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 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 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.
Key Topics Covered:
1 Research Scope and Methodology 1.1 Scope of the Report 1.2 The Blockchain Technology Report Research Methodology 1.2.1 Primary Sources 1.2.2 Secondary Sources
2 Market Overview 2.1 Blockchain Structure 2.2 Blockchain Construct 2.2.1 Proof-of-Work (POW) 2.2.2 Proof-of-Stake (PoS) 2.3 Blockchain Ecosystem 2.4 Foundational Elements of Blockchain 2.5 Types of Blockchain 2.5.1 Public Blockchain 2.5.2 Private Blockchain 2.5.3 Permissioned Blockchain 2.6 Blockchain Adoption Timeline in Healthcare
3 Market Dynamics 3.1 Market Drivers 3.1.1 Elimination of Intermediaries and Cost Savings 3.1.2 Transparency and Removal of Risk of Unscrupulous Activity and Security from Cyber Attacks 3.1.3 Government Partnerships 3.1.4 Establishment of Consortiums/ Working Groups 3.2 Market Challenges 3.2.1 Lack of Awareness and Understanding 3.2.2 Trade Off between Cost and Security 3.2.3 Shortage of Skill Set
4 Industry Analysis 4.1 Healthcare Blockchain Consortiums 4.1.1 The Hyperledger Project - Healthcare Working Group 4.1.2 Hashed Health Blockchain Consortium 4.1.3 The Mediledger Project 4.1.4 DokChain Alliance 4.1.5 Humana, MultiPlan, Quest Diagnostics, Optum & United Healthcare - Blockchain Group 4.1.6 My Health My Data Consortium 4.1.7 Viant Blockchain Programme 4.2 Regulatory Landscape 4.2.1 Pharmaceutical Supply Chain 4.2.2 Cold Chain Monitoring 4.2.3 Medical Data Management 4.3 Standards
5 Competitive Insights 5.1 Key Strategies & Development 5.1.1 Product Development & Launch 5.1.2 Partnerships, Joint Ventures & Collaborations 5.1.3 Funding & Contracts 5.1.4 Others 5.2 Investment and Funding Scenario
6 Blockchain Application in Healthcare: Opportunity and Use Case Analysis 6.1 Healthcare Data Exchange and Interoperability 6.1.1 Current Challenges 188.8.131.52 Data Security 6.1.2 Blockchain Solutions 184.108.40.206 Interoperability 220.127.116.11 Data Security and Privacy 18.104.22.168 Patient Engagement 6.2 Drug Supply Chain Management 6.2.1 Current Challenges 6.2.2 Blockchain Solutions 22.214.171.124 Counterfeit Products 126.96.36.199 Compliance 188.8.131.52 Cold Chain Monitoring 6.3 Prescription Drug Abuse 6.3.1 Current Challenges 6.3.2 Blockchain Solution 6.4 Health Insurance 6.4.1 Current Challenges 6.4.2 Blockchain Solutions 184.108.40.206 Exchange of Information 220.127.116.11 Maintaining Accurate Client Information 18.104.22.168 Underwriting, Pricing and Claim Management 22.214.171.124 Compliance 126.96.36.199 Payments 6.5 Drug Discovery and Clinical Trials