The growth of supply chain management applications integrated with blockchain technology and reduction in operational cost will fuel the market growth.
The global Blockchain in Healthcare market is forecast to reach USD 129.50 Billion by 2030. Several hospitals and organizations are implementing the technology to record, analyze, and monitor patient information. Moreover, there is an increase in the supply of counterfeit drugs, and this issue can be restrained by adopting the blockchain technology in the healthcare sector. Initiatives are being taken by the government across the globe to tackle the situation.
Stringent regulations such as increased incidence of medical data breach will boost the application of the technology in the sector. For instance, in May 2019, it was revealed that the billing services vendor American Medical Collection Agency was hacked for eight months between August 1, 2018, and March 30, 2019. So far, it is estimated that approximately 25 million patient’s data has been breached. Blockchain technology in the healthcare sector will lead to greater efficiency, and user empowerment, and interoperability leading to streamlined processes. It also allows data to be secured under inherent security features.
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The report provides comprehensive assessment of the market covering key elements such as revenue estimations, cost analysis, import/export, production and consumption trends, CAGR, gross margin, and supply & demand patterns. It also sheds light on recent technological developments, product advancements, and research and development activities in the region.
The report examines the key players operating in the market along with their market position, market share, revenue, gross margin, and business strategies. SWOT analysis and Porter’s Five Forces Analysis are used to examine and assess the market and its players. It also covers recent mergers and acquisitions, joint ventures, collaborations, agreements, partnerships, and product launches and brand promotions.
Key companies profiled in the report include:
IBM, Microsoft, Gem, Chronicled, Hashed Health, Factom, Guardtime, Pokitdok, Patientory, and Blockpharma, among others.
Market Segmentation by Types:
Application Outlook (Revenue, USD Billion; 2019-2030)
- Supply Chain Management
- Clinical Data Exchange and Interoperability
- Claims Adjudication and Billing Management
End-use Outlook (Revenue, USD Billion; 2019-2030)
- Healthcare Providers
- Healthcare Payers
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Regional analysis covers in-depth analysis of analysis of the revenue, market share, and growth rate of the global Blockchain in Healthcare market in each region for the forecast period of 2021-2028. The report covers production and consumption rate, current and emerging trends, import/export, supply and demand, and presence of key players in each region.
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Further key findings from the report suggest,
- Permissioned blockchain is the private system, and they offer privacy, fast transactions, and high security. They are designed and used for precise enterprise needs. An increase in demand for limited access is the major factor driving the market. Linux foundation's Hyperledger Fabric is an implementation of private networks.
- Claims adjudication & billing management application segment held a market share of 25.9% in 2019. It serves as a tool for healthcare settings to maintain duplication process and incorrect filing. It also enhances and helps to manage unintentional billing errors and doubtful transactions. These steps aid in increasing the efficiency, transparency, and rapid claim processing, thereby expanding its application in the healthcare industry in the coming years.
- Pharmaceutical companies dominated the market throughout the forecast period. The increasing threat of data theft by hackers are encouraging companies to adopt the technology. The sector held a market share of 34.7% in the year 2019.
- The healthcare company witnessed 15 million patients records compromised in 503 breaches, three times the amount seen in 2017. But just over halfway through 2019, the numbers have skyrocketed with potentially more than 25 million patient records breached.
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