Blockchain Technology in Healthcare Market to Worth USD 829.0 Million by 2023

The healthcare blockchain market is expected to reach USD 829.0 million by 2023 from USD 53.9 million in 2018, at a CAGR of 72.8 percent. The increasing incidence of healthcare data breaches, rising number of counterfeit drugs in circulation, growing trend of blockchain as a service (BaaS), and government initiatives to implement blockchain technologies to secure medical data are the major factors driving the growth of the market. Some of the prominent players in this market are IBM (US), Microsoft (US), Guardtime (Estonia), PokitDok (US), Gem (US), Chronicled (US), iSolve (US), Hashed Health (US), Patientory (US), Factom (US), Proof.Work (UK), SimplyVital Health (US), FarmaTrust (UK), Blockpharma (France), and Medicalchain (UK).

On the basis of application, in 2018, the supply chain management segment accounted for the largest share of the healthcare blockchain market. Factors such as the increasing number of counterfeit drugs in circulation and the implementation of stringent regulations such as the Drug Quality and Security Act (DQSA) in the US and the Falsified Medicines Directive (FMD) in Europe are driving the adoption of blockchain technologies for healthcare supply chain management. Based on end users, the pharmaceutical companies segment is slated to account for the largest share of the market in 2018. Stringent regulations related to healthcare supply chain management in major markets such as the US and Europe mandates the implementation of full, unit-level track-and-trace systems for pharmaceutical products. Such mandates from regulatory bodies are expected to boost the adoption of blockchain in the pharmaceutical industry.

North America is expected to hold the largest share of the healthcare blockchain market in 2018, followed by Europe. The large share of North America in this market is attributed to the implementation of regulations in the region regarding the safety of patient data and improving quality of care, increasing incidence of fraudulent activities in the healthcare sector, need to reduce the escalating healthcare costs, and the growing need to prevent medical data tampering. – MarketsandMarkets