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Blockchain in Healthcare Market

Blockchain in Healthcare Market: Distribution by Application, Type of Blockchain, Type of End User, and Key Geographical Regions (North America, Europe, Asia-Pacific, and Rest of the World): Industry Trends and Global Forecasts, 2023-2035

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Blockchain in Healthcare Market Overview

The global blockchain in healthcare market size is estimated to grow from USD 58 million in 2023 to USD 641 million by 2035, representing a CAGR of 22% during the forecast period 2023-2035. 

Blockchain in Healthcare Market, By Type of Blockchain, 2024-2035 (USD Million)

 

The conventional healthcare industry was plagued with various challenges, including fragmented medical records, lack of data integrity, interoperability issues, supply chain management inefficiencies and security breach of patient’s sensitive medical information. Further, approximately 80% of the medical studies fail to produce the desired results due to errors such as fraud, data falsification and trial misconduct. It is important to mention that more than 690 healthcare data breaches were reported between July 2021 and June 2022. As a result, the adoption of blockchain technology (also referred to as distributed ledger technology (DLT)), has emerged to be a promising approach.

This innovative technology appropriately identifies dangerous mistakes in the medical industry; it also facilitates safe storage and management of healthcare data and transactions. In addition, the blockchain applications include clinical trials (to prevent data manipulation and enhance transparency of clinical trial data), supply chain management (to reduce the prevalence of counterfeit medications / drugs), telemedicine (to protect medical records from unauthorized access or tampering) and electronic medical records (to facilitate patients’ data security between different healthcare providers).  

 

Blockchain in Healthcare Market Key Market Insights

The Blockchain in Healthcare Market: Distribution by Application (Drug Discovery, Clinical Trials) Type of Blockchain (Public Blockchain, Private Blockchain, Hybrid Blockchain, and Other Blockchains), Type of End User (Hospitals, Pharmaceutical Industry, Research Institutes and Academic Institutes), and Key Geographical Regions (North America, Europe, Asia-Pacific, and Rest of the World): Industry Trends and Global Forecasts, 2023-2035 market report features an extensive study of the current market landscape, market size and future opportunity for the companies offering blockchain technology in healthcare market for application in drug discovery and clinical trials, during the given forecast period. Key takeaways from the market report are briefly discussed below. 

What is Blockchain and How Does it Work?

Blockchain is a decentralized, distributed, digital ledger that is used to record transactions on a common digital platform. It is worth noting, that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network. Further, the technology was developed to facilitate secure transactions between different stakeholders, without involving third parties. There are few simple steps on which blockchain works:

  • Each transaction being performed is recorded along with relevant details
  • The different nodes of the network verify if the transaction is valid
  • Each transaction being verified is added to the block
  • Once the block is complete, it is added to the chain

Market Landscape: Blockchain in Healthcare Market

The current market landscape features more than 50 companies that are engaged in offering blockchain technology for healthcare industry. Overall, the market seems to be well-fragmented, featuring the presence of very small, small, mid-sized, large, and very large companies. More than 50% of the companies engaged in this industry are headquartered in North America, followed by companies based in Europe (32%). Some examples of blockchain platform providers, include ConsenSys, Embleema, Equideum Health, IBM lifescience, MELLODDY  and Pistoia Alliance.

Majority (56%) of the blockchain technology platform providers offer public blockchain; these are also referred to as permissionless blockchain that allow anyone to participate in the network. Further, the blockchain technology platforms are primarily used in clinical trial management for patient data management, operational excellence, and patient recruitment and retention.

Market Trend Analysis: Partnership and Collaboration on the Rise for Blockchain Technology

Several stakeholders have been forging alliances related to blockchain in healthcare, specifically for application in drug discovery and clinical trials with pharmaceutical companies for platform utilization, platform integration and platform development purposes. It is interesting to note that in September 2022, Mayo Clinic entered into a partnership with Triall to use the latter company’s blockchain platform, to optimize the integrity of the former company’s clinical trial design and manage healthcare data.  Further, in March 2022, Triall entered into an agreement with Crucial Data Solutions to integrate its blockchain platform with the latter company’s eClinical solutions; both the companies aim to strengthen data security and integrity.  In July 2023, Baptist Health announced a partnership with Chronicled in order to utilize MediLedger blockchain technology solution to streamline processes and improve service delivery. The collaboration of blockchain companies with other technology providers will help in increasing the applicability of the platform specifically for conducting / supporting decentralized clinical trials. Such trends will drive the blockchain in healthcare market growth during the forecast period. 

Market Trend Analysis: Increase in Publications Reflect the Rising Interest in Blockchain in Healthcare Market

More than 510 scientific articles related to this industry have been published (in journals having different impact factors), over a period of six years, highlighting the substantial efforts made by researchers. Around 60% of these publications were research articles. In addition, the maximum number of articles focused on blockchain technology in the pharma sector were published by Multidisciplinary Digital Publishing Institute (MDPI), followed by Journal of Medical Internet Research and Frontiers Media. 

Blockchain in Healthcare Market Size: Asia Pacific to Hold the Largest Market Share

The blockchain in healthcare market, for application in drug discovery and clinical trials, in Asia-Pacific is likely to capture the largest market share (46%). Additionally, in terms of type of blockchain, public blockchain is anticipated to capture maximum share in the market, in the foreseen future. In terms of end user, presently, around 40% of the revenue generation potential is associated with hospitals using proprietary blockchain platforms for drug discovery and clinical trials. The blockchain in healthcare market is valued at USD 58 million in 2023 and is anticipated to grow at a CAGR of 22% during the forecast period.

Key Drivers for the use of Blockchain Technology in Healthcare Market

In recent years, the use of blockchain has been on the rise, driven by the growing demand for methods that safeguard sensitive healthcare data, shift towards digital health records and ongoing technological advancements. Blockchain provides a strong platform for enhanced clinical practice in terms of maintaining patient records and enrolling patients for trials. It also enhances the storage and transparency of medical data. In addition, the ledger can be used to contain all the updated information along with an encrypted patient identity to secure patient data. Owing to the benefits offered by blockchain technology in healthcare, we expect the pharmaceutical companies to start adopting the platform for clinical trials, supporting the market growth over the forecast period. In July 2022, Japan based Aculys Pharma announced its plans to use a blockchain platform from SUSMED to conduct a clinical trial. 

Leading Blockchain Healthcare Companies 

Examples of key companies offering blockchain technology in healthcare market (which have also been captured in this market report) include (in alphabetic order) Alten Calsoft Labs, ConsenSys, Humanscape, Hyperledger Foundation, IBM, Infosys, Innoplexus, Medsphere, Solulab Stratumn and Tech Mahindra. This market report includes an easily searchable, excel database of all the companies offering blockchain for healthcare applications.

Recent Developments in Blockchain in Healthcare Market

Several recent developments have taken place in the field of blockchain in healthcare market, some of which have been outlined below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that we have outlined in our analysis.

  • In September 2023, Briya, an end-to-end healthcare data exchange platform, today announced completion of USD 11.5 million Series A funding round led by Team8, Insight Partners, Amiti Ventures, and George Kaiser Family Foundation. The funds were used to support Briya’s mission to transform data exchange between healthcare organizations and life sciences organization on a secured blockchain technology-enabled data exchange platform. 
  • In August 2023, Solve.Care announced the launch of a blockchain based Care.Trials network, a patient matching service for clinical trials.
  • In April 2023, PharmaLedger introduced electronic product information (ePI) on blockchain product. This product will allow the patient to scan a barcode on the medicine box to access the product information, replacing the leaflets currently seen in the package.
The image provides context of blockchain in drug discovery and clinical trials. Given the potential of blockchain to optimize process timelines, while ensuring data privacy and integrity, this technology has garnered significant attention within the pharmaceutical industry This image provides list of blockchain technology providers. Presently, more than 50 players claim to provide blockchain platform solutions across a wide range of drug development applications The image provides details on the current blockchain technology providers landscape. The current market landscape features stakeholders offering blockchain technology to industries for various drug development applications; majority of these technology platforms are being used for clinical trial management


Scope of the Blockchain in Healthcare Market Report

The blockchain in healthcare market report features an in-depth analysis of various firms / organizations that are engaged in this industry, across different segments as defined in the below table: 

Key Report Attributes Details

Base Year

2023

Forecast Period

2023 – 2035

Market Size 2023

$58 million

CAGR

22%

Type of Blockchain
  • Public Blockchain
  • Private Blockchain
  • Hybrid Blockchain 
  • Others
Type of End User
  • Healthcare Industry
  • Pharmaceutical Industry
  • Government Organizations, and Universities
Key Geographical Regions
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
Key Companies Profiled
  • Alten Calsoft Labs
  • ConsenSys
  • Humanscape
  • Hyperledger Foundation
  • IBM
  • Infosys
  • Innoplexus
  • Medsphere
  • Solulab
  • Stratumn
  • Tech Mahindra
PowerPoint Presentation (Complimentary)
  • Available

Customization Scope

  • 15% Free Customization

Excel Data Packs (Complimentary)

  • Market Landscape Analysis
  • Company Competitiveness Analysis
  • Partnerships and Collaborations
  • Publication Analysis
  • Market Forecast and Opportunity Analysis

 

The image looks at the competitive landscape across blockchain technology providers. In pursuit of building a competitive edge, stakeholders are striving to enhance their existing capabilities and upgrade their proprietary blockchain platforms with advanced features This infographic provides details on publications related to blockchain. Around 37% of the articles focused on the use of blockchain technology in the pharmaceutical industry have been published in the year 2022, highlighting the substantial efforts undertaken by researchers The image provides details on the partnerships and collaborations deals inked by players involved in blockchain. The growing interest is also prevalent from the recent rise in partnership activity; ~60% of the deals, so far, have been focused on utilization and integration of proprietary blockchain platforms


The market report presents an in-depth analysis, highlighting the capabilities of various companies engaged in this industry, across different geographies. Amongst other elements, the research report features:

  • A preface providing an introduction to the full report, Blockchain in Healthcare Market (Drug Discovery and Clinical Trials), 2023-2035.
  • An executive summary of the insights captured during our research. It offers a high-level view on the current state of blockchain in healthcare market with application in drug discovery and clinical trials and its likely evolution in the short to mid and long term.
  • A general overview of blockchain technology, along with information on its types and applications across various industries. It also highlights the applications of blockchain, specifically in drug discovery and clinical trials. Further, the chapter features a discussion on the challenges, key growth drivers, and future perspectives associated with the use of blockchain in drug discovery and clinical trials.
  • A detailed assessment of the overall market landscape of healthcare companies using blockchain technology for  drug discovery and clinical trials, based on several relevant parameters, such as year of establishment, company size (in terms of number of employees), location of headquarters, type of blockchains (public blockchain, private blockchain, and consortium blockchain), type of drug development applications (drug discovery, intellectual property management, electronic health record management, vaccine distribution, drug authenticity, drug supply chain, drug data management, clinical trial management, and electronic signatures), applications within clinical trial management (operational excellence, predictive analysis, site investigation, patient recruitment retention, vendor management, patient data management, risk based monitoring, and data visualization), and type of end users (healthcare industry, pharmaceutical industry, and government organizations).
  • A detailed competitiveness analysis of blockchain technology providers based on supplier strength (in terms of the years of experience), portfolio diversity (in terms of type of drug development applications, applications within clinical trial management and type of end users), and portfolio strength (in terms of type of blockchains).
  • Elaborate profiles of key companies providing blockchain platforms for drug discovery applications. Each profile includes a brief overview of the company, financial information (if available), details on application areas of proprietary platform, recent developments and an informed future outlook.
  • A detailed analysis of the partnerships established between stakeholders in this industry, since 2017, covering platform utilization agreements, platform integration agreements, strategic alliances, platform development agreements, service agreements, service alliances, acquisitions, research agreements and other relevant agreements.
  • A detailed review of more than 500 peer-reviewed, scientific articles focused on blockchain in the pharmaceutical industry, based on several relevant parameters, such as year of publication, type of publication, popular publishers, popular copyright holders and keywords. The chapter also highlights the top journals, in terms of number of articles published and impact factor.
  • A discussion on affiliated trends, key drivers, and challenges under a SWOT framework, which are likely to impact the industry’s evolution highlighting the relative effect of each SWOT parameter on the overall blockchain in healthcare market (drug discovery and clinical trials).
  • A case study highlighting the applications of blockchain across various industries, such as healthcare, banking and financial, automotive, education, telecom, transportation and travel industries, and its likely evolution in the foreseen future.
This infographic provides details on strengths, weaknesses, opportunies and threats related to blockchain technology. The increasing demand for blockchain in clinical research, especially for drug discovery and clinical trials, is anticipated to create lucrative business opportunities within this field This image provides details on blockchain market size. We expect the market to witness an annualized growth of 22% in the coming decade; the opportunity is likely to be well distributed across various types of blockchain, types of end-users and key geographical regions Blockchain in Drug Discovery and Clinical Trials Market Forecast


One of the key objectives of the blockchain in healthcare market report was to estimate the current opportunity and future growth potential of blockchain in drug discovery and clinical trials market over the forecast period. We have provided informed estimates on the likely evolution of the market for the forecast period, 2023-2035. Our year-wise projections of the current and future opportunity have further been segmented based on relevant parameters, such as type of blockchain (public blockchain, private blockchain, hybrid blockchain, and other blockchains), type of end user (hospitals, pharmaceutical industry, research institutes and academic institutes) and key geographical regions (North America, Europe, Asia-Pacific, and Rest of the world). In order to account for future uncertainties associated with some of the key parameters and to add robustness to our model, we have provided three market forecast scenarios, namely conservative, base, and optimistic scenarios, representing different tracks of the industry’s evolution.

The opinions and insights presented in the market report were influenced by discussions held with stakeholders in this industry. The research report features detailed transcripts of interviews held with the industry stakeholders.

All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this report are in USD, unless otherwise specified.

Frequently Asked Questions

Question 1: How is blockchain useful in healthcare?

Answer: Blockchain technology is an emerging field with a potential to revolutionize the healthcare sector; the various advantages of blockchain in healthcare, include access to large datasets across different institutions, elimination of a central authority, improved transparency in transactions and reduced errors in data processing.

Question 2: What is a potential future use of blockchain technology in the healthcare industry?

Answer: The technology has emerged as a promising approach to store / exchange authentic data, reducing fraud and enhancing accountability. The technology is expected to expediate the drug development process (by enhancing transparency in clinical trials) and supporting personalized medications (by securing the sharing of genomic data).

Question 3: What are the blockchain use cases in the healthcare industry?

Answer: The blockchain use cases in healthcare include medical staff credential verification, patient data management (through EMR), smart contracts for health insurance and supply chain management.

Question 4: Which companies have recently been set up in the blockchain healthcare market?

Answer: Some examples of blockchain healthcare startups include (arranged in alphabetical order) Akiri, Blockpharma, BurstIQ, Doc.AI, Medicalchain , Mediconnect and PharmaLedger.

Question 5: What is the most common type of partnership models being adopted by stakeholders engaged in this market?

Answer: Platform utilization emerged as the most popular type of partnership model adopted by players engaged in blockchain for healthcare (drug discovery and clinical trials) industry. This is followed by platform integration agreements and strategic alliances.

Question 6: What is the market for blockchain in healthcare?

Answer: The global blockchain in healthcare market is estimated to be worth USD 58 million in 2023.

Question 7: What is the anticipated market growth (CAGR) for the blockchain market in healthcare?

Answer: The global market for blockchain in healthcare is expected to reach USD 641 million in 2035, with an annualized market growth rate (CAGR) of 22%.

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