Industry Outlook

The Blockchain in Healthcare Market accounted for USD 6.8 Billion in 2024 and is expected to reach USD 1,590.8 Billion by 2035, growing at a CAGR of around 64.2% between 2025 and 2035. Blockchain technology in healthcare offers a revolutionary approach to managing medical records and data. By leveraging decentralized, distributed ledger technology, blockchain ensures the secure and transparent recording of patient information, transactions, and interactions across the healthcare ecosystem. This decentralized nature means that data is not stored in a single, vulnerable location but is distributed across multiple nodes, enhancing security and reducing the risk of unauthorized access or tampering. Each transaction or record is cryptographically secured, ensuring its integrity and immutability. Blockchain in healthcare aims to improve data interoperability, streamline processes, enhance patient privacy, and ultimately transform how healthcare information is managed and accessed.

Report Scope:

Market Dynamics

Rise In Adoption Of Digital Health Records

The adoption of digital health records has seen a significant rise, particularly in the United States. As of 2021, approximately 88% of U.S. office-based physicians have adopted some form of electronic health record (EHR), reflecting a robust uptake in digitizing patient information. Moreover, nearly 78% of these physicians have adopted certified EHR systems, indicating a high level of compliance with standards aimed at ensuring data accuracy and security. This widespread adoption underscores the healthcare sector's ongoing commitment to enhancing efficiency, patient care, and data management through digital technologies.

Scalability and Interoperability Issues

Scalability concerns arise because blockchain systems must handle a massive volume of healthcare data securely and efficiently, which can strain network resources and impact transaction speeds. Achieving interoperability is challenging due to the fragmented nature of healthcare IT systems and varying data standards across organizations. Blockchain solutions must seamlessly integrate with existing electronic health records (EHRs) and healthcare applications to enable smooth data exchange and continuity of care. These constraints hinder the widespread adoption of blockchain in healthcare, requiring robust technical solutions and industry-wide collaboration to overcome.

Integration with AI and IoT

Blockchain technology in healthcare enables seamless integration with IoT devices and AI, fostering advanced data analytics and predictive healthcare capabilities. It ensures secure and transparent data collection and sharing from IoT devices like wearable health monitors, enhancing patient monitoring and healthcare delivery. Blockchain also serves as a reliable, tamper-proof data source for training AI algorithms, enabling precise clinical decision-making, personalized treatment plans, and early disease detection. This integration holds promise for optimizing patient care, improving health outcomes, and revolutionizing healthcare management through enhanced data integrity and advanced analytics.

Industry Experts Opinion

“Digital health is now getting a boost with blockchain technology and Web3, a new kind of internet service that is built using decentralised ledgers. Blockchain holds the potential to revolutionise healthcare. With its full deployment, patients can be the centre of focus for all operations, which in turn will also be entirely overhauled with better security, privacy and accessibility. Blockchain can be applied to the medical space in a variety of ways, leading to immensely reduced costs and new ways for patients to access healthcare.”

• Vishal Gondal, Founder & CEO, GOQii Health Metaverse

“Blockchain is the enabling technology, but it’s really all about setting up new business processes and communications networks between companies”

• Mack MacKenzie, Senior Director of Business Technology at Pfizer

Segment Analysis

Based on the Blockchain: Private blockchains are favored in healthcare due to their ability to maintain data privacy and comply with stringent regulations such as HIPAA (Health Insurance Portability and Accountability Act). Healthcare organizations and consortia often use private blockchains to securely share sensitive patient information among authorized parties while controlling access and permissions.

Based on the Application: Data Exchange and Interoperability is the most prominent and widely used segment. Blockchain technology is increasingly leveraged to facilitate secure and interoperable data exchange among healthcare providers, insurers, and patients. It addresses challenges related to data silos, improves care coordination, reduces medical errors, and enhances patient-centric healthcare delivery. This segment is crucial for achieving seamless integration of healthcare systems and improving overall efficiency and quality of care.

Regional Analysis

North America stands as a leading region in the Blockchain in Healthcare market due to several key factors. Firstly, the region boasts a robust healthcare infrastructure and a strong focus on adopting advanced technologies. Companies based in North America, such as IBM and Change Healthcare, are pioneering blockchain solutions that enhance data security, interoperability, and transparency in healthcare operations. Supportive government initiatives and regulations facilitate the implementation of blockchain technology in healthcare, ensuring compliance and fostering innovation. Moreover, the presence of a large number of healthcare providers and tech-savvy consumers accelerates the adoption of blockchain solutions for improving patient care, operational efficiencies, and reducing healthcare costs in the region.

Competitive Landscape

Key players in the competitive landscape of blockchain in healthcare include IBM, GuardTime, Medical Chain, Change Healthcare, Oracle Corporation, BurstIQ, Proof Works, Chronicled, iSolve, LLC, Farmatrust, Hashed Health, Crystalchain, Embleema, Equideum Health, Akiri, Inc, Avaneer Health, Inc, and others.  IBM leads with robust blockchain solutions focusing on data integrity and healthcare system interoperability. Startups like Patientory, BurstIQ, and Medical Chain specialize in patient data management and secure sharing. GuardTime and Proof Works emphasize data integrity and cybersecurity solutions, while companies like Change Healthcare and Oracle Corporation offer blockchain platforms for healthcare transaction efficiency and data management. Overall, these firms drive innovation in healthcare by leveraging blockchain's decentralized architecture and cryptographic security to improve patient care and operational efficiencies.

Blockchain in Healthcare Market, Company Shares Analysis, 2024

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Recent Developments:

• In May 2024, Vyvo Smart Chain, a HealthFi ecosystem incentivizing health tracking via data monetization, announced FDA clearance for LifeWatch, its innovative wearable device designed for health and wellness monitoring.
• In Sept 2023, Briya secured $11.5 million to advance AI-powered health data sharing through blockchain technology.
• In May 2021, Blockchain for Impact (BFI) and UNICEF have partnered under IDFS to allocate $2.1 million for public health projects in Meghalaya and across multiple states in India. Led by Sandeep Nailwal and Cynthia McCaffrey, the initiative focuses on human-centric design to innovate health solutions and strengthen community resilience.

Report Coverage:

Blockchain

• Public Blockchain
• Private Blockchain
• Hybrid Blockchain
• Others

By Application

• Supply Chain Management
• Data Exchange and Interoperability
• Claims Adjudication and Billing
• Others

By End User

• Pharmaceutical and Medical Device Companies
• Healthcare Payers
• Healthcare Providers

By Region

North America

• U.S.
• Canada

Europe

• U.K.
• France
• Germany
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Singapore
• Rest of Asia Pacific

Latin America

• Brazil
• Argentina
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC Countries
• South Africa
• Rest of Middle East & Africa

List of Companies:

• Patientory, Inc
• BurstIQ
• Proof Works
• International Business Machines Corporation (IBM)
• Chronicled
• iSolve, LLC
• Farmatrust
• Hashed Health
• Crystalchain
• Embleema
• Change Healthcare, Inc
• Oracle Corporation
• Medical Chain
• GuardTime
• Equideum Health
• Akiri, Inc
• Avaneer Health, Inc

Frequently Asked Questions (FAQs)