Blockchain Technology in Healthcare Market Scenario
The blockchain technology in healthcare market, as per a report by Market Research Future (MRFR) is touted to register a CAGR of 71.8%, garnering USD 42.06 million during the forecast period (2018-2023). Blockchain technology is a decentralized platform system, allowing real-time transaction entry and works as a ledger, enabling the users to track activities, which are carried out in the network. Blockchain technology is penetrating all the industries and has a major role to play in the healthcare industry.
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Concerns associated with data security, increasing cases of data breaches, and soaring demand for inexpensive and easy-to-use data management tools are considered primary growth stimulants for the market. Increased investment in the healthcare sector is propelling the market to a great extent. Surging demand to minimize drug counterfeit, strategic initiatives by the major industry players and the need for effective health data management systems are likely to influence the adoption of blockchain in the healthcare sector. Investments made in the development of healthcare record system, medical examination systems, and wearable devices cryptography are likely to encourage the market growth in the coming years.
On the contrary, the dearth of technical infrastructure and skilled workforce are some of the concerns likely to restrict the market in the coming years.
Blockchain Technology in Healthcare: Segmental Analysis
The blockchain technology in healthcare market has been segmented on the basis of type, application, and end-user.
By type, the market is segmented into permissioned blockchains and permissionless blockchains.
By application, the blockchain technology in healthcare market is segmented into patient data management, supply chain management, clinical trials & data security, drug traceability, billing, claims adjudication, and others. Of these, the supply chain management segment is likely to gain prominence owing to the soaring number of counterfeit drugs in the circulation and implementation of strict mandates like the Drug Quality and Security Act in the U.S.
By end user, the market is segmented into healthcare service providers, pharmaceutical companies, healthcare consumers, and others. Of these, the pharmaceutical companies acquire the largest share due to the strict mandates associated with the healthcare supply chain management in major markets like Europe and the U.S.
Geographically, the blockchain technology in healthcare market spans across Europe, America, Asia Pacific, and the Middle East & Africa.
Considering the global scenario, America is considered to dominate the blockchain technology in healthcare market. The region will retain its position in the coming years due to the increased adoption of advanced technologies, high availability of insurance holders and patient population, and the existence of well-established healthcare management systems in the region. In this region, North America is likely to acquire the lion’s share due to the implementation of regulations regarding safety of patient data, along with the enhancing quality of care, increasing need to minimize the soaring healthcare costs, rising prevalence of fraudulent activities, and surging need to prevent tampering of medical data.
Europe will bag the second spot in the blockchain technology in healthcare market, mainly due to the soaring number of clinical trials with rising R&D expenses in the pharmaceutical industry. Increasing expenditure in the healthcare sector and growing awareness regarding blockchain technology are some of the factors triggering the demand from the market in the region.
The Asia Pacific is likely to expand at the fastest rate due to the increased investments in the healthcare sector, rising generic pharmaceutical industry, and high adoption of technology in the healthcare segment.
August 2019: The owners of Louis Vuitton label, LMVH have launched a blockchain technology that will assist in proving the authenticity of expensive goods. The technology is built-in Ethereum with the help of Microsoft.
The top players operating in the blockchain technology in healthcare market include Microsoft, IBM, Pokitdok, Guardtime, Patientory, Gem, Chronicled, Hashed Health, Factom, Isolve, Medicalchain, Blockpharma, Farmatrust, Simplyvital Health, and others.
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