PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1682787
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1682787
The global blockchain in healthcare market is projected to grow from USD 1.8 billion in 2024 to USD 42.2 billion by 2032, at a CAGR of 50.2%. This growth is primarily driven by the increasing incidence of medical data breaches, the adoption of electronic health records (EHRs), and the rising need for secure data sharing across healthcare providers. Blockchain technology, known for its decentralized nature, offers enhanced security and transparency, ensuring data integrity and preventing unauthorized access. With the escalating threat of counterfeit drugs and the growing demand for efficient data management in the healthcare industry, blockchain is emerging as a crucial tool to address these challenges.
Key Insights
The demand for blockchain in healthcare is rising due to increasing data security concerns. The rapid digitization of medical records and supply chains has led to a growing number of data breaches. Blockchain technology ensures that only authorized parties have access to sensitive information, thus protecting patient confidentiality.
The pharmaceutical supply chain is one of the largest application areas for blockchain. Counterfeit drugs are a significant issue, with the World Health Organization estimating that one in ten medicines in low- and middle-income countries is substandard or falsified. Blockchain's transparent and immutable record-keeping system helps prevent fraud and ensures drug authenticity.
Public blockchains currently hold the largest market share, favored for their decentralized nature, which offers increased trust and transparency. However, private blockchains, which offer more privacy and control, are expected to grow the fastest during the forecast period due to their ability to meet stricter regulatory compliance standards.
The rapid adoption of electronic health records (EHRs) is accelerating the blockchain market, as it provides a secure platform for sharing patient data across healthcare providers, improving the speed and accuracy of diagnoses and treatments.
Regulatory pressure on pharmaceutical companies to improve supply chain transparency and prevent counterfeit products is further driving blockchain implementation in the healthcare sector.
Despite its potential, the market faces challenges, including a lack of awareness, high implementation costs, and concerns about integrating blockchain with existing systems. Healthcare organizations are also cautious about adopting new technologies, leading to slow initial adoption.
Europe is the largest market, while the Asia Pacific region is expected to experience the fastest growth due to increased healthcare investments and digitalization in countries like China and India.