As per a P&S Intelligence report, the global blockchain in healthcare market is predicted to reach a value of $890.5 million by 2023, from $44.6 million in 2017, and is expected to advance at a 67.1% CAGR during the forecast period (2018–2023). 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.

Access Report Summary - Blockchain in Healthcare Market Segmentation Analysis

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.

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.

The blockchain technology is still in the nascent stage, owing to which companies that are interested in adopting the technology are collaborating and partnering with several technology providers for exploring its potential applications. For example, a deal between NMC Health, a United Arab Emirates (UAE) based private sector healthcare provider, and Guardtime AS, an Estonian blockchain pioneer, was finalized in January 2018 for introducing the technology in the country.

In conclusion, the market is being driven by the rising implementation of regulations for safeguarding consumer data and rising number of collaborations and partnerships.

Blockchain technology has applications in many areas and its popularity is growing day-by-day. 

Blockchain technology is being increasingly used in the BFSI segment for financial transactions and cross-border payments. Online payments have gained huge attraction. Card-based payment methods using credit and debit cards have become dominant. Blockchain provides increased speed of transaction processing and greater efficiency in real-time processing. It also helps to secure payments, maintain customer identities, and settle cross-border payments. As this technology is decentralized, various financial technology (FinTech) companies are also gaining opportunity to invest a part of their total investment in the blockchain.

Blockchain Technology

Global Blockchain Technology Market- Insights
The adoption of blockchain technology provides solution for banks while eliminating intermediaries and aiding in real-time transition. Blockchain will reduce the cost of manual work and lead to enhanced customer services and satisfaction. These features will led to growth of the blockchain technology market. For instance, on December 30, 2015, NASDAQ announced that it made its first ever share trade using blockchain technology. NASDAQ used its proprietary Linq platform (developed in collaboration with Chain.com and global design firm IDEO) to sell shares.