Blockchain Technology in Healthcare Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

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Blockchain Technology in Healthcare Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

Status : December, 2019 | Healthcare IT | PPT format

Report Digest


Blockchain Technology in Healthcare Market – Introduction

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

The study presents reliable qualitative and quantitative insights into:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand chain of the market
  • Market valuation (revenue and/or volume)
  • Key trends/opportunities/challenges
  • Forces defining present and estimated future state of the competitive landscape
  • Technological developments
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East and Africa

The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.

Highlights of the report:

  • A detailed analysis of key segments of the market
  • Recent developments in the market’s competitive landscape
  • Detailed analysis of market segments up to second or third level of segmentation
  • Historical, current, and projected future valuation of the market in terms of revenue and/or volume
  • Key business strategies adopted by influential market vendors
  • Outline of the regulatory framework surrounding and governing numerous aspects of the market
  • Growth opportunities in emerging and established markets
  • Recommendations to market players to stay ahead of the competition

Note: Immense care has been taken to present data with the highest levels of accuracy in all TMRResearch reports. Nevertheless, recent developments related to market/vendor landscape may take time to reflect in the analysis.

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