Blockchain Technology in Healthcare Market

Blockchain Technology in Healthcare Market by Application (Supply Chain Management, Clinical Data Exchange & Interoperability, Claims Adjudication and Billing), End User (Pharmaceutical Companies, Healthcare Payers, Providers) - Global Forecast to 2023

Report Code: HIT 6466 Jul, 2018, by marketsandmarkets.com

[128 Pages Report] Blockchain technology in the healthcare market is expected to reach USD 829.0 million by 2023 from USD 36.9 million in 2017, at a CAGR of 72.8% during the forecast period. The base year considered for the study is 2017 and the forecast period is from 2018 to 2023.

Objectives of the Study

  • To define, describe, and forecast the healthcare blockchain market on the basis of application, end user, and region
  • To forecast the size of the healthcare blockchain market with respect to four main regions, namely, North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW)
  • To provide detailed information about factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges)
  • To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
  • To analyze the opportunities in the market for stakeholders and provide details of the competitive leadership mapping for market leaders
  • To profile key players in the healthcare blockchain market and comprehensively analyze their core competencies and market shares
  • To track and analyze competitive developments such as acquisitions; product launches; collaborations, partnerships, and agreements in the market

Research Methodology

Top-down and bottom-up approaches were used to validate the size of the healthcare blockchain market and estimate the size of other dependent submarkets. Various secondary sources such as directories, industry journals, databases such as Bloomberg Business, Factiva, and Dun & Bradstreet; white papers; annual reports; company house documents; and SEC filings of the companies have been used to identify and collect information useful for the study of this market. Primary sources such as experts from both supply and demand sides have been interviewed to obtain and validate information as well as to assess the dynamics of this market. The breakdown of profiles of primaries is shown in the figure below:

Blockchain Technology in Healthcare Market

To know about the assumptions considered for the study, download the pdf brochure

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).

Target Audience

  • Government agencies
  • Blockchain technology vendors
  • Network solution providers
  • Independent software vendors
  • Payment gateway providers
  • Value-added resellers
  • Blockchain security providers
  • Infrastructure and protocol providers
  • Venture capitalists and start-ups
  • Healthcare blockchain end users
  • Business research and consulting firms

Scope of the Report

The research report categorizes the market into the following segments and subsegments:

Healthcare Blockchain Market, by Application

  • Supply Chain Management
  • Clinical Data Exchange and Interoperability
  • Claims Adjudication and Billing Management
  • Other Applications

Healthcare Blockchain Market, by End User

  • Pharmaceutical Companies
  • Healthcare Payers
  • Healthcare Providers
  • Other End Users

Healthcare Blockchain Market, by Region

  • North America
    • US
    • Canada
  • Europe
    • UK
    • Estonia
    • Germany
    • Rest of Europe
  • Asia Pacific
  • Rest of the Worl

Available Customization

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product Analysis

Product matrix which gives a detailed comparison of the product portfolios of the top companies

Geographic Analysis

Further breakdown of the European healthcare blockchain market into France, Slovenia and Switzerland.

Company Information

Detailed analysis and profiling of additional market players (Up to 5)

Blockchain technology in the healthcare market is projected to reach USD 829.02 million by 2023 from USD 53.9 million in 2018, at a CAGR of 72.8%. Factors such as increasing incidences of medical data breaches, rising entrance of counterfeit medicines in the pharmaceutical supply chain, adequate funding to healthcare blockchain startups, government initiatives to implement blockchain in healthcare, and increasing adoption of blockchain as a service (BaaS) are driving the growth of the healthcare blockchain market.

The report analyzes the healthcare blockchain market by application, end user, and region. On the basis of application, the market is segmented into supply chain management, clinical data exchange and interoperability, claims adjudication and billing management, and other applications. In 2018, supply chain management segment is expected to account for the largest share of the market due to 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 to address the increasing incidences of counterfeit medicines is driving the adoption of the blockchain technology in healthcare supply chain management.

Based on end user, the market is classified into pharmaceutical companies, healthcare payers, healthcare providers, and other end users. Pharmaceutical companies segment is expected to account for the largest share of the healthcare blockchain market in 2018. Stringent regulations to secure pharmaceutical supply chain and increasing incidence of counterfeit drugs entering the supply chain are factors boosting the adoption of blockchain in the pharmaceutical industry.

Blockchain Technology in Healthcare Market

In 2018, North America accounted for the largest share of the market, followed by Europe. The large share of North America is attributed to increasing incidence if data breaches in the region, stringent regulations to improve pharmaceutical supply chain, growing incidences of fraudulent billings, and the rising need to address the dramatic rise in healthcare costs in the region.

However, lack of a central entity & common standards and lack of awareness & understanding of the use of blockchain technologies in the healthcare sector are expected to restrain the growth of this market to a certain extent.

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).

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Introduction (Page No. - 13)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Limitations
    1.5 Currency
    1.6 Stakeholders

2 Research Methodology (Page No. - 16)
    2.1 Research Approach
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Breakdown of Primaries
                    2.1.2.3 Key Industry Insights
    2.2 Market Size Estimation
    2.3 Market Breakdown and Data Triangulation
    2.4 Assumptions for the Study

3 Executive Summary (Page No. - 24)

4 Premium Insights (Page No. - 27)
    4.1 Healthcare Blockchain: Market Overview
    4.2 Europe: Healthcare Blockchain Market, By Country & Application
    4.3 Geographical Snapshot of the Healthcare Blockchain Market
    4.4 Healthcare Blockchain Market: Regional Mix

5 Market Overview (Page No. - 31)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Increasing Incidence of Healthcare Data Breaches
                    5.2.1.2 Increasing Threat of Counterfeit Drugs
                    5.2.1.3 Increasing Adoption of Blockchain as A Service (BaaS)
                    5.2.1.4 Transparency & Immutability of the Distributed Ledger Technology
                    5.2.1.5 Cost-Effective & Secured Data Interoperability Through Blockchain
           5.2.2 Restraints
                    5.2.2.1 Reluctance to Disclose Data
                    5.2.2.2 Lack of A Central Entity & Common Set of Standards
           5.2.3 Opportunities
                    5.2.3.1 Government Initiatives
                    5.2.3.2 Significant Increase in Funding Through Venture Capital Investments & Initial Coin Offering (ICO)
           5.2.4 Challenges
                    5.2.4.1 Lack of Awareness & Understanding
                    5.2.4.2 Technical Challenges Pertaining to Scalability

6 Technology Overview (Page No. - 39)
    6.1 Introduction
    6.2 Structure of Blockchain
    6.3 Types of Blockchain
           6.3.1 Public Blockchain
           6.3.2 Private Blockchain
           6.3.3 Consortium Blockchain (Permissioned Blockchain)
    6.4 Healthcare Blockchain Consortiums
           6.4.1 The Hyperledger Healthcare Working Group
           6.4.2 Hashed Health Blockchain Consortium
           6.4.3 The Mediledger Project
           6.4.4 Humana, Multiplan, Optum, Quest Diagnostics and Unitedhealthcare Blockchain Group
           6.4.5 Viant Blockchain Programme
    6.5 Type of Blockchain Providers in Healthcare
           6.5.1 Application and Solution Providers
           6.5.2 Middleware, Infrastructure, and Protocol Providers
    6.6 Potential Healthcare Applications of Blockchain

7 Healthcare Blockchain Market, By Application (Page No. - 44)
    7.1 Introduction
    7.2 Supply Chain Management
    7.3 Clinical Data Exchange & Interoperability
    7.4 Claims Adjudication & Billing Management
    7.5 Other Applications

8 Healthcare Blockchain Market, By End User (Page No. - 57)
    8.1 Introduction
    8.2 Pharmaceutical Companies
    8.3 Healthcare Payers
    8.4 Healthcare Providers
    8.5 Other End Users

9 Healthcare Blockchain Market, By Region (Page No. - 67)
    9.1 Introduction
    9.2 North America
           9.2.1 Us
           9.2.2 Canada
    9.3 Europe
           9.3.1 Uk
           9.3.2 Estonia
           9.3.3 Germany
           9.3.4 Rest of Europe (RoE)
    9.4 Asia Pacific (APAC)
    9.5 Rest of the World (RoW)

10 Competitive Landscape (Page No. - 90)
     10.1 Overview
     10.2 Healthcare Blockchain Market: Vendor Venchmarking
     10.3 Investments in Healthcare Blockchain Market
     10.4 Competitive Scenario
             10.4.1 Agreements, Collaborations, & Partnerships
             10.4.2 Product Launches and Enhancements
             10.4.3 Acquisitions

11 Company Profiles (Page No. - 97)
(Business Overview, Solutions Offered, Recent Developments, SWOT Analysis & MnM View)*
     11.1 IBM
     11.2 Microsoft
     11.3 Guardtime
     11.4 Pokitdok
     11.5 Gem
     11.6 Hashed Health
     11.7 Chronicled
     11.8 Isolve
     11.9 Patientory
     11.10 Factom
     11.11 Emerging Healthcare Blockchain Companies
             11.11.1 Medicalchain
             11.11.2 Proof.Work
             11.11.3 Simplyvital Health
             11.11.4 Farmatrust
             11.11.5 Blockpharma

*Details on Business Overview, Solutions Offered, Recent Developments, SWOT Analysis & MnM View Might Not Be Captured in Case of Unlisted Companies.

12 Appendix (Page No. - 119)
     12.1 Insights of Industry Experts
     12.2 Discussion Guide
     12.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     12.4 Introducing RT: Real-Time Market Intelligence
     12.5 Available Customizations
     12.6 Related Reports
     12.7 Author Details


List of Tables (76 Tables)

Table 1 Home Healthcare Blockchain Market Snapshot
Table 2 Recent Examples of Data Breaches in the Healthcare Industry
Table 3 Drivers: Impact Analysis
Table 4 Restraints: Impact Analysis
Table 5 Opportunities: Impact Analysis
Table 6 Challenges: Impact Analysis
Table 7 Key Potential Applications of Blockchain Technology in Healthcare
Table 8 Healthcare Blockchain Market, By Application, 2016–2023 (USD Million)
Table 9 Supply Chain Management Blockchain Offerings By Key Market Players
Table 10 Key Blockchain Projects for Supply Chain Management
Table 11 Healthcare Blockchain Market for Supply Chain Management, By Region, 2016–2023 (USD Million)
Table 12 North America: Healthcare Blockchain Market for Supply Chain Management, By Country, 2016–2023 (USD Million)
Table 13 Europe: Healthcare Blockchain Market for Supply Chain Management, By Country, 2016–2023 (USD Million)
Table 14 Impact of Blockchain on Data Interoperability
Table 15 Clinical Data Exchange & Interoperability Blockchain Offerings By Key Market Players
Table 16 Key Blockchain Projects in Clinical Data Exchange & Interoperability
Table 17 Healthcare Blockchain Market for Clinical Data Exchange & Interoperability, By Region, 2016–2023 (USD Million)
Table 18 North America: Healthcare Blockchain Market for Clinical Data Exchange & Interoperability, By Country, 2016–2023 (USD Million)
Table 19 Europe: Healthcare Blockchain Market for Clinical Data Exchange & Interoperability, By Country, 2016–2023 (USD Million)
Table 20 Claims Adjudication & Billing Management Blockchain Offerings By Key Market Players
Table 21 Key Blockchain Projects in Claims Adjudication & Billing Management
Table 22 Healthcare Blockchain Market for Claims Adjudication & Billing Management, By Region, 2016–2023 (USD Million)
Table 23 North America: Healthcare Blockchain Market for Claims Adjudication & Billing Management, By Country, 2016–2023 (USD Million)
Table 24 Europe: Healthcare Blockchain Market for Claims Adjudication & Billing Management, By Country, 2016–2023 (USD Million)
Table 25 Blockchain Offerings for Other Applications By Key Market Players
Table 26 Healthcare Blockchain Market for Other Applications, By Region, 2016–2023 (USD Million)
Table 27 North America: Healthcare Blockchain Market Other Applications, By Country, 2016–2023 (USD Million)
Table 28 Europe: Healthcare Blockchain Market for Other Applications, By Country, 2016–2023 (USD Million)
Table 29 Healthcare Blockchain Market, By End Users, 2016–2023 (USD Million)
Table 30 Healthcare Blockchain Market for Pharmaceutical Companies, By Region, 2016–2023 (USD Million)
Table 31 North America: Healthcare Blockchain Market for Pharmaceutical Companies, By Country, 2016–2023 (USD Million)
Table 32 Europe: Healthcare Blockchain Market for Pharmaceutical Companies, By Country/Region, 2016–2023 (USD Million)
Table 33 Healthcare Blockchain Market for Healthcare Payers, By Region, 2016–2023 (USD Million)
Table 34 North America: Healthcare Blockchain Market for Healthcare Payers, By Country, 2016–2023 (USD Million)
Table 35 Europe: Healthcare Blockchain Market for Healthcare Payers, By Country, 2016–2023 (USD Million)
Table 36 Healthcare Blockchain Market for Healthcare Providers, By Region, 2016–2023 (USD Million)
Table 37 North America: Healthcare Blockchain Market for Healthcare Providers, By Country 2016–2023 (USD Million)
Table 38 Europe: Blockchain Market for Healthcare Providers, By Country, 2016–2023 (USD Million)
Table 39 Healthcare Blockchain Market for Other End Users, By Region, 2016–2023 (USD Million)
Table 40 North America: Healthcare Blockchain Market for Other End Users, By Country, 2016–2023 (USD Million)
Table 41 Europe: Healthcare Blockchain Market for Other End Users, By Country, 2016–2023 (USD Million)
Table 42 Healthcare Blockchain Market, By Region, 2016–2023 (USD Million)
Table 43 Key Blockchain Projects in North America
Table 44 North America: Healthcare Blockchain Market, By Country, 2016–2023 (USD Million)
Table 45 North America: Healthcare Blockchain Market, By Application, 2016–2023 (USD Million)
Table 46 North America: Healthcare Blockchain Market, By End User, 2016–2023 (USD Million)
Table 47 US: Key Macroindicators
Table 48 US: Healthcare Blockchain Market, By Application, 2016–2023 (USD Million)
Table 49 US: Healthcare Blockchain Market, By End User, 2016–2023 (USD Million)
Table 50 Canada: Key Macroindicators
Table 51 Canada: Healthcare Blockchain Market, By Application, 2016–2023 (USD Million)
Table 52 Canada: Healthcare Blockchain Market, By End User, 2016–2023 (USD Million)
Table 53 Europe: Healthcare Blockchain Market, By Country, 2016–2023 (USD Million)
Table 54 Europe: Healthcare Blockchain Market, By Application, 2016–2023 (USD Million)
Table 55 Europe: Healthcare Blockchain Market, By End User, 2016–2023 (USD Million)
Table 56 UK: Key Macroindicators
Table 57 UK: Healthcare Blockchain Market, By Application, 2016–2023 (USD Million)
Table 58 UK: Healthcare Blockchain Market, By End User, 2016–2023 (USD Million)
Table 59 Estonia: Key Macroindicators
Table 60 Estonia: Healthcare Blockchain Market, By Application, 2016–2023 (USD Million)
Table 61 Estonia: Healthcare Blockchain Market, By End User, 2016–2023 (USD Million)
Table 62 Germany: Key Macroindicators
Table 63 Germany: Healthcare Blockchain Market, By Application, 2016–2023 (USD Million)
Table 64 Germany: Healthcare Blockchain Market, By End User, 2016–2023 (USD Million)
Table 65 RoE: Healthcare Blockchain Market, By Application, 2016–2023 (USD Million)
Table 66 RoE: Healthcare Blockchain Market, By End User, 2016–2023 (USD Million)
Table 67 APAC: Healthcare Blockchain Market, By Application, 2016–2023 (USD Million)
Table 68 APAC: Healthcare Blockchain Market, By End User, 2016–2023 (USD Million)
Table 69 RoW: Healthcare Blockchain Market, By Application, 2016–2023 (USD Million)
Table 70 RoW: Healthcare Blockchain Market, By End User, 2016–2023 (USD Million)
Table 71 Growth Strategy Matrix (2015–2018)
Table 72 Healthcare Blockchain Market: Product Portfolio Assessment of Key Market Players
Table 73 Key Healthcare Blockchain Funding
Table 74 Agreements, Collaborations & Partnerships, 2015–2018
Table 75 Product Launches, 2015–2018
Table 76 Acquisitions, 2015–2018


List of Figures (25 Figures)

Figure 1 Healthcare Blockchain Market Segmentation
Figure 2 Research Design
Figure 3 Breakdown of Primary Interviews: By Company Type, Designation, and Region
Figure 4 Bottom-Up Approach
Figure 5 Top-Down Approach
Figure 6 Data Triangulation Methodology
Figure 7 Healthcare Blockchain Market, By Application, 2018 vs 2023 (USD Million)
Figure 8 Healthcare Blockchain Market, By End User, 2018 vs 2023 (USD Million)
Figure 9 North America Dominated the Healthcare Blockchain Market in 2017
Figure 10 Rising Incidence of Healthcare Data Breaches is Driving Market Growth
Figure 11 UK Accounted for the Largest Market Share in 2017
Figure 12 US Commanded the Largest Share of the Healthcare Blockchain Market in 2017
Figure 13 Asia Pacific to Register the Highest CAGR During the Forecast Period
Figure 14 Healthcare Blockchain Market: Drivers, Restraints, Opportunities, & Challenges
Figure 15 Centralized vs Distributed Blockchain
Figure 16 Claims Adjudication & Billing Management to Witness the Highest Growth in the Healthcare Blockchain Applications Market During the Forecast Period
Figure 17 Healthcare Payers to Witness the Highest Growth During the Forecast Period
Figure 18 Healthcare Blockchain Market, By Region, 2018 vs 2023 (USD Million)
Figure 19 Healthcare Blockchain Market: Geographic Snapshot
Figure 20 North America: Healthcare Blockchain Market Snapshot
Figure 21 Europe: Healthcare Blockchain Market Snapshot
Figure 22 Key Developments in the Healthcare Blockchain Market Between January 2015 and June 2018
Figure 23 Vendor Benchmarking: Market Attractiveness vs Company Strength
Figure 24 IBM: Company Snapshot
Figure 25 Microsoft: Company Snapshot


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Report Code
HIT 6466
Published ON
Jul, 2018
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