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.

Contact:

Akash Anand

Market Research Future

+1 646 845 9312

Email: sales@marketresearchfuture.com

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