NEW YORK, May 15, 2018 /PRNewswire/ -- Global Blockchain in Healthcare Market is Expected Grow at a CAGR of 63.85% from 2018 to 2025
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The development in providing efficient health-care services is heavily dependent on advances in the information technology, and particularly in the ability to record and store information easily and economically and share it securely among disparate applications and systems. However, less than 10% of healthcare organizations regularly share medical information with providers outside of their organization. The lack of interoperability and limited linkage between the healthcare storage systems, makes it difficult to transmit, retrieve, clean and analyze data. Thus, most of the data is contained in silos. Additionally, there are widespread concerns regarding security and privacy about storage and exchange of data as healthcare organizations have been subjected to growing number of data breaches and malicious attacks. Blockchain technology is increasingly being touted as the panacea for the interoperability and security issues that plague the antiquated health systems.
The global blockchain in the healthcare market is estimated to amount to $5.61 billion by 2025, witnessing a double-digit growth throughout the forecast period of 2018-2025.
The research study is a compilation of various segmentations including the blockchain structure and ecosystem, foundational elements of blockchain, types of blockchains and their uses, and expected adoption timeline of blockchain in healthcare.This report provides a detailed analysis of the various use cases and applications of blockchain in healthcare, their benefits, and challenges for their implementation.
Moreover, it gives the potential revenue generation from the adoption of blockchain for each application over the forecast period.
The market has been analyzed based on various micro and macro trends influencing it. While highlighting the key driving and restraining forces for this dynamic market, the report also provides a comprehensive section on competitive landscape, regulatory framework, funding scenario, and key strategies and developments mapping within the global blockchain in the healthcare market.
The following key questions have been addressed in the report:
• How has the blockchain in healthcare market evolved in the past and how is it anticipated to evolve during the forecast period from 2018 to 2025?
• What are the major market factors propelling the adoption of blockchain technology in the healthcare market?
• What are the various challenges for the implementation of blockchain that must be addressed?
• What are the major applications of blockchain in healthcare that are being explored?
• Who are the key players offering technology solutions across the different applications and how are they competitively positioned in the market?
• What are the key developmental strategies adopted by the key players to stand out in this market?
• Which applications are on investment priority and why? What will be the revenue generated through each application through the forecast period?
The report also examines the role of the leading market players involved in the industry.The company profiles section highlights significant information about the key companies, such as their product portfolio, financial positions, and the SWOT analysis of these players.
Some of the key players in blockchain in the healthcare market are Hashed Health, iSolve, Patientory, Medical chain, Chronicled, FarmaTrust, SimplyVital Health, The Link Lab, IBM Corporation, Change Healthcare, Microsoft, and Optum.
Exchange of health information is essential for controlling rising healthcare costs. and in promoting quality care. However, the amount of information shared among hospitals, physicians, institutions, and other providers remains minimal as currently, even the world's most advanced healthcare systems are highly fragmented. The lack of interoperability and limited linkage between healthcare storage systems, makes it difficult to transmit, retrieve, clean and analyse data, and therefore, most of the data is contained in silos. Moreover, there are widespread concerns regarding security and privacy concerns pertaining to storage and exchange of data as healthcare organizations have been subjected to growing number of data breaches and malicious attacks.
Consequently, the development in providing efficient health-care services is extensively dependent on advances in information technology, and particularly in the ability to record and store information easily and economically, and share it securely among disparate applications and systems.Blockchain can play a critical role in overcoming the shortcomings and challenges associated with legacy systems.
Some of the key advantages of employing blockchain are the introduction of a more transparent procedure, complete elimination of third party intermediaries, streamlining of operational processes, and significant costs. Additionally, blockchain can pave the way for the shift to a more value-based healthcare system from the existing fee-based healthcare systems, improve patient engagement and even open up opportunities for the introduction of more consumer centric product segments and revenue streams.
The uptake of the technology could save the healthcare industry up to $100 billion per year by 2025 in data breach related costs, IT costs, operations costs, support function and personnel costs, counterfeit related frauds and insurance frauds.One of the biggest beneficiaries of the technology will be the pharmaceutical companies that lose approximately $200 billion to counterfeit drugs each year.
By enabling complete visibility and transparency throughout the drug supply chain, blockchain will enable tracking of drugs to their point of origin and thus help eliminate falsified medication.Health insurance which has been subject to growing number of frauds, especially those conducted by the providers, is also expected to witness up to $10 billion reduction in costs annually.
The global blockchain in the healthcare market is expected grow at a CAGR of 63.85% from 2018 to 2025, to reach a value of $5.61 billion by 2025. The use of blockchain for healthcare data exchange will contribute the largest market share throughout the forecast period, reaching a value of $1.89 billion by 2025, owing to the use of blockchain to solve the most widespread problem in healthcare information systems related to interoperability and non-standardization that has created data silos in the industry. The market for blockchain in health insurance is expected to witness the fastest growth rate across applications, with a CAGR of 70.2%. This growth can be attributed to the use of blockchain to reduce IT and operational costs in insurance process and to reduce healthcare related frauds that cost the healthcare market billions of dollars each year.
However, shift to blockchain based solutions will require significant investments and efforts including seamless integration with the current infrastructure, and blockchain providers may experience resistance from healthcare players for changing from legacy systems and processes to blockchain.Industry alignment is necessary for bringing in standardization and promoting interoperability between different networks which are being developed by different enterprises that run on different consensus protocol.
Moreover, the current absence of regulation needs to be resolved to address questions about how blockchains will be managed and run.
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