Blockchain Technology in Healthcare Market Growth Analysis 2025 By Top Key Players - IBM, Microsoft, Guardtime, PokitDok, Gem Health, Patientory, FarmaTrust, Medicalchain, EncrypGen, Blockpharma, Nebula Genomics, Embleema
China dominated the Asia Pacific blockchain technology in healthcare market in the year 2018 and was valued at around USD 2.6 million. China is actively promoting the applications of blockchain technology in healthcare in order to create smooth and streamlined business operations that will help the country gain competitive edge over other countries across the globe. Hence, rise in awareness, promotion and adoption of blockchain in the country will enhance the business growth.
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Lack of awareness regarding application of blockchain technology in healthcare will impede the industry growth. Many of the people across the globe are unaware of the concept and some of them that are even aware lack the technical knowledge. Hence, lack of knowledge and awareness will hinder the growth of healthcare blockchain technology market in future.
Application of claims adjudication and billing management is projected to witness a growth of 66.5% over the forecast time period. Healthcare billing faces various problems such as incorrect billings, errors and duplication issues. Use of blockchain can help reduce the amount of errors caused in billing. In the year 2017, around 400 individuals consisting doctors were found guilty of USD 1.3 billion fraud in the U.S. Rise in incidents such as medical frauds and counterfeit drug supply will boost the demand and adoption of blockchain technology in claims adjudication and billing management.
Benefits of interoperability will encourage the integration and implementation of blockchain technology in healthcare, fueling the industry growth. The use of interoperability in healthcare has been majorly focusing on exchange of data between different business entities and systems. Growing trend of patient-driven interoperability has resulted in laying new platform for data sharing. Several benefits such as well-communicating systems, improved operational efficiency and time reduction will result in fueling the business growth.
Blockchain Technology in Healthcare Market will exceed USD 1,636.7 million by 2025; as per a new research report. Rising need to store as well as secure medical data in healthcare facilities across the globe will enhance the growth of blockchain technology in healthcare market. Medical and health records increase awareness among the healthcare providers by giving in-depth information and history of the patient. Also, medical personnel are able to operate more efficiently when they are able to source healthcare information. The systems used to store patient information are vulnerable to hackers and hence have low interoperability level. Hence, growing need to secure the health data and medical information will spur the business growth in forthcoming years.
Use of blockchain technology in pharmaceutical companies was valued around USD 21.5 million in the year 2018. As per the Pistoia Alliance, a not-for-profit alliance of life science companies, almost 60% of the life science and pharmaceutical companies are either experimenting or implementing blockchain as compared to only 22% in 2017. Pharmaceuticals industry is worth around USD 466 billion in the U.S. and concerns regarding transparency and privacy of clinical trials will lead to increased adoption of blockchain technology.
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Estonia blockchain technology in healthcare market will witness a robust growth of 69.4% over the forecast timeframe. In the year 2016, Estonia became the first country to integrate and implement blockchain technology for healthcare at a national scale. The government launched a development project that aimed at securing all the patient health records with the help of blockchain technology. Growing adoption of blockchain in the country for several healthcare applications will enhance the market growth in the near future.
Some of the notable players in blockchain technology in healthcare market include IBM, Microsoft, Guardtime, PokitDok, Gem Health and Patientory. The strategy adopted by major players include acquisitions, partnerships and collaborations. Also, product innovations and new product development will help them gain an upper hand among other major market players.
Table of content:
Chapter 1. Methodology
Chapter 2. Executive Summary
Chapter 3. Global Blockchain Technology in Healthcare Industry Insights
Chapter 4. Global Blockchain Technology in Healthcare Market, By Application
Chapter 5. Global Blockchain Technology in Healthcare Market, By End-use
Chapter 6. Global Blockchain Technology in Healthcare Market, By Region
Chapter 7. Company Profiles
Global Blockchain Technology in Healthcare Market Size, Status and Forecast 2019-2025
In the healthcare sector, the blockchain technology is anticipated to have an increased demand owing to the increasing cases of medical data breaches, increasing numbers of counterfeit drugs and medicines, and the growing investments in the start-ups that are associated with the healthcare blockchain technology. Other supporting factors for the market growth are increasing adoption of the blockchain as a service (BaaS) solutions and the initiatives taken by the government in order to implement the blockchain technology in the healthcare sector. All these factors are anticipated to drive the growth of the blockchain technology in healthcare market.
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