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The global blockchain for healthcare market was valued at USD 1.30 billion in 2023 and grew at a CAGR of 32% from 2024 to 2033. The market is expected to reach USD 20.87 billion by 2033. The increasing expenditure on healthcare infrastructure will drive the growth of the global blockchain for healthcare market.
Blockchain applied to the health sector is a revolutionary technology capable of responding to multiple problems that affect the health system today. In its simplest terms, blockchain is a peer-to-peer structure for recording and verifying transactional data in such a manner that deliberate alteration is highly unlikely. This makes it very useful in the healthcare context due to the increased need to protect patient data that contains their information, and the need to share all this information across different parties which comprises of doctors, hospitals, insurance companies and the patients themselves. Among all the opportunities provided by blockchain for healthcare, increased data protection and confidentiality is the most fundamental and vital one. Inherent models of healthcare facilities maintain records of their patients’ data in master data bases which are unsafe and open to hackers, data thefts, or intrusions. On the other hand, Blockchain utilizes encryption and decentralized networks to store data making it virtually impossible to manipulate or corrupted patient records. This ensures that patient information is kept safe to the highest levels while at the same time empowers the patient with full ownership over their data. Besides, blockchain can improve the communication between various healthcare organisations and their subservices. Often, the data remain isolated within the different outfits of a healthcare facility, and systems cannot share the information that has been gathered. Through the use of blockchain, patients’ data can easily be shared between different platforms and made available to the right people at the right time improving the care and management of the patients. Blockchain also facilitates transparency and accountability. Through the implementation of blockchain, organisations stand to benefit by cutting unnecessary overhead charges like billing and insurance claims.
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The growth of telemedicine and digital healthcare – Telemedicine and digital health have become one of the most remarkable trends in recent years, which has received strong development during the COVID-19 pandemic. Telemedicine, where providers can talk to the patients through a video call, a traditional call or messaging, means that people gain access to healthcare much faster, particularly in the regions where there are few clinics or no clinics at all. Digital health is a vast concept which covers the virtual care, remote patient monitoring, health applications, wearable technology, and electronic health record (EHRs) that help patients and healthcare practitioners to have latest health information. Engaging in telemedicine has been embraced considering that patient’s visits can be done virtually rather than physically coming to the hospital. It is especially useful in the long-term medical conditions, mental illness and primary care where often patients do not require constant checks in clinics. Wearable devices allow different symptoms to be monitored continuously and decisions to be made in advance. The use of Telemedicine and other digital Health solutions has the ability to increase efficacy and accessibility of client tailored health care. Nonetheless, as such technologies gain more use, the protection of health information exchange gets a priority. Blockchain for healthcare can help provide better data security, standards, and shareability at the same time, and provide conduit to carry information safely from patient to the doctor, insurance company, and otherwise to support the telemedicine and digital health.
High implementation costs and scalability limitations – There are many limitations to the use of blockchain in healthcare, mainly, cost and implementation barriers and scalability limitations present a further problem. Blockchain is expensive since it requires the deployment of large secure servers and platforms, including staff or personnel with adequate skills in blockchain. This can prove to be a head ache especially for small healthcare providers seeing that affording the maintenance of sophisticated IT systems can be an expensive venture. Moreover, migration of human activities from traditional systems to distributed blockchain systems might take quite a lot of time and resources, which might lead to interruptions of everyday business. The last problem with blockchain implementation in healthcare is scalability. Although, blockchain has strengths of securing data and ensuring transparency in data, the existing blockchain platforms especially, the public blockchains may experience some scalability challenges that are commenced by the large amounts of data being produced by health care systems.
Stringent regulatory framework – Healthcare regulations play a vital role in the safety of patients’ information, industry guidelines and legal requirement of health facilities and systems. Healthcare providers, insurance companies, and other stakeholders must navigate a complex landscape of regulations that vary by country but share common goals. For instance, in the United States the Health Insurance Portability and Accountability Act of HIPAA lays down stringent measures for handling, privacy and security of the patients’ data. For instance, there is the General Data Protection Regulation (GDPR) used in the European Union that has a strong set of standards for protecting data and patients’ consent and own data. Adhering to these regulations can be complex, particularly as adoption of other technologies continues growing, including Electronic Health Records (EHRs), telemedicine, and wearable health devices. The consequence of failure to adhere to the regulations can be hefty fines and other legal consequences, negative impact on the organization’s reputation and the loss of patients’ trust. Blockchain presents a possible way out of the regulatory issues in the healthcare sector. it helps preserve transparency and integrity of the records, guarantees compliance with regulations. Therefore, stringent regulatory framework encourages the adoption of blockchain to navigate and comply with legislations.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global blockchain for healthcare market, with a 41% market revenue share in 2023.
The U.S. has a very developed healthcare system, which has recently shown a growing interest in digital development and therefore has great potential for blockchain applications. Another factor is the large number of blockchain startups and IT companies introducing solutions for healthcare facilities in North America will also augment the market. additionally, these organizations are willing to embrace blockchain solutions where they will enhance efficiency, cut costs, and meet the modern demanding compliance with data protection laws such as HIPAA and GDPR. Furthermore, North American focuses on innovation and research. Blockchain technology has also gained popularity in health care due to existing government incentives for its use, funds available for such a technology, and a favourable business climate among others.
North America Region Blockchain for Healthcare Market Share in 2023 - 41%
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The application segment is divided into healthcare data management, clinical trials and research, supply chain management, insurance and billing, telemedicine and remote patient monitoring, and drug traceability. The healthcare data management segment dominated the market, with a market share of around 35% in 2023. The biggest application segment in the blockchain for healthcare market is the healthcare data management as the application of the blockchain technology in this area is vital for enhancing data protection, sharing, and integration. Given that many healthcare organizations are transitioning to electronic patient records, how to handle a great amount of information, and how to protect them from unauthorized access, becomes a major issue. The mentioned issues of centralized databases and data privacy are solved by blockchain as a decentralized and encrypted database for healthcare data. This means that patient’s data are safe which leads to reduction in cases of hacking and other related issues. Blockchain also makes it easier for the patient to manage their data, because they can easily allow or deny certain doctors or clinics to access this data. Furthermore, blockchain enables the real-time sharing of true and current patient information in multiple settings enhancing care management and information-based decisions.
The type segment is divided into private blockchain, public blockchain and hybrid blockchain. The private blockchain segment dominated the market, with a market share of around 46% in 2023. While in public blockchains transaction records are open to all the nodes, private blockchains are networks that are invitation-only. Private blockchains permit only approved individuals—in the network as hospitals, clinics, insurers, and regulatory bodies—and only they can validate the transactions which make sure that the health data is safe from the outer exposure. Also, private blockchains have higher transaction throughput and potential than their public counterparts. In healthcare which require huge amount of data to be processed on real time using smart contracts, private blockchains perform better in terms of volume capacity and capability needed than the public blockchains. They also offer better opportunities for modifications to serve the particular healthcare solutions.
The end user segment is divided into hospitals and healthcare providers, pharmaceutical companies, insurance companies, regulatory authorities, research organizations and patients. The hospitals and healthcare providers segment dominated the market, with a market share of around 38% in 2023. Hospitals and healthcare providers are the largest consumers in the blockchain for healthcare market since they are responsible for storing and handling patient data and addressing issues of medical information security and privacy. Hospitals and healthcare providers are looking for ways to reduce costs, manage data more effectively and efficiently and increase productivity and patient satisfaction – all of which are areas where blockchain is highly applicable. Hospitals and healthcare providers have a high demand of storage, data management and sharing of large volumes of securities patient information. As the use of technology advance in the delivery of healthcare rise, problems regarding data security, hack attempts, and disparate information stored in multiple systems will be major problems. Blockchain system is a distributed database making the patient record untouchable and retrievable only by the authorized user. This is important in ensuring that the rights of data privacy such as HIPAA in United States and GDPR in Europe are strictly observed.
The technology segment is divided into smart contracts, decentralized identity, consensus algorithms, cryptography and encryption and tokenization. The smart contracts segment dominated the market, with a market share of around 34% in 2023. Smart contracts currently act as the most dominant technology within the blockchain for healthcare market because those applications are able to automate all the different processes that transpire within healthcare organizations, therefore eliminating significant concerns on the administrative side, optimizing the overall efficiency of the systems, and increasing transparency. Smart contract is an automated contract containing programmed language that executes the contract once certain conditions are met. This technology is especially useful in healthcare since many transactions and interactions, like insurance claims, billing systems and supplies management, can be numerous, taking much time and energy and may result to human errors. Smart contracts enhance the functioning of the healthcare supply chain management through the automation of tracking and validation of medical supplies, medicines and equipment. In addition, patient consent can also be managed through smart contracts to ensure that the healthcare providers are adhering to the approved desires of the patients in respect to the sharing of their health records and data; thereby increasing patient control and non-technical compliance to the protection laws.
The blockchain platform segment is divided into Ethereum, Hyperledger, Corda, IBM blockchain and Ripple. The Ethereum segment dominated the market, with a market share of around 53% in 2023. Ethereum has the strongest position in the blockchain for healthcare market because of its essential performance in decentralised applications and smart contracts, which is best suited to healthcare applications. The machine code platform of Ethereum empowers smart contracts, and its blockchain provides healthcare organizations the necessary characteristics to automate business processes, make security and visibility heightened, and address compliance issues unique to the healthcare industry. One of the key strengths of Ethereum that simplifies its use and implementation in the healthcare environment is its open-source model, which provides great flexibility, scalability and customizability that will allow healthcare providers to specifically deploy solutions that can easily interface with the current existing health care systems.
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2023 | USD 1.30 Billion |
| Market size value in 2033 | USD 20.87 Billion |
| CAGR (2024 to 2033) | 32% |
| Historical data | 2020-2022 |
| Base Year | 2023 |
| Forecast | 2024-2033 |
| Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East and Africa. Furthermore, the regions are further analyzed at the country level. |
| Segments | Application, Type, End User, Technology and Blockchain Platform |
As per The Brainy Insights, the size of the global blockchain for healthcare market was valued at USD 1.30 billion in 2023 to USD 20.87 billion by 2033.
Global blockchain for healthcare market is growing at a CAGR of 32% during the forecast period 2024-2033.
The market's growth will be influenced by the growth of telemedicine and digital healthcare.
High implementation costs and scalability limitations could hamper the market growth.
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global blockchain for healthcare market based on below mentioned segments:
Global Blockchain for Healthcare Market by Application:
Global Blockchain for Healthcare Market by Type:
Global Blockchain for Healthcare Market by End User:
Global Blockchain for Healthcare Market by Technology:
Global Blockchain for Healthcare Market by Blockchain Platform:
Global Blockchain for Healthcare Market by Region:
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