Global blockchain technology in healthcare market is growing continually due to the strong foothold that this technology has gained across the healthcare industry. With its streamlined and traceable interactions & accurate events, blockchain technology is rapidly changing the business paradigm in healthcare. Resultantly, the blockchain technology is increasingly getting adopted across the healthcare industry.
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According to Market Research Future (MRFR), the global blockchain technology in healthcare market is poised to touch a valuation of approximately USD 42 MN by 2023, registering a gigantic CAGR of 71.8% throughout the forecast period (2018 – 2023). The credible growth opportunities demonstrated by the technology is a key driving force behind the market increase.
Moreover, increasing uptake of blockchain technology in insurance companies to maintain the real-time record of insured patients is driving a large share of the market. Additionally, factors such as the increasing cases of data breach and concerns related to data security in healthcare and rising demand for user-friendly yet inexpensive data management tools are boosting the growth of the blockchain technology in healthcare industry.
Conversely, the lack of universal standards and awareness towards blockchain technology are the major factors acting as growth impeders for the market. Nevertheless, the increasing investments in the healthcare sector would support the market growth throughout the review period, providing favorable conditions for the market growth.
Blockchain Technology in Healthcare Market – Segmentations
The analysis has been segmented into four major dynamics;
By Application : Drug Traceability, Patient Data Management, Clinical Trials & Data Security, Billing, Claims Adjudication, and others.
By Type : Permissioned and Permission Less Blockchain.
By End-user : Healthcare Service Providers, Pharmaceutical Companies, Healthcare Consumers, and others.
By Regions : Europe, Americas, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.
Blockchain technology applications in healthcare are segmented into supply chain management, patient data management, clinical trials & data security, drug traceability, claims adjudication, billing, and others. Among all these, the supply chain management segment is considered as one of the most promising and the most likely to gain more traction. Blockchain’s distributed ledger technology allows visibility of pharmacy and other supply chain data, promising greater transparency and integrity.
Healthcare players who have already integrated the immutable distributed ledger network are gaining huge benefits of improved efficiency, security, and integrity of the supply chain. In complicated hospital settings, blockchain has already proved its worth with its efficient tracking of pharmacy orders, medical devices, surgical tools, and critical resources.
Blockchain Technology in Healthcare Market – Regional Analysis
North America dominates the global blockchain technology in healthcare market. The largest market share attributes to the extensive uptake of advanced technologies in well-established healthcare management systems in the region. Besides, the presence of several key players and insurance holders drive the growth of the regional market excellently. Moreover, a large patient pool in the region, alongside the high healthcare expenses, fosters the blockchain technology in healthcare market in North America.
Europe stands second in the global blockchain technology in healthcare market, following the North American market closely. The regional market is predominantly driven by technological advancement and the augmented adoption of blockchain technology in healthcare systems. Also, factors such as the proliferating healthcare industry, alongside the rising numbers of pharmaceutical companies, foster the regional market growth.
Furthermore, increasing numbers of clinical trials and R&D expenditure in the pharmaceutical industry, along with the widespread awareness about the advantages of blockchain technology, act as the significant driving forces for the market growth in the region. Additionally, augmenting demand to curtail the rising healthcare expenditure foster the growth of the European blockchain technology in healthcare market.
The Asia Pacific market for blockchain technology in healthcare market is growing briskly. Rising uptake of blockchain technology in the proliferating healthcare industry in APAC drives the regional market growth predominantly. The latest trend of digitalization of patient records among healthcare organizations is one of the key driving forces behind the blockchain technology in healthcare industry in this region.
Furthermore, factors such as penetration of the generic pharmaceutical industry in the region, rising investments in healthcare, and the growing need to cut down on healthcare expenses are fostering the growth in the regional market. The APAC blockchain technology in healthcare market is estimated to register significant gains over the review period.
Global Blockchain Technology in Healthcare Market – Competitive Analysis
The market for blockchain technology in healthcare appears to be highly competitive due to the presence of several well-established players. To gain a larger competitive share in the market, players incorporate strategic initiatives such as partnerships, mergers & acquisitions, collaborations, expansion, and technology launch.
Players active in the global Blockchain technology in healthcare market are Farmatrust, Microsoft, Guardtime, IBM, Gem, Patientory, Pokitdok, Chronicled, Isolve, Hashed Health, Factom, Blockpharma, Medicalchain, and Simplyvital Health, among others.
March 12, 2020 — Radiologex (the US), a Health/Medical IT Company, announced its partnership with a US-based healthcare software company – Trusona, to bolster user auth security for innovative healthcare industry software. Radiologex is a real-time productivity and collaboration & information resource available via portable device-based app/ via the Web catering to Medical/IT/Blockchain/and Finance worlds. Trusona is a pioneering leader of passwordless authentication, for its new software for the healthcare industry.
Radiologex’s RDEE (AR-Dee), is the world’s only one-stop software ecosystem exclusively for the healthcare industry. AR-Dee is powered by blockchain technology and protected by the highest level of security. It is especially relevant in light of the current novel coronavirus crisis and other health emergencies where the speed, efficiency, and confidentiality of communications & data transmission is paramount.
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