Blockchain technology is being increasingly used in the BFSI segment for financial transactions and cross-border payments. Online payments have gained huge attraction. Card-based payment methods using credit and debit cards have become dominant. Blockchain provides increased speed of transaction processing and greater efficiency in real-time processing. It also helps to secure payments, maintain customer identities, and settle cross-border payments. As this technology is decentralized, various financial technology (FinTech) companies are also gaining opportunity to invest a part of their total investment in the blockchain.

Blockchain Technology

Global Blockchain Technology Market- Insights
The adoption of blockchain technology provides solution for banks while eliminating intermediaries and aiding in real-time transition. Blockchain will reduce the cost of manual work and lead to enhanced customer services and satisfaction. These features will led to growth of the blockchain technology market. For instance, on December 30, 2015, NASDAQ announced that it made its first ever share trade using blockchain technology. NASDAQ used its proprietary Linq platform (developed in collaboration with Chain.com and global design firm IDEO) to sell shares.

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.

Contact:

Akash Anand

Market Research Future

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Email: sales@marketresearchfuture.com

8-aug-19 This report focuses on the global Blockchain Technology status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Blockchain Technology development in United States, Europe and China.

In 2017, the global Blockchain Technology market size was million US$ and it is expected to reach million US$ by the end of 2025, with a CAGR of during 2018-2025.

The key players covered in this study

• Microsoft Corporation
• Deloitte Touche Tohmatsu Limited
• IBM Corporation
• R3
• Chain Inc
• Consensus Systems (ConsenSys)
• Ripple
• Digital Asset Holdings
• Credits

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Market segment by Type, the product can be split into

• Public Blockchain
• Private Blockchain
• Consortium Blockchain

Market segment by Application, split into

• Financial Services
• Non-financial Sector

Market segment by Regions/Countries, this report covers

• United States
• Europe
• China
• Japan
• Southeast Asia
• India
• Central & South America

The study objectives of this report are:

• To analyze global Blockchain Technology status, future forecast, growth opportunity, key market and key players.
• To present the Blockchain Technology development in United States, Europe and China.
• To strategically profile the key players and comprehensively analyze their development plan and strategies.
• To define, describe and forecast the market by product type, market and key regions.

In this study, the years considered to estimate the market size of Blockchain Technology are as follows:

• History Year: 2013-2017
• Base Year: 2017
• Estimated Year: 2018
• Forecast Year 2018 to 2025

For the data information by region, company, type and application, 2017 is considered as the base year. Whenever data information was unavailable for the base year, the prior year has been considered.

Table of Contents

1 Report Overview
1.1 Study Scope
1.2 Key Market Segments
1.3 Players Covered
1.4 Market Analysis by Type
1.4.1 Global Blockchain Technology Market Size Growth Rate by Type (2013-2025)
1.4.2 Public Blockchain
1.4.3 Private Blockchain

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2 Global Growth Trends
2.1 Blockchain Technology Market Size
2.2 Blockchain Technology Growth Trends by Regions
2.2.1 Blockchain Technology Market Size by Regions (2013-2025)
2.2.2 Blockchain Technology Market Share by Regions (2013-2018)
2.3 Industry Trends

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