According to a new market intelligence report by BIS Research, titled "Global Blockchain in Healthcare Market- Analysis and Forecast, 2017-2025", the blockchain in healthcare is estimated to be $176.8 million in 2018, and is estimated to grow over $5.61 billion by the end of 2025. The development in providing efficient health-care services is extensively dependent on technological advances in the information technology, and particularly in the ability to record and store information conveniently and economically and share it securely among different applications and systems. Blockchain technology is being touted as the panacea for all of healthcare's information system interoperability and security-related challenges.
Blockchain can play a critical role in overcoming the shortcomings and challenges associated with legal systems. Some of the significant advantages of employing blockchain are the introduction of transparency, complete elimination of third-party intermediaries, and streamlining of operational processes and large costs. Additionally, blockchain can pave the way for the movement to a more value-based healthcare system, improve patient engagement and even open opportunities for the introduction of more consumer-centric product segments and revenue streams.
According to Pushplata Patel, an analyst at BIS Research, "The blockchain in the healthcare market is going to be driven by the urgent need to improve interoperability and security of the healthcare information systems. Around 14% of healthcare organizations are expected to have a blockchain based system in place by the end of 2018, while 70% are expected to have invested in getting the technology on-board by 2020. Various successful use-cases of blockchain have already been piloted, ranging from tracking of consent in clinical trials, development of healthcare information exchange platforms, to pharma supply chain solutions. Healthcare data exchange, health insurance, and clinical trials are expected to witness largedisruption in the coming years."
The adoption of the technology could save the healthcare industry up to $100-$150 billion per year by 2025 in data breach-related costs, IT costs, operations costs, support function costs and personnel costs, and through a reduction in frauds and counterfeit products.
The most prominent beneficiaries of the technology will be the pharmaceutical companies, which lose approximately $200 billion to counterfeit drugs each year. By enabling complete visibility and transparency throughout the drug supply chain, blockchain will allow tracking of drugs to their point of origin and thus, help to eliminate falsified medication, reducing revenue loss by up to $43 billion annually for pharma companies
The use of blockchain for healthcare data exchange will contribute the largest market share to the blockchain in the healthcare market throughout the forecast period, reaching a value of $1.89 billion by 2025. This growth is due 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.
This market intelligence report provides a multidimensional view of the global blockchain in the healthcare market regarding market size and growth potential. The research report aims at answering various aspects of the blockchain in healthcare market with the help of key factors driving the market, challenges to implementation, regulatory scenario, adoption rate and the current growth opportunities that are going to shape the future trajectory of the market expansion.
Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities, such as product launches, regulatory clearance, and certifications, partnerships, collaborations, as well as mergers and acquisitions. The research report also includes a comprehensive analysis of funding and investment scenario in blockchain in the healthcare market.
This report is a meticulous compilation of research on more than 100 players in the market ecosystem and draws upon insights from the in-depth interviews with the key opinion leaders of more than 60 leading companies, market participants, and vendors. The report also profiles 16 companies including several key players, such as IBM, Patientory, FarmaTrust, MedicalChain, SimplyVital Health, iSolve, Microsoft, Change Healthcare, and Chronicled, among others.
Key questions answered in the report:
How has the blockchain market evolved in the past, and what is its scope in the future?
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 need to 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 of investment priority and why? What will be the revenue generated through each application through the forecast period?
BIS Research is a global B2B market intelligence and advisory firm which focuses on those emerging trends in technology which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on Healthcare, Automotive, Aerospace and Agriculture and other key industries that are seeing rapid technological disruption.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data and other important market parameters useful in the strategic decision making for senior management.
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