The blockchain in healthcare market is estimated to reach USD 5,517.6 million by 2026, according to the latest study by Aftrex Market Research. The growing demand for affordable healthcare services and growing cases of healthcare data breaches are thriving the demand for blockchain in healthcare market.
Blockchain technology if utilized in healthcare industry will enable patients, doctors, and pharmacists to access data conveniently at any point in time. Additionally, blockchain technology helps maintain data privacy as administrators can share real-time data with the participants of the network on a permission basis.
Supply chain application segment to witness high market growth
Increasing cases of fake drugs entering the healthcare supply chain are encouraging pharmaceutical companies to implement blockchain technology to trace fake drugs, which is expected to drive the market growth. Furthermore, stringent government regulations against drug counterfeit is expected to propel the market growth. For instance, the Falsified Medicines Directive (FMD) in Europe aims at protecting patients by reducing the probability of fake medicines entering the medical supply chain.
Pharmaceutical enterprises end-use segment to witness high market growth
Investments made by prominent healthcare companies such as UnitedHealth Group among others in the field of blockchain is driving the market growth. Blockchain in healthcare enables companies to maintain transparency with customers and also assists in business functions such as drug inventory management and patient data management. The benefits offered by blockchain technology is expected encourage pharmaceutical companies to adopt this technology.
Asia Pacific region estimated highest growth CAGR from 2018 to 2026
The Asia Pacific region is estimated to witness significant growth owing to increasing government spending on healthcare services and related IT infrastructure. Additionally, initiatives undertaken by various governments to secure digital health data are further expected to bolster the market growth.
Key players operating in the market comprise Blockpharma, Chronicled, Factom, FarmaTrust, Gem, Guardtime, Hashed Health, IBM Corporation, iSolve, Medicalchain, Microsoft Corporation, Patientory, PokitDok, Proof.Work, SimplyVital Health among others.
For the purpose of this study, Aftrex Market Research has segmented the blockchain in healthcare market based on application, end-use, and regions:
Blockchain in Healthcare ApplicationScope (Revenue, USD Million; 2014 - 2026)
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