The market is growing due to the increasing investments and funding in the blockchain technology, rising number of regulations for safeguarding consumer data, and implementation of blockchain in pharmaceutical supply chain.

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On the basis of application, the market is divided into prescription drug abuse, drug discovery and clinical trials, drug supply chain management, claims adjunction and billing management, clinical data exchange and interoperability, and others. Out of these, the clinical data exchange and interoperability application held the major share of 40.0% of the market in 2017, due to the fact that the blockchain technology can transform the way clinical information and data are stored and shared across the total care continuum, such as patients, payers, and healthcare partners.

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Geographically, the blockchain in healthcare market was dominated by North America in 2017, however, the European region is projected to emerge as the largest market by 2023. The major reasons for this is the implementation of various blockchain initiatives by private and public sector players in the region. The Asia-Pacific region is expected to progress at the fastest pace during the forecast period, which can be ascribed to the increasing focus on the blockchain technology in the region for catering to the unmet needs in areas of drug supply chain management and clinical data exchange and interoperability.

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The blockchain in healthcare market is being driven by the increasing implementation of strict regulations for protecting consumer data across the globe. This is being done to deal with the surging incidence of data breaches and thefts around the world. For example, the General Data Protection Regulation, a new European Union data protection rule aims to protect the citizens of the region from data and privacy breaches. As the blockchain technology can aid in achieving such aims, healthcare organizations are increasingly adopting and exploring the technology.