Blockchain Technology in Healthcare Market research report provides the newest industry data and industry future trends, allowing you to identify the products and end users driving Revenue growth and profitability. The industry report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market.
The deployment of blockchain in healthcare has gained significant momentum in recent years due to growing need to store scalable data and secure healthcare data exchange. Both developed countries as well as emerging ones have been focusing on implementation of the technology in healthcare systems.
In July 2020, China launched two blockchain platforms in the cities of Fuzhou and Kunshan focusing on medical billing and prescriptions respectively. The move aims to augment the growing role of the technology in Chinese healthcare.
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According to a new research report compiled by GMI, Inc., global blockchain technology in healthcare market size will hit an annual valuation of US$1.6 billion by 2025. Let’s take a look at some of the top trends driving the adoption of blockchain in healthcare.
In terms of application, the claims adjudication & billing management segment will observe over 66.5% CAGR over the forecast timeframe. The rising risk of filing as well as duplication process are the most essential factors for the adoption of blockchain technology in healthcare sector. Furthermore, absence of recognition systems for safety data and billing management is increasing the need for identification system that are more trustworthy, thereby boosting the demand for blockchain technology. Increasing application scope of blockchain technologies like provider follow-up, submitting, and appealing claims in an effort to maintain service vendor data will drive the market growth for this segment in coming years.
Based on end-use, in 2018, the pharmaceutical companies end-use segment accounted for more than $21.5 million revenue share. Extensive use of blockchain technology throughout the healthcare network for improving verification of drugs reports as well as transparency and trackability of clinical trials will surge its adoption rate. Furthermore, more pharmaceutical companies are progressively adopting blockchain in order to enhance operational and financial aspects of business, thereby influencing the market growth.
Additionally, the pharmaceutical industry is vigorously exploring the blockchain technology to support various real-life use cases. The technology helps in improving quality and reliability of clinical trials data, verifying the authenticity of returned drugs, and compliance in pharma supply chain among others. Moreover, the technology is also capable of enabling the advancement of next-gen, personalized therapies. These factors will drive the demand for blockchain technology in the healthcare market.
From a regional reference-frame, the blockchain technology in healthcare sector in UK is likely to witness a CAGR of more than 61.0% over the forthcoming timeframe. This growth can be ascribed to presence of a large number of R&D centers and laboratories that are continuously investing towards the implementation of centralized mechanism to effectively ensure transparency as well as immutable ledger solution. Additionally, the technology further helps the organizations in maintaining data security and access to independent data.
Furthermore, the ‘Proof of Concept’ implementation which provides higher value to clinical researchers to maintain patient and medical outcome data is delivered by blockchain technology. Consequently, increasing demand of ‘Proof of Concept’ as well as interoperability within research centers will drive blockchain technology in healthcare industry growth in the region.
iSolve, LLC, Guard time, Microsoft, IBM, and Block Pharma among others are some of the key players operating in the market today.
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Partial Chapter of the Table of Content
Chapter 4. Blockchain Technology in Healthcare Market, By Application
4.1. Global blockchain technology in healthcare market share, by application, 2018 & 2025
4.2. Data exchange and interoperability
4.2.1. Market size, by region, 2016 – 2025 (USD Million)
4.3. Claims adjudication and billing management
4.3.1. Market size, by region, 2016 – 2025 (USD Million)
4.4. Drug supply chain integrity
4.4.1. Market size, by region, 2016 – 2025 (USD Million)
4.5. Clinical trials
4.5.1. Market size, by region, 2016 – 2025 (USD Million)
4.6. Cyber security and internet of medical things (IoMT)
4.6.1. Market size, by region, 2016 – 2025 (USD Million)
4.7. Others
4.7.1. Market size, by region, 2016 – 2025 (USD Million)
Chapter 5. Global Blockchain Technology in Healthcare Market, By End-use
5.1. Global blockchain technology in healthcare market share, by end-use, 2018 & 2025
5.2. Pharmaceutical companies
5.2.1. Market size, by region, 2016 – 2025 (USD Million)
5.3. Healthcare payers
5.3.1. Market size, by region, 2016 – 2025 (USD Million)
5.4. Healthcare providers
5.4.1. Market size, by region, 2016 – 2025 (USD Million)
5.5. Others
5.5.1. Market size, by region, 2016 – 2025 (USD Million)