Blockchain Technology in Healthcare Market Report 2023: Drug Discovery and Clinical Trials Set to Present Opportunities
DUBLIN, Jan. 31, 2023 /PRNewswire/ -- The "Blockchain Technology in Healthcare Market: Distribution by Type of Blockchain, Type of End-User, and Key Geographical Regions: Industry Trends and Global Forecasts, 2023-2035" report has been added to ResearchAndMarkets.com's offering.
This report features an extensive study of the current market landscape and future potential of blockchain in drug discovery and clinical trials. The report highlights the efforts of several stakeholders engaged in this rapidly emerging segment of the pharmaceutical industry and answers many key questions related to this domain.
What is the Future Potential of Blockchain in Healthcare?
The popularity of blockchain technology has grown invariably in the last few years. The technology has the potential to revolutionize the healthcare sector as it has emerged as a viable option to store / exchange data within the healthcare industry.
Further, it provides a faster solution for tracking and authenticating medical shipments / drugs across the supply chain and during logistics operations. In addition to compiling longitudinal patient records such as disease registries, laboratory results, and treatment related data records.
Which Pharmaceutical Companies are using Blockchain?
Examples of some of the pharmaceutical companies using blockchain include (in alphabetic order) Amgen, Novartis, Pfizer and Sanofi.
What is the Current Market Landscape of the Blockchain Market Focused on Drug Discovery and Clinical Trials?
Various types of blockchain platforms, including public blockchain, private blockchain, and consortium blockchain, are currently being used across different drug development applications (DDA), such as drug discovery, intellectual property management, electronic health record management, vaccine distribution, drug authenticity, drug supply chain, drug data management, clinical trial management, and electronic signature. It is worth highlighting that more than 50 blockchain providers offer their proprietary platforms for these applications to various industries, including healthcare, pharmaceuticals, and government organizations.
What are the Key Value Drivers of Blockchain Market in Drug Discovery and Clinical Trials?
In recent years, the use of blockchain has been on the rise, driven by several technological advancements and the growing demand for safe and secure methods of patient recruitment, retention and data management in drug discovery and clinical trials. It is worth mentioning that the use of blockchain technology in drug discovery operations is expected to improve the overall drug development process by enabling traceability in the drug supply chain and identification of counterfeit drugs and medicines.
What are the Key Advantages Offered by Novel Blockchain Platforms in Drug Discovery and Clinical Trials?
In recent years, the use of blockchain technology in healthcare, specifically in drug discovery and clinical trial management has been on the rise. This can be attributed to the fact that blockchain provides a faster solution for tracking and authenticating pharmaceutical products / drugs across the supply chain. In addition, clinical trial data can be saved securely over blockchain platforms / portals. Further, the technology enables patients to access to their medical data, ensuring that such data is only shared with the owner's permission.
What are the Key Trends in the Blockchain in Drug Discovery and Clinical Trials Market?
It is worth highlighting that 500+ research articles in this domain have been published in high-impact journals over a period of six years, highlighting the substantial efforts made by researchers. Majority of these publications are research articles focused on evaluating the use of blockchain across drug supply chain and clinical trial management.
What is the Market Size of Blockchain in Drug Discovery and Clinical Trials Market?
As the adoption of blockchain, specifically for drug development applications, increases amongst innovators in the pharma and biopharma industries, lucrative opportunities are expected to be emerge for players engaged in the blockchain for drug discovery and clinical trials market. The blockchain market, focusing on drug discovery and clinical trials, is expected to witness a healthy growth of over 22% in the coming decade; the opportunity is likely to be well distributed across various types of blockchain, types of end-users and key geographical regions.
Who are the Key Players in the Blockchain in Drug Discovery and Clinical Trials Market?
Examples of key players engaged in this domain (which have also been captured in this report) include (in alphabetic order) Alten Calsoft Labs, ConsenSys, IBM, Infosys, Stratumn and Tech Mahindra.
Frequently Asked Questions
Question 1: What is the growth rate of blockchain market focusing on drug discovery and clinical trials?
Answer: The blockchain market focusing on drug discovery and clinical trials is expected to grow at an annualized rate of 22% between 2023 to 2035.
Question 2: Which region will lead the blockchain market focusing on drug discovery and clinical trials?
Answer: North America and Asia-Pacific are anticipated to capture over 65% of the market share by 2035. The market in Europe is likely to grow at a relatively faster pace in the long term.
Question 3: Which segment, in terms of type of blockchain, dominate the blockchain market focusing on drug discovery and clinical trials?
Answer: Currently, private blockchain dominates the blockchain market in drug discovery and clinical trials. However, in the foreseen future, public blockchain is expected to drive the market.
Question 4: Which segment, in terms of type of end-user, accounts for the largest share in the blockchain market focusing on drug discovery and clinical trials?
Answer: Pharmaceutical industries and Academic Institutes are anticipated to capture around 60% of the market share by 2035. In addition, the market for hospitals is likely to grow at a relatively faster pace, in the long term.
Question 5: What kind of partnership models are most commonly being adopted by stakeholders engaged in this domain?
Answer: Platform utilization emerged as the most popular type of partnership model adopted by players engaged in providing blockchain in drug discovery and clinical trials. This is followed by platform integration agreements and strategic alliances.
Key Topics Covered:
1. PREFACE
2. EXECUTIVE SUMMARY
3. INTRODUCTION
4. MARKET OVERVIEW
4.1. Chapter Overview
4.2. Blockchain Technology Providers: Overall Market Landscape
5. COMPANY COMPETITIVENESS ANALYSIS
6. COMPANY PROFILES
7. PARTNERSHIPS AND COLLABORATIONS
8. PUBLICATION ANALYSIS
9. SWOT ANALYSIS
9.1. Chapter Overview
9.2. Blockchain in Drug Discovery and Clinical Trials: SWOT Analysis
9.3. Comparison of SWOT Factors
9.3.1. Strengths
9.3.1.1. Transparency and Traceability
9.3.1.2. Cost Reduction and Data Integrity
9.3.1.3. Safe and Secure Transactions
9.3.1.4. Patient Data Management
9.3.2. Weaknesses
9.3.2.1. Implementation Expense
9.3.2.2. Storage
9.3.2.3. Immutability of Data
9.3.2.4. High Energy Consumption
9.3.3. Threats
9.3.3.1. Blockchain is Prone to Cyber Attacks
9.3.3.2. Scalability
9.3.3.3. Lack of Regulations Issued by Legal Authorities
9.3.4. Opportunities
10. CASE STUDY: APPLICATIONS OF BLOCKCHAIN IN HEALTHCARE AND OTHER INDUSTRIES
11. MARKET FORECAST AND OPPORTUNITY ANALYSIS
12. CONCLUDING REMARKS
13. EXECUTIVE INSIGHTS
14. APPENDIX 1: TABULATED DATA
15. APPENDIX 2: LIST OF COMPANIES AND ORGANIZATIONS
For more information about this report visit https://www.researchandmarkets.com/r/l2i68o
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