Blockchain Technology in Healthcare Market Boom Gathers Pace 2021-2027 | IBM, Microsoft, Guardtime, Pokitdok, Gem, Patientory, Hashed Health, Chronicled, Isolve, Factom, Farmatrust

The Blockchain Technology in Healthcare Market size is estimated to grow from USD XX Million in 2020 to USD 5509.1 Million by 2027, growing at a CAGR of 69.1 % during the forecast year from 2021 to 2027.

Every possible effort has been made when research & analysis is performed to prepare this finest Blockchain Technology in Healthcare market research report. All statistical & numerical data is interpreted with the use of established & advanced tools such as SWOT analysis & Porter's Five Forces Analysis. Clients accomplish unparalleled insights & acquaintance of the best market opportunities into their respective markets from this market report. In addition, businesses can recognize the extent of the marketing problems, causes for failure of particular product (if any) already in the market, & prospective market for a new product to be launched by employing this Blockchain Technology in Healthcare business document.

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The blockchain technology took the world by storm by its revolutionary work in data transaction, especially in the financial sector. Its immense success across different industries has increased the demand for this technology in the healthcare industry to bring about revolutionary changes.

The increasing incidence of healthcare data breaches, increasing threat of counterfeit drugs, increasing adoption of blockchain as a service (BaaS), and transparency & immutability of the distributed ledger technology are the significant factors driving the growth of the market. However, the reluctance to disclose data and lack of a central entity & common set of standards are expected to restrain the growth of this market to a certain extent. In this report, the healthcare blockchain market has been segmented based on application, end-user, and region.

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By application, the supply chain management sector is expected to hold the largest market share during the forecast period.

Based on its various applications in healthcare, the healthcare blockchain market is segmented into clinical data interoperability & identity management, supply chain management, health insurance & fraud prevention, and other applications. In 2017, the supply chain management segment accounted for the largest market share of the global healthcare blockchain market. Factors such as the increasing number of counterfeit drugs in circulation and the implementation of stringent regulations such as the Drug Quality and Security Act (DQSA) in the US and the Falsified Medicines Directive (FMD) in Europe are driving the adoption of blockchain in supply chain management.

By end-user, the pharmaceutical companies segment is projected to hold the largest market share during the forecast period.

Based on end-users, the global healthcare blockchain market is broadly segmented into pharmaceutical companies, healthcare providers, healthcare payers, and other end users. The pharmaceutical companies segment accounted for the largest share of the healthcare blockchain market, while the healthcare payers segment is expected to register the highest CAGR from 2018 to 2023. Growth in the healthcare payers segment is attributed to the increasing need for secure health information exchange between providers and payers, rising insurance fraud, growing medical tourism, and the need to improve the operational efficiency of healthcare organizations.

 North America to dominate the market during the forecast period.

North America accounted for the largest share of the global healthcare blockchain market. The growth of the North American healthcare blockchain market is driven by the implementation of regulations in the region regarding the safety of patient data and improving quality of care, increasing incidence of fraudulent activities in the healthcare sector, rising need to reduce the escalating healthcare costs, and the growing need to protect medical data from tampering.

On the other hand, the Asia Pacific region is expected to register the highest CAGR from 2018 to 2023. Factors such as the improving healthcare infrastructure, increasing adoption of EHR systems and other healthcare IT solutions, growing demand for health information exchange between different stakeholders in the healthcare industry owing to the rising medical tourism in this region, and increasing need to prevent counterfeit drugs from entering the supply chain are driving the growth of this regional segment.

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Market Dynamics

Driver: Increasing incidence of healthcare data breaches

Over the years, the incidence of data breaches has increased significantly in the healthcare industry. In the past five years, healthcare data breaches have grown in both size and frequency, with the most significant breaches impacting as many as 80 million people. Healthcare data breaches often expose highly sensitive information, from personally identifiable information such as Social Security numbers, names, and addresses to sensitive health data such as Medicaid ID numbers, health insurance information, and patients’ medical histories.

Restraint: Reluctance to disclose data

In the healthcare industry, a majority of healthcare providers and payers, especially in emerging nations, are reluctant to disclose data due to a lack of regulations related to medical data exchange. For healthcare providers, it is a competitive advantage to keep data to themselves as sharing of data with healthcare payers could reduce the reimbursement as they might get different rates for different patients. In this situation, where all the stakeholders in the healthcare industry are at a profit war with one another and are very reluctant to share the correct data, the implementation of a transparent technology such as a distributed ledger would be a challenge. This is expected to hamper the adoption of blockchain technology in the healthcare sector.

Opportunity: Government Initiatives

The blockchain technology is emerging as a valid solution in the healthcare industry. Many startups have started addressing major pain points in the healthcare industry (such as medical record interoperability, data security, and preventing counterfeit drugs from entering the pharmaceutical supply chain) with the help of the blockchain technology. In the last few years, blockchain technology has drawn the attention of various stakeholders in the healthcare industry. Due to the increased interest in this technology, different government bodies across the globe are investing in blockchain to research the same.

Challenge: Lack of awareness & understanding

The major limitation to the growth of blockchain technology is the lack of knowledge about the distributed ledger technology and its application in the healthcare industry. End users in the healthcare industry lack an understanding of the benefits of this disruptive technology and how it works. This could restrain companies from investing in this evolving technology. In its current form, the blockchain technology is something of a vast, unknown frontier with uncertain growth. Investors, public, and entrepreneurs are yet to leverage its potential for transforming business processes.

Blockchain uses cryptographic algorithms running across a vast network of independent computers. Therefore, sound technical knowledge about the related technology is crucial to explore the benefits of the blockchain. The lack of knowledge and public awareness is one of the biggest restraints to the adoption of blockchain. The increasing adoption and use of the distributed ledger technology would make the understanding of blockchain essential in the coming future. This would lead to the establishment and proliferation of platforms to provide training in this field. However, the challenges of legacy infrastructure would continue to be an obstacle as the practicality of implementing decentralized cryptosystems is beyond the traditional IT development skillset.

Scope of the Report

The research report categorizes the Blockchain Technology in Healthcare Market to forecast the revenues and analyze the trends in each of the following sub-segments:

By Application

Supply chain management
Clinical Data Exchange & Interoperability
Claims Adjudication & Billing Management
Other Applications

By End-User

Pharmaceutical Companies
Healthcare Players
Healthcare Providers
Other End Users

By Region

North America
US
Mexico
Canada
Europe
UK
Estonia
Germany
Rest Of Europe
APAC
RoW

Key Market Players

IBM (US), Microsoft (US), Guardtime (Estonia), PokitDok (US), Gem (US), and Hashed Health (US).

Recent Developments

In 2018, Microsoft and Viant along with GSK formed a consortium named Viant Blockchain Programme aimed to accelerate the adoption of a blockchain-based supply chain in various verticals including the healthcare industry.
In 2018, Chronicled partnered with Qtum Foundation. Through this partnership, both the companies are integrating smart devices with a secure distributed ledger back end by combining the IoT with blockchain technology.
In 2018, Hashed Health partnered with Global Healthcare Exchange, a healthcare business and data automation company, with the aim to use blockchain technologies to solve the issues related to product tracking, auditing, data management, and order processing across the healthcare supply chain.

Blockchain Technology in Healthcare market study also analyzes the market status, market share, growth rate, future trends, market drivers, opportunities & challenges, risks & entry barriers, sales channels, distributors & Porter's Five Forces Analysis. This business report provides fact-based & penetrating insights from the customers. Thorough insights into emerging trends, opportunities & potential threats are offered via this report as it is the key to long-term sustenance in a competitive environment. This international Blockchain Technology in Healthcare market report is comprehensive & opens a door of international market for the products. The report gives helpful insights which assist while launching a new product.

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