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Blockchain Technology in Healthcare Market By Application (Data Exchange and Interoperability, Supply Chain Management, Claims Adjudication and Billing Management, Others), By End-user (Pharmaceutical Companies, Healthcare Payers, Healthcare Providers, Research and Academia, Others, Gels) - Growth, Future Prospects, Competitive Analysis, 2018 - 2026

Blockchain technology in healthcare is being acknowledged to have a revolutionary impact on the healthcare system, enabling its complete transformation through digitization. As the digitization of all industries has continued to expand over the decades, blockchain technology entered the market in 2016, despite its 2008 introduction. With its vast information, technologies, and artificial intelligence, blockchain technology has impacted several industries. The concept of blockchain represents a network of blocks that continuously grow and change and adapt to specific industries. Blockchain is built on distributed ledgers that store facts and data.

Blockchain has also brought significant changes to healthcare. Healthcare conventionally uses centralized technologies. However, with the expansion of the healthcare system, decentralization of such information has become imperative. Several healthcare blockchain technology-providing companies have already entered the healthcare industry. Blockchain technology is also being used in the evolution of pharmaceutical manufacturing processes and control mechanisms. Blockchain thus enables the strengthening of processes in healthcare by enabling the storage and recording of information and delivering auditable information and its transmission through automation.

There are several ways that blockchain is associated with healthcare and interdisciplinary interaction. Supply chain, claim settlement, and information transmission are some of the most prominent areas where blockchain technology is being increasingly deployed. In clinical trials, blockchain is already being used for file transfers, the recording and transfer of patient data, and the maintenance of patient networks.

Market Synopsis

Data exchange and interoperability will continue to be the dominant application area.

One of the prime challenges in healthcare interoperability is that organizations are at different operational levels in terms of governance, data quality, and operation standards. Several organizations use CDA standards, whereas others deploy Fast Healthcare Interoperability Resources (FHIR), and so on. Such varying standards reduce the interoperability of the healthcare system. The blockchain can help overcome these challenges by providing data access via APIs.This assists in achieving standardization for different data formats for seamless data transport and transmission, despite the varying capabilities of EHRs for communication. Furthermore, blockchain also addresses the emergent challenges with respect to the synchronization of patient data with multiple healthcare information systems while ensuring data security and privacy through a framework for managing patient identity. Over the last couple of years, a vast number of healthcare institutions have adopted HER systems, leading to the widespread digitization of the healthcare system. Growth in volume-based medical practices increased demand for and deployment of blockchain technology in healthcare to ensure data security.

Blockchain's application in the drug supply chain is anticipated to witness rapid growth during the forecast period. The pharmaceutical supply chain frequently employs digital technologies, but it is vulnerable to a number of risks related to information and product safety. The growing number of counterfeit drugs crossing the globe is causing significant harm to patients' health as well as financial difficulties for pharmaceutical companies. The application of blockchain in relay reduction and fraud elimination is anticipated to further augment during the forecast period.

Pharmaceutical companies are the largest users of blockchain technology in healthcare. Growing concerns regarding drug supply chain management and clinical trials have resulted in augmenting the application of blockchain in healthcare and modernizing, revamping, and securing the pharmaceutical industry. Therefore, growing applications of blockchain technology in the pharmaceutical supply chain, clinical trials, production management, and many more will support the dominance of this segment through the forecast period. Another market segment where blockchain will see significant growth is healthcare payers. The use of blockchain among healthcare players will minimize concerns in terms of security violations. As a result, this technology will aid in the development of patient management systems and the seamless exchange of critical patient data among other stakeholders.

The United States spearheads the global blockchain technology market in the healthcare market.

The United States dominates the global blockchain technology market in healthcare. The American healthcare infrastructure operates with a significantly large volume of patient and healthcare information. Moreover, the region also houses several pharmaceutical giants while being a prominent location for significant clinical research and trials. The proliferation of EHRs in the U.S. healthcare infrastructure is also prominent. Growth in demand and adoption of blockchain technology in healthcare facilities in the U.S. will also drive markets in other regions. Western Europe is also expected to witness rapid growth during the forecast period. Countries such as Germany, Switzerland, and the U.K. will witness a significant uptake of blockchain technology in the operations and management of healthcare systems and related stakeholders.

Periods of History and Forecast

This research report presents the analysis of each considered segment for the period from 2016 to 2026, using 2017 as the base year for estimations. Compounded annual growth rates (CAGRs) for each segment are calculated for the forecast period from 2018 to 2026.

Report Scope by Segments

The blockchain technology in healthcare market report provides a quantitative assessment of the industry in terms of current and forecasted market size while also presenting the market dynamics. This market is segmented based on applications, end-users, and geography.

This report gives major insights into the global blockchain technology in the healthcare market in the form of prevalent trends, future prospects, and an overall market outlook. Market dynamics factors such as drivers, challenges, and opportunities are discussed in an exclusive section, along with competitive analysis by key players and regional investment propositions. Moreover, the company profiles section of the report includes brief profiling of key market players based on parameters such as business overview, product portfolio, financial information, and key news. The major companies profiled in this report are IBM Corporation, Guardtime, Microsoft Corporation, and Proof. Works, PokitDok, Inc., SimplyVital Health, Inc., Gem OS, iSolve, LLC, Patientory, Inc., FarmaTrust, EncrypGen, Medicalchain, Nebula Genomics, Hashed Health, and Chronicled (MediLedger).

Key questions are answered in this report.

  • What is the current and projected market size of global blockchain technology in the healthcare market?
  • At what CAGR will this market progress through the forecast period from 2018 to 2026?
  • Which regions currently hold the dominant position in the global blockchain technology market for healthcare and why?
  • What are the prime factors that have urged the emergence of the application of blockchain technology in healthcare?
  • What are the prime opportunities and challenges to be witnessed in this market during the forecast period?
  • Which is the prime application area where the highest revenue will be generated?
  • What are the major strategies employed by the key market players to establish their stronghold?

Frequently Asked Questions:

The market for Blockchain Technology in Healthcare is expected to reach XX Mn in 2026

The Blockchain Technology in Healthcare market is expected to see significant CAGR growth over the coming years, at XX%

The report is forecasted from 2018-2026.

The base year of this report is 2017.

IBM Corporation,Guardtime,Microsoft Corporation,Proof.Works,PokitDok, Inc. are some of the major players in the global market.

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Published Date:  Jan 2019
Category:  Healthcare
Report ID:   59555
Report Format:   PDF
Pages:   120
Rating:    4.1 (69)
Delivery Time: 24 Hours to 48 Hours   
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