Efforts To Avoid Data Breaching To Drive Blockchain Technology In Healthcare Market

Global Blockchain Technology in Healthcare Market: Key Highlights

• According to the new market research report “Blockchain Technology in Healthcare Market by Type (Private, Public), by Application (Billing Management & Claims Adjudication, Supply Chain Management, Clinical Data Exchange & Interoperability, Others), by End-User (Healthcare Payers, Pharmaceutical Companies, Healthcare Providers, Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2020 to 2027)”, the global Blockchain Technology in Healthcare market is estimated to reach USD 1.4 Billion by 2027 at a CAGR of around 58.3% during the review period
• Rising need for sorting patient consent for data exchange and treatment on blockchain such that all stakeholders can access consents from one place and respect patient wishes
• Improvements to blockchain infrastructure will reduce electricity requirements and enhance speed or scalability
• Increasing government initiatives for implementing regulation to safeguard consumer data from growing incidents of data theft
• Growing investment and funding form both public and private sectors may boost the blockchain technology in healthcare
• Rising prevalence of advancements in technology is expected to drive consumer preference for blockchain technology

Global Blockchain Technology in Healthcare Market: Key Market Dynamics

• Rising need to prevent healthcare breaches, which cause a major problem to patients, doctors, and entire medial and insurance system which expose the confidential information of patient’s
• Increasing risk of counterfeit medicines and drugs in pharmaceutical supply chain has expected to drive the market growth
• Need for larger data storage space to store medical reports, lack of understanding & awareness about system are the major challenge

Global Blockchain Technology in Healthcare Market: Regional Overview

• North America

Increasing ageing population and rising healthcare costs indicate higher healthcare spending in the US. However, blockchain offers a potential solution to safeguard patient and clinical data. Moreover, growing need to safeguard the medical information of consumers has expected to boost the demand for blockchain in the region. For instance, the US Food and Drug Administration’s (FDA) Drug Supply Chain Security Act outlines requirement to develop and enhance the drug supply chain security by 2023. Thus, growing need of blockchain in healthcare to secure information and growing government regulation has expected to drive the market in the region.

• Europe

Europe is expected to have a significant growth in blockchain technology in healthcare owing to the various government initiatives taken to secure data theft. For instance, EU has implemented General Data Protection Regulation (GDPR) in 2018, which has coupled the growth of blockchain technology in the region.

Global Blockchain Technology in Healthcare Market: Key Players Overview

• SimplyVital Health, Inc.:

SimplyVital Health, Inc is building the blockchain infrastructure which is safely adoptable by healthcare through proprietary and open source software. They focus on leveraging blockchain as a tool to increase data access and decrease the cost of healthcare. The company is recently working of software to improve healthcare utilizing distributed systems, cryptography and machine learning. In April 2018, the company entered into partnership with Shivom to improve advance the formation of a global healthcare blockchain alliance. Moreover, it is developing Health Nexus, a blockchain protocol designed for the privacy and security needs of healthcare.

• Embleema:

Embleema is engaged in building patient driven healthcare blockchain network for secure sharing of personal health records. The company has its specialties in blockchain, healthcare technology, electronic medical records, healthcare, clinical research, clinical trials, medicine, and technology. In March 2019, Gustave Roussy and Embleema announced stratergic partnership to develop blockchain based health data sharing applications for oncology clinical research and development.

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