Increasing government initiatives, growing concern of data security & supply chain and increasing need for elimination of counterfeit drugs in healthcare sector, is likely to drive the growth of the healthcare blockchain market during the forecast period. The global healthcare blockchain market was valued at USD 54.2 million in 2018 and is expected to reach USD 840.1 million in 2026, growing at a CAGR of 64.2% during the forecast period.
Blockchain technology in healthcare sector allows the secured health information exchanges with the help of electronic medical records. Blockchain technology has been adopted by the public as well as private healthcare sector for the better supply chain management, data security, and secured data exchanges. The implementation of regulations such as General Data Protection Regulation (GDPR) promotes the adopt the blockchain technology in pharma as well as the medical devices sector. Current healthcare sector demands the highly secured supply chain network in order to eliminate the counterfeit drugs.
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Increasing demand for data security, secure exchange of data and better supply chain in healthcare sector boosts the growth of this market. Increasing adoption of blockchain technology in private as well as public healthcare sector coupled with the changing government regulations drives the market growth. In addition, the growing application of healthcare technology during clinical trials, clinical data exchange and interoperability, supply chain management, and other healthcare domains drives the market growth during the forecast period. Increasing government investments for the development of efficient healthcare record system and medical examination systems is expected to provide lucrative opportunities in the near future. In addition, increasing prevalence of disease and growing R&D activities of pharma companies is expected to boost the adoption of blockchain in the healthcare sector in order to maintain the data security and supply chain.
On the other hand, the lack of awareness regarding blockchain technology, lack of a common set of standards and high cost associated with the implementation of blockchain technology might hamper the growth of the market to a certain extent during the forecast period.