The application of blockchain technology in global supply chains is seeing explosive growth in some sectors while facing a slower, more cautious uptake in others. The pharmaceutical industry is poised to become a major adopter, with a new market report projecting the sector’s investment in blockchain to surge from approximately $6.98 billion in 2025 to $144.64 billion by 2032, according to the Grand Pinnacle Tribune. This represents a compound annual growth rate (CAGR) of 55.0%, as reported by QY Research Inc.
The primary driver behind this massive investment is the urgent need to secure the pharmaceutical supply chain and combat counterfeit drugs, a problem that costs the industry billions and poses severe risks to patient safety. Blockchain’s immutable and decentralized ledger offers end-to-end visibility, enabling drugs to be tracked from manufacturer to patient, thereby simplifying regulatory compliance and improving the efficiency of drug recalls. According to the report, private blockchains are the dominant model, currently accounting for about 91% of the market share in the pharmaceutical sector.
In contrast, a February 2026 academic study highlights the different challenges facing blockchain adoption among Small and Medium-sized Enterprises (SMEs) in emerging markets. Research published on ResearchGate focusing on Ghanaian SMEs found that internal factors, such as the perceived benefits of relative advantage, cost-effectiveness, and low complexity, are key drivers for adopting blockchain in supply chain finance. However, the study revealed that external pressures like market competition did not significantly influence the intention to adopt the technology. The authors conclude that the current low adoption rate among these SMEs points to a need for more extensive education on blockchain’s practical applications to stimulate wider use.
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