registering a compound annual growth rate (CAGR) of 35.1% during the forecast period from 2022 to 2030.

Factors Influencing the Market

The healthcare industry is witnessing rapid growth all across the globe. In addition, governments are also promoting the adoption of advanced technology in order to enhance healthcare infrastructure. Thus, this factor will drive the blockchain in healthcare market forward.

Blockchain technology plays an important role in proving the transactions on the network. Healthcare and pharmaceuticals industries witness various challenges related to drug counterfeiting and the use of ingredients and dosages. The adoption of blockchain technology boosts the security system and eliminates the chances of change in data. Thus, the global blockchain in healthcare market will grow at a substantial growth rate.

Increasing healthcare expenditure globally and growing consumer spending on healthcare will contribute to the growth of the global blockchain in healthcare market. Furthermore, the growing number of initiatives from government bodies and escalating funding and capital investments by private organizations will accelerate the growth of the blockchain in healthcare market during the study period.

The lack of knowledge related to the potential advantages of blockchain technology may limit the growth of the blockchain in healthcare market.

COVID-19 Impact Analysis

The COVID-19 pandemic positively influenced the global blockchain in healthcare market. Due to the pandemic, government bodies increased the healthcare expenditure and introduced various favorable initiatives. In addition, companies also began introducing advanced solutions based on blockchain technologies in order to help healthcare professionals. Blockchain in healthcare emerged as a crucial technology to build an efficient healthcare business model. For pharmaceutical industries, it was essential to maintain accuracy and trust. Thus, the demand for blockchain in healthcare increased to perform clinical trials, R&D, etc.

Regional Analysis

North America is forecast to dominate the blockchain in healthcare market. The growth of the market is attributed to the growing implementation of advanced technology. In addition, the strict adherence to regulatory acts will contribute to the growth of the market.

The Asia-Pacific blockchain in healthcare market is forecast to register a significant growth rate due to the growing incidences of fraudulent billings and data breaches. In addition, rising healthcare expenditure and increasing demand for efficient healthcare services will benefit the regional blockchain in healthcare market.

Competitors in the Market

IBM
Guardtime
Microsoft
PokitDok
iSolve
Gem Health
Hashed Health
Chronicles
Factom
SimplyVital Health
FarmaTrust
Blockpharma
Patientory
Nebula Genomics
Embleema
Other Prominent Players
Market Segmentation

The global blockchain in healthcare market segmentation focuses on Application, End-User, and Region.

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
The blockchain in healthcare market has been segmented on the basis of the end-user

Healthcare Providers
Healthcare Players
Pharmaceutical Companies
Others
The blockchain in healthcare market has been segmented on the basis of the region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America