Blockchain Technology in Healthcare Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Blockchain Technology in Healthcare Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Report Digest
Blockchain Technology in Healthcare Market - Snapshot
As per the recent survey intelligence studies, the global blockchain technology in healthcare market is set to record an astonishing growth rate of 72.8 % over the forecast period of 2019 to 2023. The studies also indicate that the global blockchain technology in healthcare market will surpass the initial evaluation, taken in 2018, of US$ 53.9 million.
The global blockchain technology in healthcare market is anticipated to hit the evaluation mark of US$ 829.0 million at the end of the forecast period i.e. 2019 to 2023.
Key applications for the software tools and services developed by the players and vendors working in the blockchain technology in healthcare market include clinical data exchange as well as interoperability, supply chain management, and claims adjunction and billing.
These solutions and services provided by the players in the global blockchain technology in healthcare market are used by various end users in the healthcare industry, including healthcare payers, pharmaceutical companies, and healthcare providers, among others.
Some of the major and significant driving factors influencing the growth and development of the global blockchain technology in healthcare market include the rising instances of data breach in healthcare settings, the risk of exposure of sensitive patient electronic health and medical records, and the rising threat of fake or counterfeit drug products.
Additionally, rising adoption of blockchain as a service or BaaS as well as the immutability and transparency associated with the technology i.e. the distributed ledger system, are also driving the demand within the global blockchain technology in healthcare market in coming years.
On the other hand, lack of common set of standards as well as the reluctance to disclose confidential and private data may restrict the development of the global blockchain technology in healthcare market in the next few years.
Blockchain Technology in Healthcare Market – Overview
The healthcare industry is plagued by a range of pressing challenges ranging from managing patient data to maintaining the supply chain of drugs. While not only a pile of patient data but challenges such as inefficiencies, bureaucracy, errors and higher administrative costs are the pressing challenges of the healthcare industry. Blockchain technology is expected to disrupt the healthcare industry as it holds the potential to solve the industry’s most daunting challenges while offering a value-add as well as profitability. These factors are boosting the blockchain technology in healthcare market.
Blockchain Technology in Healthcare Market – Notable Developments
- In September 2018, Taiwan-based Taipei Medical University Hospital established an online blockchain technology-based healthcare platform to improve management of patient data among medical institutes of the country.
- In January 2019, Aetna, now owned by CVS Health, collaborated with PNC Bank and IBM to design a blockchain healthcare network initiative which also includes Anthem and Health Care Service Corporation.
- In February 2019, CSE SG, a Singapore-based startup introduced a new generation Smart Contract 2.0 that features super-fast blockchain 3.0 technology. The company has partnered with the healthcare service providers in Thailand and Korea to integrate Smart Contract 2.0 with an aim to improve the healthcare management processes.
Some of the most prominent competitors operating in the competitive landscape of global blockchain technology in healthcare market include –
- IBM
- Hashed Health
- Microsoft
- PokitDok
- Guardtime
- iSolve
- Gem
- Factom
- Chronicled
- Proof.Work
- Blockpharma
- Patientory
- FarmaTrust
- SimplyVital Health
- Medicalchain
Blockchain Technology in Healthcare Market Dynamics
Blockchain Technology to Offer Patient-Centric Business Model
Blockchain allows a transparent yet secure patient data management and enables tracking of data across computing devices. The blockchain technology offers a consistent database stored through a single record which users can easily trace and audit. Also, the decentralized database wherein copies of data are stored at multiple places without the need of a third-party administrator eliminate the need for a middleman, thereby reducing the administration cost. These benefits allow the blockchain technology to maintain a transparent patient database, thereby holding the potential to establish a patient-centric business model in the healthcare systems. Blockchain technology in healthcare market is likely to benefit due to this.
Despite Great Potential, Blockchain Technology in Healthcare to Witness Slow Penetration
Integration of blockchain technology in healthcare includes a number of processes and stakeholders requirements including period of deployment – short, medium or long term, scalability and important safety features. Currently, blockchain is witnessing penetration in the back-office operations wherein the technology is utilized to enhance traceability of the supply chain. On the other hand, front-end operations of the healthcare industry can be significantly improved by enabling patient’s access to data through blockchain, however, penetration of the technology is expected to remain slow as the total integration of the blockchain technology will require big infrastructure changes and appropriate ecosystem. Blockchain technology in healthcare market is likely to benefit due to this.
Blockchain Technology in Healthcare Market – Regional Outlook
North America is expected to witness significant penetration of blockchain technology in healthcare sector during the forecast period. The reasons can be attributed to higher adoption rates of advanced medical technologies in the well-established healthcare infrastructure in the region. Steady healthcare expenditure is also expected to fuel the adoption of blockchain technology in healthcare in the coming years. While Europe represents the second leading revenues in the blockchain technology in healthcare market, Asia-Pacific is expected to witness rapid penetration of blockchain technology in healthcare market. Blockchain technology in healthcare market is likely to benefit due to this.
Blockchain Technology in Healthcare Market – Segmentation
Blockchain technology in healthcare market is segmented based on application and end user.
Based on end user, the blockchain technology in healthcare market is segmented into,
- Healthcare payers
- Healthcare providers
- Pharmaceutical companies
- Others
Based on application, the blockchain technology in healthcare market is segmented into,
- Claims adjudication & billing management
- Clinical data exchange & interoperability
- Others
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