Global Blockchain Technology in Healthcare Market
NEW YORK, Jan. 6, 2020 /PRNewswire/ --
Report Scope:
The global market for blockchain in healthcare has significant scope and offers a comprehensive description and evaluation of the global market for blockchain in healthcare.It provides in-depth qualitative and quantitative insights of the report which align with the goals and objectives of our intended customers.
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The market has been segmented on the basis of deployment mode, application and end user.Geographically, the global market for blockchain in healthcare has been divided into North America, Europe, Asia-Pacific (APAC) and the Rest of the World (RoW).
A country specific breakdown of the market for blockchain in healthcare is also included in this report.The report covers the global blockchain in healthcare irrespective of the included countries.
Countries were included mainly on the basis of total revenue generated. Major countries included in the report are the U.S., Canada, Germany, the U.K., Spain, Italy, France, China, Japan, South Korea and India. Sales data for the global and regional markets were corroborated for the present and forecasted values based on statistical analysis.
Estimated values used are based on market players total revenues, and forecasted revenue values are in constant U.S. dollars, unadjusted for inflation. Annual reports and forward-looking statements of market players, annual sales of market players, funding/grants from government and private ventures, and average costs of software and services are considered to estimate the market size. A large number of players in the market for blockchain in healthcare and potential startups are profiled in the report for a better understanding of the market.
This report on the market for blockchain in healthcare provides a market overview, assesses application markets, provides an end user analysis, and evaluates the market for blockchain in healthcare by mode of deployment, application, end user and geography.The major companies profiled in the report include a detailed introduction, product portfolios and recent developments.
The report also includes regulatory aspects, current and developing technologies, market projections and market share.
Report Includes:
- 36 data tables and 11 additional tables
- A brief general outlook of the global market for blockchain technology in healthcare industry
- Description of blockchain technology applications in clinical trials, drug traceability, electronic health records (EHR), precision medicine and others including genomics research
- Assessment of the market dynamics and key technological developments in blockchain technologies, as well as identification of market trends, opportunities, and challenges such as stringent rules and regulations and security and privacy concerns affecting the market
- Identification of companies that are considered as leaders in their field, as well as technological means these companies are using to exploit their markets and dominate the market in their fields
- Examination of the competitive landscape and profile description of key stakeholders. Major players include BurstIQ LLC, Doc.ai Inc., Intellectsoft LLC, Medtronic PLC, and Quest Diagnostics Inc.
Summary
The global market for blockchain in healthcare is estimated to reach REDACTED in 2024 at a significant CAGR of REDACTED during the forecast period (2019-2024). The blockchain technology in healthcare domain is still in its nascent stage.However, it is expected to gain momentum in the near future owing to increasing funding and growing online frauds and data breaches. Blockchain can be defined as an intricate system that is used to package data in a way that can only be modified by certain users. In its purest form, blockchain will offer healthcare a safe and secure system to share data more e fficiently. Growing incidents of hacking, unauthorized access to health records, theft, unauthorized disclosure of information and data breaches in the healthcare domain will create a significant demand for blockchain technology in the near future. At present, the healthcare system is losing nearly REDACTED each year due to poor data integration, as per Medtronic PLC. In the healthcare industry, blockchain can optimize real data through vast connectivity, providing a new way of sharing, analyzing and verifying the information. This should lead to more R&D and more coordinated care for hospital systems. For patients and providers, it should mean having information when needed.
Blockchain technology offers several opportunities to secure network infrastructure,to reduce complexity and to build secure and immutable information.Blockchain is gaining traction as a tool to assist the healthcare industry in overcoming various challenges such as high healthcare spending, security concerns and higher costs for insurers, healthcare providers, and patients.
Blockchain technology in healthcare has been gaining momentum owing to the shift towards patient-centric approaches, and an increasing focus on proper storage and management of critical patient information. Approximately 90% of healthcare centers do not share health-related information due to difficulty in
transmission, retrieval and analysis of data.Healthcare providers, organizations, institutes and agencies are reluctant to share information due to the concerns over data security and privacy. As a result, the adoption of blockchain technology is expected to grow significantly in the healthcare sector.
Other factors leading to the growth of the global market for blockchain in healthcare include the growing demand for decentralization of medical records and the integration of technological advancements in the healthcare sector.The application of blockchain technology will also lead to a decrease in the growing threat of counterfeit drugs and an improvement in the rate of commercialization of breakthrough drugs, which will positively influence the growth of the market.
Owing to these factors, governments in developed and emerging economies have started investing in blockchain technology. For example, in August 2019, the Chinese city Hangzhou received funding in the amount of REDACTED to invest in blockchain startups.Dedicated healthcare companies and the Chinese government contributed more than REDACTED of the funding. Additionally, the rising integration of artificial intelligence (AI) in healthcare is another factor that will positively influence the global market for blockchain in healthcare.
However, market growth will be curtailed due to factors such as a lack of awareness about this technology, a shortage of skilled workforce, and a lack of technical infrastructure in emerging economies.Additionally, security and privacy concerns associated with blockchain coupled with the ban on cryptocurrency in several economies are factors that will affect the growth of the global market for blockchain in healthcare.
An initial coin offering (ICO) is a new way of raising funds for companies; however, it is not regulated similarly to venture capitalism and other funding resources. In September 2017, China and six other state administrations banned domestic ICOs and cited them as illegal means of fundraising as cryptocurrencies, as Bitcoins and Ethereum are not considered legal tender.
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