The Blockchain in Healthcare Market is expected to reach USD 1,189.8 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 61.10% from 2022 to 2028. Factors such as the rising threat of counterfeit drugs, the rising development in Blockchain as a Service (BaaS), growing incidences of healthcare data breaches, and immutability & transparency of distributed ledger technology are influencing the fastest growth of Blockchain in the Healthcare Market in the coming years.
- The supply chain management segment is expected to grow at a considerable CAGR. Increasing regulations related to drug quality & security and the rising number of counterfeit drugs are propelling the segmental growth of the market.
- The healthcare segment is expected to grow at a significant CAGR owing to the requirement for improving the operational efficiency of healthcare organizations, increasing insurance fraud, rising medical tourism, and growing need for exchanging secure health information.
- Europe is expected to dominate the growth of blockchain in the healthcare market at a significant CAGR during the forecast period. This surge is accounted for due to the implementation of regulations towards improving quality of care & the safety of patient data, increasing the need to reduce the escalating healthcare costs, and increasing the need to protect medical data from tampering in this region.
- The major players involved in the development of blockchain in the healthcare market are IBM Corporation, Microsoft Corporation, Gem, Patientory Inc., Guardtime Federal, Hashed Health.
The blockchain is basically a distributed database to record all transactions or digital events that have been executed and shared among participating parties. In the past few years, fraud related to data breaches in the healthcare sector has been increased, thus, blockchain is considered a good solution to record patient data. This, in turn, increases the growth of blockchain in the healthcare market in the coming years. In addition, many industry players are conducting blockchain programs to increase the blockchain market demand in the healthcare sector. For instance, Microsoft, an American multinational technology corporation, and Viant Technology, an advertising Software Company, along with GSK, a science-led global healthcare company, conducted the Blockchain Programme with the main objective to accelerate the adoption of a blockchain-based supply chain in the healthcare industry. Also, Hashed Health and Global Healthcare Exchange together started implementing the blockchain technologies to solve the issues related to product tracking, auditing, data management, and order processing across the healthcare supply chain.
The COVID-19 outbreak has affected various industries worldwide. The blockchain in the healthcare market is no exception. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop the swift spread of COVID-19. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the sand control solutions market. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online.