Blockchain Technology in Healthcare Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
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
Key players in the blockchain technology in healthcare market include IBM, Hashed Health, Microsoft, PokitDok, Guardtime, iSolve, Gem, Factom, Chronicled, Proof.Work, Blockpharma, Patientory, FarmaTrust, SimplyVital Health, and Medicalchain. Some of the notable developments in the blockchain technology in healthcare market include,
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,
Based on application, the blockchain technology in healthcare market is segmented into,
The study presents reliable qualitative and quantitative insights into:
The regional analysis covers:
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:
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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