[128 Pages Report] The blockchain technology took the world by storm by its revolutionary work in data transaction, especially in the financial sector. Its immense success across different industries has increased the demand for this technology in the healthcare industry to bring about revolutionary changes.

The global healthcare blockchain market is projected to reach USD 829.0 million by 2023 from USD 53.9 million in 2018, at a CAGR of 72.8%. The increasing incidence of healthcare data breaches, increasing threat of counterfeit drugs, increasing adoption of blockchain as a service (BaaS), and transparency & immutability of the distributed ledger technology are the significant factors driving the growth of the market. However, the reluctance to disclose data and lack of a central entity & common set of standards are expected to restrain the growth of this market to a certain extent. In this report, the healthcare blockchain market has been segmented based on application, end-user, and region.

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By application, the supply chain management sector is expected to hold the largest market share during the forecast period.

Based on its various applications in healthcare, the healthcare blockchain market is segmented into clinical data interoperability & identity management, supply chain management, health insurance & fraud prevention, and other applications. In 2017, the supply chain management segment accounted for the largest market share of the global 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 in supply chain management.