Global Pharmaceutical Blockchain Market – Industry Trends and Forecast to 2030

Global Pharmaceutical Blockchain Market, By Type (Private, Public, Hybrid), Application (Clinical Trials, Drug Traceability, Drug Development, Health Records and Data Security, Supply Chain Management, Claims Billing and Payment, Data Management - Monitoring and IOT Devices, Others), End-Users (Manufacturers, Distributors, Healthcare Providers) – Industry Trends and Forecast to 2030.

Pharmaceutical Blockchain Market Analysis and Size

The increasing incidence of information leaks and data breaches and the growing requirement to restrict these issues lead to market growth. Various technological advancements are significantly shaping blockchain in the healthcare business. Growing disease incidence is expected to create a huge amount of data, boosting the demand for data management. Furthermore, the supply chain management application segment resulted in a large market share of blockchain technology in the healthcare market in 2021.

Data Bridge Market Research analyses that the pharmaceutical blockchain market, which was USD 0.76 billion in 2022, would rise to USD 25.6 billion by 2030, and is expected to undergo a CAGR of 55% from 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Pharmaceutical Blockchain Market Scope and Segmentation

Market Definition

Blockchain is a database that stores the collected data in blocks chained together. Each block is secured and bound with each others because of cryptographic principles for decentralization. The technology uses cryptographic techniques to access each participant in an interconnected network to store, exchange, or see the information without trust between the two parties.

Global Pharmaceutical Blockchain Market Dynamics

Drivers

• Increasing Strategic Developments by Market Players

The market players' numerous strategic initiatives, such as product launches and acquisitions, lead to market growth. For instance, MDS Mexico launched a blockchain technology-based COVID-19 testing service to assure the authenticity of vaccination certificates in 2021. The COVID-19 pandemic enhanced the pharmaceutical sector's adoption and demand for blockchain solutions. This factor impedes market growth.

• Wide Usage of Blockchain in Hospitals

Hospitals are an important part that uses blockchain, impeding the market growth. Healthcare institutions and hospitals are now working on keeping the patient's data to protect the smooth working of the system. This not only assists in differentiating between new and old patients and leverages existing records to complement the doctor's appointment. Furthermore, the technology will prevent the exposure of necessary information, such as addresses, payment details, and phone numbers, to data breaches and cyberattacks. Thus, this factor leads to market growth.  

Opportunities

• Increasing Use of Blockchain in Clinical Trials and eConsent

The increasing use of pharmaceutical blockchain in clinical trials and the eConsent segment is boosting market growth. Inculcating the technology in clinical trials facilitates efficient data management and security. The use of blockchain technology also enables clinicians to connect internally securely. The wide adoption of blockchain technology in medical records assures data integrity. This blockchain can be used in clinical trials, where the records are an important part of legalities. Therefore, this factor acts as a major factor that increases market growth.

•  Increasing Partnerships by Market Players

There are high partnerships by market players that lead to market growth. For instance, Synaptic Health Alliance is a partnership of top healthcare companies primarily focused on developing provider data sharing. The alliance involves established healthcare companies such as Quest Diagnostics, Humana, and Optum. Also, this blockchain can potentially surge efficiency and reduce costs in many areas of healthcare. Thus, this factor boosts market growth.  

Restraints/Challenges

• Lack of Skilled Professionals

There is much absence of experienced individuals with the necessary technical competence to manage the technology in the medical industry, which impedes the industry's growth. As the pharmaceutical and healthcare sector technology is complicated, it will require qualified professionals to manage and supervise the task. Thus, this leads to market hindrance.

This pharmaceutical blockchain market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the pharmaceutical blockchain market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In 2022, Avaneer Health received additional support from numerous prestigious healthcare institutions, providing the health network with USD 50 million in startup money. The network primarily focuses on payer-to-payer data sharing, eligibility, and prior authorization while using HL7's FHIR specification to increase data access among healthcare companies.

Global Pharmaceutical Blockchain Market Scope

The pharmaceutical blockchain market is segmented on the basis of type, application, and end-users. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type  

• Private
• Public
• Hybrid

Application

• Clinical Trials
• Drug Traceability
•  Drug Development
• Health Records and Data Security
• Supply Chain Management
• Claims Billing and Payment
• Data Management - Monitoring and IOT Devices
• Others

End User

• Manufacturers
• Distributors
• Healthcare Providers

Pharmaceutical Blockchain Market Regional Analysis/Insights

The pharmaceutical blockchain market is analyzed and market size insights and trends are provided by type, application and end-users as referenced above.

The countries covered in the pharmaceutical blockchain market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Europe dominates the pharmaceutical blockchain market due to the growing research and development activities for advancing technology and increasing the operability of the healthcare sector in this region.

Asia-Pacific is expected to grow during the forecast period because of the increasing government initiatives to develop technology and inculcate it into the healthcare sector. Implementing the high rate of blockchain technology is expected to provide businesses with more opportunities in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The pharmaceutical blockchain market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for pharmaceutical blockchain market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the pharmaceutical blockchain market. The data is available for historic period 2011-2021.

Competitive Landscape and Pharmaceutical Blockchain Market Share Analysis

The pharmaceutical blockchain market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to pharmaceutical blockchain market.

Some of the major players operating in the pharmaceutical blockchain market are:

• Nebula Genomics (U.S.)
• Blockpharma (France)
• EncrypGen (U.S.)
• Medicalchain SA (U.K.)
• iSolve, LLC (U.S.).
• PATIENTORY INC (U.S.)
• GUARDTIME (U.S.)
• HASHED HEALTH (U.S.)
• Blockchain AI Solutions Ltd (U.K.)
• Medpace (U.S.)
• Quanticate (India)
• Huawei Technologies Co., Ltd (China)