Blockchain in Healthcare Market is one of the hottest and most interesting technologies in the healthcare industry

Blockchain is known for data-sharing technology and growing interest in the diverse fields for supporting the sharing of data within other industries has led to the application in healthcare industry. The technology works on the lines of a health information exchange system that allows elimination of the friction and cost of current intermediated. It works as a decentralized controller that eliminates the risk of main controller. The Blockchain technology is set to change the ecosystem of the healthcare industry. by utilizing the abilities which include improvement of data security, fighting counterfeit drugs, patient engagement, data sharing, big data analytics, interoperability, health information exchange, R&D processes, AI-based diagnostics and fostering vertical business models.

The healthcare industry has developed the personalized treatment standard owing to increasing pricing pressure for decreasing global healthcare costs and digitization of care delivery models. Increasing myriad of health systems, payers, device and drug manufacturers require a secure and connected health IT ecosystem for managing healthcare data and for promoting value-based care.

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Blockchain essentially offers the potential of a shared platform that decentralizes health data thereby ensuring access control, integrity and authenticity of protected health information. Additionally, the blockchain-based distributed network consensus comprises cryptography techniques that provide an additional layer of trust, thereby minimizing cyber security threats for healthcare IT systems. These factors are therefore contributing positively for the industry growth over the forecast period.

Blockchain in healthcare industry is a distributed system which offers privacy, security and interoperability along with recording and storing transaction data to health care data. The design of Blockchain technology allows the non-involvement of central authority and distributes the stored records across all the participants of the network.

Furthermore, major factors propelling the blockchain technology application in health care systems market —include frequently occurring the incidences of deaths due to consumption of counterfeit medicines and limited access to population health data globally. Moreover, the increasing requirement to protect the privacy and security of health information to prevent the data from hacking and attacks further, driving the blockchain technology application in health care systems market. High setup costs and immature infrastructures may restrain the blockchain technology application in health care systems market.

The global blockchain technology application in health care systems market is segmented based on application, end user and region. Based on application, the market is further segmented into precision medicine, clinical trials, electronic health records, and genomics research and drug traceability among others. Increasing transaction between patients, drug manufacturers, pharmacists and wholesalers and necessity for tracking the transaction for verification and secured drug product information is also projected to enhance the industry growth over the forecast period. The end user segment can be further classified into hospitals, pharmaceuticals companies and health care research institutes. Increase in adoption of technological advancements in hospitals and other organizations for providing effective treatment and patient care system is also expected to drive the market.

Geographically, North American region, increase in pharmaceutical crime and technological advancements in the health care systems are the major factors driving the regional market. Increasing government initiatives targeting security medical records of patients are expected to propel the blockchain technology application in health care systems market in Europe. Furthermore, Asia-Pacific region, particularly in China, rapidly growing Internet commerce has also led to an explosion of counterfeit drugs sold thereby driving the market. Increasing awareness for data storage on disease management and minimize expenditure in the health care system in African countries is also projected to spur the industry growth.

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Key players operating in the global blockchain technology application in health care systems market are Hong Kong Applied Science and Technology Research Institute Company Limited, BLOCK M.D., Blockchain Health, Guardtime, HealthCombix, Blockpharma, and HASHED Health, among others.

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