Blockchain in healthcare market is expected to reach $890.5 million by 2023, this growth is primarily attributed to stringent regulations for safeguarding consumer data, increasing funding and investments in the blockchain arena, and rising adoption of blockchain technology in the healthcare and pharmaceutical industries.
On the basis of application, the blockchain in healthcare market is categorized into clinical data exchange and interoperability, claims adjudication and billing management, drug supply chain management, drug discovery and clinical trials, prescription drug abuse, and others. Among these applications, the market for clinical data exchange and interoperability is expected to reach more than $400.0 million by 2023, registering a CAGR of over 70.0%. This can be ascribed to the fact that the blockchain technology can potentially transform the way of clinical information, and data storage and sharing across healthcare partners, payers, and patients.
Based on end user, the blockchain in healthcare market is classified into pharmaceutical companies, healthcare providers, healthcare payers, and others. Healthcare providers, as an end-user category, dominate the market and expected to maintain this trend throughout the forecast period. This can be ascribed to the fact that the blockchain technology is gaining acceptance among healthcare providers, globally. Due to several advantages offered by this technology such as data security and integrity, its adoption is expected to further increase in the coming years.
Geographically, Asia-Pacific (APAC) is anticipated to be the fastest growing blockchain in healthcare market, with at a CAGR of over 70.0% during the forecast period. This fastest growth is primarily attributed to the growing focus on blockchain technology in this region as well as unmet need in areas of clinical data exchange and interoperability, and drug supply chain management. For example, in July 2018, Singapore Innovate Pte. Ltd. (SGInnovate), Singapore's government-owned technology development firm, invested in MediLOT Technologies, a blockchain and healthcare analytics start-up.
Given the fact that the technology in its nascent stage of development, the companies interested in adopting blockchain technology are partnering and collaborating with various technology providers to exploring the potential applications of the blockchain technology, so that they can streamline their operational processes.
For instance, In January 2018, Guardtime AS, an Estonian blockchain pioneer, finalized a deal with NMC Health, a United Arab Emirates (UAE) based private sector healthcare provider, to bring the technology in the country.
Key Topics Covered:
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Technology Insights 4.1 Structure of Blockchain 4.2 Types of Blockchain 4.2.1 Public Blockchain 4.2.2 Private Blockchain 4.2.3 Consortium Blockchain (Permissioned Blockchain) 4.3 Patent Analysis 4.4 Healthcare Blockchain Consortium 4.4.1 Hashed Health Blockchain Consortium 4.4.2 Humana, MultiPlan, Optum, Quest Diagnostics, and UnitedHealthcare Consortium 4.4.3 The MediLedger Project 4.4.4 The HyperLedger Healthcare Working Group (HLHC Working Group) 4.4.5 My Health My Data (MHMD) 4.4.6 Enterprise Ethereum Alliance (EEA) 4.4.7 Others
Chapter 5. Investment and Funding Scenario
Chapter 6. Introduction 6.1 Definition of Market Segments 6.1.1 By Application 188.8.131.52 Clinical data exchange and interoperability 184.108.40.206 Claims adjudication and billing management 220.127.116.11 Drug supply chain management 18.104.22.168 Drug discovery and clinical trials 22.214.171.124 Prescription drug abuse 126.96.36.199 Others 6.1.2 By End User 188.8.131.52 Pharmaceutical companies 184.108.40.206 Healthcare providers 220.127.116.11 Healthcare payers 18.104.22.168 Others 6.2 Market Dynamics 6.2.1 Trends 22.214.171.124 Increasing number of partnerships and collaborations 6.2.2 Drivers 126.96.36.199 Increasing number of regulations for safeguarding consumer data 188.8.131.52 Growing funding and investments in the blockchain technology 184.108.40.206 Implementation of blockchain in pharmaceutical supply chain 220.127.116.11 Impact analysis of drivers on market forecast 6.2.3 Restraints 18.104.22.168 Lack of awareness about blockchain technology 22.214.171.124 Implementation related challenges 126.96.36.199 Establishing a clear return on investment (ROI) from blockchain technology 188.8.131.52 Regulatory hurdles 184.108.40.206 Impact analysis of restraints on market forecast 6.2.4 Opportunities 220.127.116.11 Need for better management of medical data 18.104.22.168 Increasing incidence of healthcare data breaches and growing threat of substandard counterfeit drugs 6.3 Porter's Five Forces Analysis
Chapter 7. Global Market Size and Forecast
Chapter 8. North America Market Size and Forecast
Chapter 9. Europe Market Size and Forecast
Chapter 10. APAC Market Size and Forecast
Chapter 11. LATAM Market Size and Forecast
Chapter 12. MEA Market Size and Forecast
Chapter 13. Strategic Developments 13.1 Mergers and Acquisitions 13.2 Product Launches 13.3 Partnerships, Agreements and Collaborations 13.4 Geographic Expansions 13.5 Other Developments