Blockchain Technology in Healthcare Market Scenario

The blockchain technology in healthcare market, as per a report by Market Research Future (MRFR) is touted to register a CAGR of 71.8%, garnering USD 42.06 million during the forecast period (2018-2023). Blockchain technology is a decentralized platform system, allowing real-time transaction entry and works as a ledger, enabling the users to track activities, which are carried out in the network. Blockchain technology is penetrating all the industries and has a major role to play in the healthcare industry.

Concerns associated with data security, increasing cases of data breaches, and soaring demand for inexpensive and easy-to-use data management tools are considered primary growth stimulants for the market. Increased investment in the healthcare sector is propelling the market to a great extent. Surging demand to minimize drug counterfeit, strategic initiatives by the major industry players and the need for effective health data management systems are likely to influence the adoption of blockchain in the healthcare sector. Investments made in the development of healthcare record system, medical examination systems, and wearable devices cryptography are likely to encourage the market growth in the coming years.

On the contrary, the dearth of technical infrastructure and skilled workforce are some of the concerns likely to restrict the market in the coming years.

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Blockchain Technology in Healthcare Market: Segmental Analysis

The blockchain technology in healthcare market has been segmented on the basis of type, application, and end-user.

By type, the market is segmented into permissioned blockchains and permissionless blockchains.

By application, the blockchain technology in healthcare market is segmented into patient data management, supply chain management, clinical trials & data security, drug traceability, billing, claims adjudication, and others. Of these, the supply chain management segment is likely to gain prominence owing to the soaring number of counterfeit drugs in the circulation and implementation of strict mandates like the Drug Quality and Security Act in the U.S.

By end user, the market is segmented into healthcare service providers, pharmaceutical companies, healthcare consumers, and others. Of these, the pharmaceutical companies acquire the largest share due to the strict mandates associated with the healthcare supply chain management in major markets like Europe and the U.S.

Regional Frontiers

Geographically, the blockchain technology in healthcare market spans across Europe, America, Asia Pacific, and the Middle East & Africa.

Considering the global scenario, America is considered to dominate the blockchain technology in healthcare market. The region will retain its position in the coming years due to the increased adoption of advanced technologies, high availability of insurance holders and patient population, and the existence of well-established healthcare management systems in the region. In this region, North America is likely to acquire the lion’s share due to the implementation of regulations regarding safety of patient data, along with the enhancing quality of care, increasing need to minimize the soaring healthcare costs, rising prevalence of fraudulent activities, and surging need to prevent tampering of medical data.

Europe will bag the second spot in the blockchain technology in healthcare market, mainly due to the soaring number of clinical trials with rising R&D expenses in the pharmaceutical industry. Increasing expenditure in the healthcare sector and growing awareness regarding blockchain technology are some of the factors triggering the demand from the market in the region.

The Asia Pacific is likely to expand at the fastest rate due to the increased investments in the healthcare sector, rising generic pharmaceutical industry, and high adoption of technology in the healthcare segment.

Industry Updates

August 2019: The owners of Louis Vuitton label, LMVH have launched a blockchain technology that will assist in proving the authenticity of expensive goods. The technology is built-in Ethereum with the help of Microsoft.

Browse the market data and information spread across 85 pages with 33 data tables and 54 figures of the report “Blockchain Technology in Healthcare Market: Information by Application (Patient Data Management, Drug Traceability), Type (Permissioned Blockchains), End-User(Pharmaceutical companies) — Global Forecast till 2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/upcoming-reports/blockchain-technology-healthcare-market-6475

Competitive Dashboard

The top players operating in the blockchain technology in healthcare market include Microsoft, IBM, Pokitdok, Guardtime, Patientory, Gem, Chronicled, Hashed Health, Factom, Isolve, Medicalchain, Blockpharma, Farmatrust, Simplyvital Health, and others.

Market Overview:

Blockchain technology is one of the most disruptive technologies of the decade and is being progressively adopted by various industry verticals including healthcare. Blockchain offers a multitude of use cases for the healthcare industry, and Market Research Future (MRFR) anticipates the size of the global blockchain technology in healthcare market to expand at a remarkable rate in the forthcoming years.

The Global Blockchain Technology in Healthcare Market accounts for USD 42.06 million and expected to register healthy CAGR 71.8% during the forecast period.

Blockchain relies on established cryptographic techniques which allow for storing, exchanging and viewing of information by all participants across all network instead of a central authority which raises the transparency quotient. The growing need for simplification of healthcare processes, interoperability, seamless exchange of clinical information and integrated services within the healthcare sector has spurred the adoption of blockchain technology in healthcare. 

Blockchain technology helps to automate end-to-end processes across the healthcare transaction processing lifecycle. Increased automation of various healthcare process fosters the growth of global blockchain technology in the healthcare market. Automation of specific processes also reduces human efforts and minimizes staffing costs. 

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Implementation of blockchain in healthcare provides the advantages of pharmaceutical fraud and also improves data exchange in clinical trials. A growing number of healthcare players are coming forward to adopt blockchain technology and investing huge capital which further accelerates the growth of the market. 

Even though blockchain technology in healthcare presents numerous opportunities, the technology is still in its nascent stage, and its implications have not been not fully realized. Several technical, organizational, and behavioral challenges related to it are likely to hinder the growth of the global blockchain technology in healthcare market.

Competitive Landscape:

Blockpharma, Medicalchain, Microsoft, PokitDok, Guardtime, FarmaTrust, Chronicled, Factom, IBM, Patientory, iSolve, and Gem are the eminent players in the blockchain technology in healthcare market. 

Segmentation:

The Global Blockchain Technology in Healthcare Market has been segmented based on application and end user.

By application, the global blockchain technology in healthcare market has been segmented into supply chain management, clinical data exchange & interoperability, claims adjudication, and billing.

By end user, the global blockchain technology in healthcare market has been segmented into pharmaceutical companies, service providers, and health consumers.

Regional Analysis:

Geographically, the global blockchain technology in healthcare has been segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). In North America, the adoption of blockchain technology in healthcare is expected to witness considerable upswing over the forecast period. The region has a tendency to uptake advanced technologies swiftly which coupled with a massive investment in the healthcare sector stimulates the growth of the North America market. Major healthcare companies in the US have allied to trail blockchain solutions in a bid to reduce healthcare costs and improve data quality. The group named the Synaptic Health Alliance group consists of Humana, Multiplan, UnitedHealth Group's Optum, United Healthcare, Quest Diagnostics and has been recently (December 2018) joined by Ascension, the largest non-profit healthcare organization in the US and CVS Health-Aetna. 

Europe has a strong financial base which has resulted in the rapid implementation of blockchain technology in healthcare. In addition, government support in prioritizing national blockchain development plays a crucial role in the growth of the Europe market. 

APAC will witness a considerable rise in the number of healthcare facilities which is expected to create lucrative growth opportunities in the forthcoming years. APAC has witnessed rapid adoption of blockchain technology in the past few years. Significant investments by venture capitalists, an increasing number of blockchain startups in the region will contribute to the growth of the market.

Industry Updates:

In December 2018, Blockchain-based healthcare platform HEX Innovation Ltd. announced a partnership with the University of Perpetual Help Dalta Medical Center (UPHDMC) in the Philippines which will provide access to services powered by blockchain technology.

Table of Contents:

Chapter 1. Report Prologue

Chapter 2. Market Introduction

2.1. Definition

2.2. Scope of The Study

2.2.1. Research Objective

2.2.2. Assumptions

2.2.3. Limitations

Chapter 3. Research Methodology

3.1. Introduction

3.2. Primary Research

3.3. Secondary Research

3.4. Market Size Estimation

Chapter 4. Market Dynamics

4.1. Drivers

4.2. Restraints

4.3. Opportunities

4.4. Challenges

4.5. Macroeconomic Indicators

4.6. Detection Technique Trends & Assessment

...Continued

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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June 18, 2019: The global blockchain technology in healthcare market size is expected to reach USD 11.5 billion by 2026, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 63.9% during the forecast period. Increasing need to prevent drug counterfeit coupled with demand for efficient clinical data management is anticipated to drive the growth. Furthermore, technological advancements and untapped opportunities in the healthcare sector are some of the major factor leading to the adoption of the technology.

Blockchain technology has grown at a rapid pace in the past few years. The technology has been utilized by the big corporations for profit maximization and cost cutting. Many leading healthcare and life science companies including Pfizer Inc.; Amerisource Bergen Corporation; McKesson Corporation; and Premier Inc.

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have all recently joined blockchain-powered project MediLedger to tackle the inadequacies of supply chain. Reduction or elimination in frauds and errors, reduction in delays from paperwork, identification of issues rapidly, minimization of courier costs, improvement in inventory management, and increase in consumer and partner trust are some of the purported benefits of blockchain technology facilitating supply chain management.

Furthermore, the pharmaceutical industry is only one part of the overall healthcare ecosystem which is vigorously exploring the use cases of the blockchain and many of the ideas already have the proof-of-concept implementations. The technology holds ability to effectively improve the patient care while maintaining the funds at reasonable rate. The hindrances and challenges that arise in multiple level authentication can also be eliminated through the adoption of blockchain. Furthermore, with the growing adoption, the technology has made its way to healthcare sector. Even at its beginning and infancy stage, the technology is being accepted by the people and company in the healthcare ecosystem.

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Clinical data exchange and interoperability segment of the blockchain technology in healthcare market is expected to expand at the considerable CAGR during the forecast period. Clinical data exchange and interoperability are currently the most vulnerable processes affected by a huge data breach and drug counterfeit. For Instance, according to the Health Research Funding Organization (HRFO), in 2017, nearly 10% to 30% of the drugs in emerging countries were not original, which represent a huge market of drug counterfeit. The U.S. healthcare industry, in 2017, bore a loss of about $200 billion annually, due to counterfeit issues.

Further key findings from the study suggest:

• Drug and medical device companies accounted for the largest market share in the end use segment in 2018

• Clinical data and e-consenting segment held over 26.0% market share in 2018.

• Private blockchain type segment is anticipated to witness the fastest growth due to supportive legislative policies in developed countries

• Europe held the leading market share of over 35.0% in 2018, attributed to increase in incidence of data breaches, supportive government policies, favorable reimbursement schemes, rise in awareness, and increase in number of training programs

• Key players operating in the blockchain in healthcare market include IBM Corporation; Microsoft; PokitDok, Inc.; Patientory, Inc.; GuardTime; Blockpharma; MedRec; iSolve, LLC; DeepMind Health; and Stratumn; among others.

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Market Highlights:
Blockchain technology is decentralized platform system which allows real time transaction entry. It works as a digital ledger and allows users to track all the activities carried out in network. Factors that are propelling the growth of the global blockchain technology in healthcare market are rising cases of data breach and concerns related to data security, increasing demand for easy to use and inexpensive data management tools, Increasing investment in healthcare  and surge in adoption of blockchain technology. Moreover, increasing adoption of blockchain technology in healthcare sector is likely to provide favorable conditions for the growth of the market. For instance, in June 2018,In UK leading blockchain company, The Guardtime has launched health record platform which works on blockchain technology.

The lack of significant entity and universal standards for blockchain transactions, and lack of awareness about are likely to hinder market growth during the forecast period.

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Regional Analysis:
The American market is expected to dominate the global blockchain technology in healthcare market during the forecast period due to the high adoption rate of advance technology, availability of large patient pool, presence of well-established healthcare management systems, rising healthcare expenditure, and insurance holders. According to the Committee for a Responsible Federal Budget, in year 2017, United states spent more than USD 3.5 trillion on healthcare expenditure, which is around 18% of the total GDP of nation. 

The European market is expected to be the second-largest due to increasing number of clinical trials with increasing research and development expenditure in pharmaceutical industry, increasing awareness about blockchain technology in the region, and rising healthcare expenditure.

Moreover, the market in Asia-Pacific is anticipated to be the fastest-growing during the forecast period owing to the increasing generic pharmaceutical industry in the region, continuously increasing investment in healthcare, and adoption of technology in healthcare.

 The market in the Middle East & Africa is likely to account for the smallest share of the global blockchain technology in healthcare market.

Segmentation:

The Global Blockchain Technology in Healthcare Market has been segmented on the basis of application, type, and end-user.

The application segment has been segregated on the basis of supply chain management, patient data management, drug traceability, clinical trials & data security, claims adjudication, billing, and others.

On the basis of type, the market has been classified as permissioned blockchains, permission less blockchains.

The market, by end user, has been segmented into pharmaceutical companies,  healthcare service providers, healthcare consumers, and others

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Key Players:
Some of the key players in the global blockchain technology in healthcare market are IBM, Microsoft, Guardtime, Pokitdok , Gem, Patientory, Hashed Health, Chronicled, Isolve, Factom, Blockpharma, Medicalchain, Simplyvital Health,Farmatrust, and others

About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

 MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

Contact:

Market Research Future

+1 646 845 9312

Email: sales@marketresearchfuture.com