BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET: SUMMARY
The Global Blockchain Technology in Healthcare Market is projected to reach a value of over USD 1.4 billion by 2027 at a CAGR of around 58.3%.
Blockchain is a digital, public ledger which records online transactions, not only financial transactions but virtually everything of value. Blockchain technology is widely used for various applications such as energy, automotive, insurance, food, and others. Its application in healthcare sector facilitates to secure transfer of patient’s medical data, manages the medicine supply chain, and helps healthcare researchers unlock genetic code. Data security, public health, simplified claim processing, managed consent, and patients generated data are some of the benefits of blockchain technology in healthcare industry. Increasing occurrence of medical data breaches, adequate funding to healthcare blockchain startups, and rising entrance of counterfeit medicines in pharmaceutical supply chain are some of the factors expected to drive the growth of market.
BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET: DRIVERS & CHALLENGES
- Rising Occurrence of Medical Data Breaches
Healthcare breaches has caused a major problem to patients, doctors, and entire medial and insurance system and thus exposing the confidential patient’s information. According to the Identity Management Institute, data breaches can cost healthcare organization USD 380 per affected record. However, emerging blockchain technology in healthcare may offer a solution to one of the major challenge in data security. Use of blockchain in healthcare offers features such as decentralized storage, cryptography, and smart contracts provide a framework for organizations, thus improving the data security while preventing unauthorized access or alteration of patient’s information, and maintaining accuracy. Thus, owing to the benefits offered by blockchain in healthcare sectors, the market is expected to witness significant growth.
- Rising Entrance of Counterfeit Medicines in Pharmaceutical Supply Chain
Effective supply chain management is one of the biggest challenge in every industry, while in healthcare sector risk and complexity in supply chain may affect the patient’s health. Globalization, increased adoption of technology, and industry populated with multiple stakeholders in various jurisdiction has given rise to complication in healthcare supply chain. According to European Federation of Pharmaceutical Industries and Associations (EFPIA), in 2017 total production of pharmaceutical sales in Europe was USD 250,868 million. However, according to Organization for Economic Co-operation and Development (OECD), while counterfeit goods are accounted to be 2.5% of total pharmaceutical sales. Use of blockchain in supply chain will enhance integrity, security, data provenance, and the functionality of the supply chains with its transparent, immutable and auditable nature, thus minimizing the risk of counterfeit medicines.
Blockchain in healthcare sector comprises of images, medical records, documents and lab reports which require a larger space for storage. However, in blockchain every member included in the chain would have a complete copy of the full medical record of every individual and this volume could potentially exceed the current storage capacity of blockchain technology. Moreover, the data recorded cannot be changed for authenticity and security. Thus, storage capacity of data can be major challenge in blockchain technology.
BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET: KEY SEGMENTS
- On basis of type: Private and Public
- Based on application: Billing Management & Claims Adjudication, Supply Chain Management, Clinical Data Exchange & Interoperability, and Others
- Segmentation based on end-users: Healthcare Payers, Pharmaceutical Companies, Healthcare Providers, and Others.
- Segmentation based on region covers: North America, Asia-Pacific, Europe, Middle East & Africa and South America, with individual country-level analysis.
BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET: REPORT SCOPE
The report on the blockchain technology in healthcare market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2021-2027 (2021 estimated year, forecasted up to 2027)
Value (USD Million)
Type, Application, and End-users
North America, Asia-Pacific, Europe, Middle East & Africa, South Africa
KEY COMPANIES COVERED
- BurstIQ (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Medicalchain SA.
- Iryo d.o.o.
- ENCRYPGEN INCORPORATED
- SimplyVital Health, Inc.
- Coral Health.
- Other Key Companies
BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET: REPORT SEGMENTATION
For the scope of the report, In-depth segmentation is offered by Forencis Research
Blockchain Technology in Healthcare Market, by Type
Blockchain Technology in Healthcare Market, by Application
- Billing Management & Claims Adjudication
- Supply Chain Management
- Clinical Data Exchange & Interoperability
Blockchain Technology in Healthcare Market, by End-Use
- Healthcare Payers
- Pharmaceutical Companies
- Healthcare Providers
Blockchain Technology in Healthcare Market, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
KEY QUESTIONS ANSWERED BY THE REPORT
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and on the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
- Blockchain Technology in Healthcare Market Providers
- Blockchain Technology in Healthcare Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Varied Segments of Blockchain Technology in Healthcare Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE BLOCKCHAIN TECHNOLOGY IN HEALTHCARE MARKET STUDY