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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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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Global Blockchain Technology Market: Overview

The Global Blockchain Technology Market is estimated to grow at a significant rate, during the forecast period 2018-2025. Blockchain is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous blocks, a timestamp, and transaction data. A blockchain database is managed autonomously using a peer-to-peer network and a distributed time stamping server. Transparency and immutability, faster transactions, reduced total cost of ownership are vital factors expected to encourage the growth of the global Blockchain Technology market in the upcoming period.  In addition, the blockchain technology market is majorly driven by the growing adoption of the technology by financial institutions which are disrupting the financial industry by modifications in business operations.

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Moreover, increasing equity capital funding and investments in the blockchain technology, increasing application of the blockchain technology in retail and supply chain management are other factors estimated to accelerate the growth of the market in the next few years. Moreover, government initiatives to encourage blockchain technology, growing demand for distributed ledger technology especially in financial industry, increasing demand for simplifying of business processes, increasing the need for transparency and immutability in business processes and need for faster transactions in real-time will also fuel the growth of Blockchain Technology market in the forecast period. Application of blockchain technology such as reductions in transaction complexity and cost, as well as improvements in transparency and fraud controls can be captured by existing institutions are the key factors which will boost the global blockchain technology market in the digital economy. In the healthcare scenario, blockchain technology applications are not only helping preserve and safeguard data integrity but it will be helping pharma companies in regulating the drug supply chain and in agriculture sector, application of blockchain technology such as better Traceability in the Crop Supply Chain, Food safety and logistics & payments will supplement global blockchain technology market in future timeline. The basis of blockchain technology as new operating models is to drive operational efficiencies which are taken out of existing processes by removing intermediaries or the administrative effort of record keeping and transaction reconciliation will majorly influence the blockchain technology market over the forecast period.

Blockchain Technology Product Type analysis

On the basis of type, the Blockchain Technology market has been segmented into Public, Private, and Consortium or Federated. Public type blockchain dominates the global Blockchain Technology owing to its properties such as permission less ledger and can be accessed by any and everyone. For example, on Bitcoin and Litecoin blockchain networks anyone can do the following things like run full node and start mining, make transactions and review/audit. Moreover, blockchain reward their network participants for performing the mining process and maintaining the immutability of the ledger will fuel the global public blockchain technology market. Consortium or Federated will be the fastest growing segment due to its features such as remove the sole organization influence in the network where multiple entities will be using the network and re-establish a decentralized type system. Moreover, demand of consortium or federated blockchain in financial services, insurance claims and supply chain management for which Consortium or federated provides platform where instead of only one organization is in charge it will get multiple organizations using the network for their benefit like a hub where multiple organizations can exchange information and work simultaneously will trigger the global consortium blockchain market. Private blockchain market will drive by its properties as centralized to one organization. Moreover, its scalability and state compliance of data privacy rules and other regulatory issues will fuel the private blockchain technology market.

Blockchain Technology Service Provider Type analysis

On the basis of application, the global Blockchain Technology market has been segmented into Application and solution provider, Middleware provider and Infrastructure & protocol provider. By Service provider type, Infrastructure & protocol provider segment will lead Blockchain Technology market due to the infrastructure providers develop basic and essential software building blocks, which are needed for the network, can work on it. The growing demand for the blockchain protocol and standard is a major factor that supports the market. Moreover, protocol help in blockchain network and application developers in building customized distributed ledger network for their customers will boost the infrastructure & protocol provider market in the forecast period. The application and solutions providers are anticipated to the fastest growing segment due to the application developers develop applications that run on top of the existing blockchain networks. Moreover, the application & solution market is driven by the ability of the providers to deliver significant value to the enterprises by minimizing the transcription data duplication and offering timely authentication. Middleware provider market will influence by providing different blockchain implementations within a unified interface, creating a single ecosystem that is easy to use and highly scalable.

Blockchain Technology Application Type analysis

On the basis of application type, the Blockchain Technology market has been segmented into Payments, Exchange, Digital identity, Smart Contracts, Documentation, Supply chain management, Governance, risk and compliance management. By application type, the Payment segment will lead the market owing to properties of blockchain to reduce the cost ownership, provide transparency and improve the efficiency of payment systems. Furthermore, the creation of trusted bilateral transactions between relevant parties and elimination of the middlemen such as third-party authorization and central agencies from the payment processing, which is also augmenting the demand for the blockchain technology market. Digital identity segment will be the fastest growing market due to the increased risk of the cyber security risk attacks which driving the adoption of the blockchain among digital identity detection platforms. Moreover, the lack of online identification systems for securing personal identities and the increasing demand for secure and trustworthy international identification system are fueling the demand for blockchain technology across identification platforms. Smart Contracts segment will drive by maintaining the security of all ownership rights and ensures trust in true ownership – as any changes to the data on the blockchain requires a consensus from all parties on the network. Supply chain management will grow by recording the quantity and transfer of assets, tracking purchase orders, assigning or verifying certifications or certain properties of physical products and linking physical goods to serial numbers, bar codes, digital tags like RFID. Risk and compliance management will fuel by document or proof for the transfer of any digital asset, for example, bitcoins or other digital currencies.

Blockchain Technology End-user analysis

On the basis of End-users type, the Blockchain Technology market has been segmented into BFSI, Government and public sector, Healthcare, Media and Entertainment, Retail and e-Commerce, Travel and hospitality, Transportation and logistics, IT and telecommunications, others (automotive, education, and energy and utilities). By end-users type, BFSI segment is projected to lead the market due to technology has the capability to reduce the cost, identify new business avenues, and compete with the non-traditional financial players and fintech start-ups. Healthcare segment will influence by blockchain technology enhances interoperability across the global healthcare industry by eliminating the system boundaries & geographic limitations which allow patients, the healthcare community, and researchers access to a shared data source to obtain timely, comprehensive, and accurate patient health data.

Regional analysis of Blockchain Technology market

On the basis of region, the Blockchain Technology market has been segmental into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America dominates the world Blockchain Technology market over the forecast period owing to it is home for most of the industries with a large operation base, and has witnessed a prominent implementation of smart contracts, documentation and payment applications in most of its industries particularly in BFSI, retail and e-commerce, and healthcare and life sciences.  Moreover, the region is expected to be the early and largest adopter of blockchain solutions, due to increased funding on the development of distributed ledger technologies to provide customers with transparency and faster transactions. The Asia Pacific is projected to be the fastest growing market throughout the forecast period due to the implementation of blockchain technology in financial institutions.

The objective of the Study:

• To analyze and forecast market size of the world Blockchain Technology market, in terms of useful & volume
• To examine the careful market segmentation and forecast the market size, in terms useful, on the premise of the region by segmenting world Blockchain Technology market into 5 regions, namely, North America, Europe, Asia Pacific, Middle East, and geographical area.
• To outline, categorized and forecast the world Blockchain Technology on the premise of product kind, service provider, end-users and application.
• To examine competitive developments like expansions, technological advancement, services, and regulative framework within the world Blockchain Technology market.
• To pinpoint the drivers and challenges for world silicon carbide market
• To spot the profile of leading players, that area unit concerned within the producing and provide off Blockchain Technology globally.

Global Blockchain Technology Market Competitive Landscape

Companies, such as, IBM Corp., Microsoft Corp., Linux Foundation,  R3, BTL Group; Chain Inc.; Deloitte; Circle Internet Financial Limited; Global Arena Holding, Inc. (GAHI); Post-Trade Distributed Ledger; Ripple, Eric Industries, AWS , SAP , Intel , Oracle , Bitfury, Cegeka, Earthport , Guardtime , Digital Asset Holdings, Huawei, BlockCypher, Symbiont, BigchainDB, Applied Blockchain, RecordsKeeper, Blockpoint, Auxesis Group, BTL Group, Blockchain Foundry, AlphaPoint  and Factom are the key players for providing services of Blockchain Technology. In terms of services offerings, IBM Corp., Microsoft Corp., Linux Foundation and R3 are the major players in the market.

Key Target Audience:

• Market research and consulting firms
• Industry associations
• Raw material suppliers
• Global Blockchain Technology Service Providers.
• Research organizations and consulting companies
• Global Blockchain Technology providers
• Organizations, associations, and alliances related to Blockchain Technology market
• Regulatory bodies

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Scope of the Report

By Product Type

• Public
• Private
• Consortium or Federated by Applications
• Application and solution provider
• Middleware provider
• Infrastructure & protocol provider

By Application

• Payments
• Exchange
• Digital identity
• Smart Contracts
• Documentation
• Supply chain management
• Governance
• risk and compliance management

By End Users

• Banking, Financial Services, and Insurance (BFSI)
• Government and public sector
• Healthcare
• Media and entertainment
• Retail and e-Commerce
• Travel and hospitality
• Transportation and logistics
• IT and telecommunications
• Others (automotive, education, and energy and utilities),

In addition, the report provides analysis of the Blockchain Technology market with respect to the following geographic segments:

• North America
• Europe
• Asia Pacific (APAC)
• LATAM
• MEA

Business Questions answer by the report

• How will the market drivers, restraints and opportunities affect the market dynamics?
• What will be the market size in terms of value and volume and market statistics with detailed classification
• Which segment dominates the market or region and one will be the fastest growing and why?
• A comprehensive survey of the competitive landscape and the market participant players
• Analysis of strategy adopted by the key player and their impact on other players.

Customization Scope for the Client

Client satisfaction is our first and last priority. And that’s why BlueWeave Consulting offers customization according to Company’s specific needs. The following customization options are available for the report:

Additional Company Information

• With five additional company detail analysis.
• Additional country analysis.
• Detailed segment analysis.

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BlueWeave Consulting is a one-stop solution for market intelligence regarding various products and services online & offline. We offer worldwide market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solution. Our primary forte lies in publishing more than 100 research reports annually. We have a seasoned team of analysts working only for various sub-domains like Chemical and Materials, Information Technology, Telecommunication, Medical Devices/Equipment, Healthcare, Automotive and many more. BlueWeave has built its reputation from the scratches by delivering quality performance and nourishing the long-lasting relationships with its clients for years. We are one of the leading digital market intelligence generation company delivering unique solutions for blooming your business and making the morning, more rising & shining.

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