$1,636.7 mn by 2025: Major factors shaping the future of Blockchain Technology in Healthcare Market

Global Blockchain Technology in Healthcare Market is set to exceed USD 1,636.7 million by 2025; according to a new research study published by Global Market Insights, Inc. Increase in cost savings for several healthcare applications with the help of blockchain technology will drive the business growth in the forthcoming years. Blockchain is a recognized technology that is helping healthcare facilities save huge amount of money from frauds, counterfeit drugs and hence, positively impact the outcomes of healthcare. Healthcare data breaches cost around USD 380 per patient record, resulting in high annual losses. Hence, implementation of blockchain technology in healthcare will help save billions of dollars.

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Growing application of Internet of Things (IoT) in healthcare will result in huge demand and adoption rate of blockchain technology. Most of the leading players are using blockchain and IoT to improve patient results and optimize internal operations. Several benefits such as real-time information and location of digital X-ray equipment in healthcare facilities will augment the blockchain demand across the globe. Increase in use of IoT for clinical services and clinical settings will boost the business growth in the forthcoming years.

Application of blockchain technology in data exchange and interoperability amounted to around USD 19.3 million in the year 2018. In the last few years, a significant amount of healthcare facilities have adopted Electronic Health Records (EHR), leading to advancements in digitizing healthcare system. Increase in number of volume-based medical practices such as hospitalizations, consultations, prescriptions and procedures have resulted in boosting the demand and adoption rate of blockchain technology in healthcare in order to safeguard the data. Hence, growing digitization in healthcare system has resulted in high demand for interoperability, augmenting the business growth.

Use of blockchain technology in pharmaceutical companies was valued at around USD 21.5 million in the year 2018. As per Forbes, pharmaceutical industry is worth USD 466 billion in the Unites States. Increase in concerns regarding clinical trials and drug supply chain management has resulted in boosting the application of blockchain in securing and modernizing the pharmaceutical industry. The use of blockchain technology in pharma companies will help in securing information in clinical trials and clinical research studies. Hence, growing applications of blockchain technology in pharmaceutical companies will further boost the segmental growth.

U.S. dominated the North America blockchain technology in healthcare market and was valued around USD 24.8 million in the year 2018. The U.S. healthcare industry has trouble managing large amount of patient information. Medical offices, doctors, hospitals, pharmacies, therapists and insurance companies need several data in order to take proper care of patients. Increase in demand and adoption rate of blockchain technology by the healthcare facilities in the Unites States will augment the market growth in the forthcoming years.

Switzerland blockchain technology in healthcare market is projected to grow at 73.3% over the forecast timeframe. Switzerland is one of the most attractive countries for blockchain due to its high level of blockchain knowledge, implementation rate, start-ups to experiment and excellent services. According to a recent research study, Switzerland is one of the most blockchain-friendly countries in Europe. Growing demand and adoption rate of blockchain technology in healthcare in the country will boost the industry growth in near future.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

Major companies operating in the blockchain technology in healthcare market are IBM, Microsoft, Guardtime, PokitDok, Gem Health, Patientory, iSolve, FarmaTrust and Medicalchain. The industry players’ major strategies include launching technologically advanced new and innovative products along with high investment on research and development. The players are also focusing on partnerships and collaborations to suit the requirements of different healthcare facilities in order to stay ahead of the competition.

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Blockchain Technology in Healthcare Market by Application

Data exchange and interoperability
Claims adjudication and billing management
Drug supply chain integrity
Clinical trials
Cyber security and internet of medical things (IoMT)

Blockchain Technology in Healthcare Market by End-use

Pharmaceutical companies
Healthcare payers
Healthcare providers

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This release was published on openPR.