Blockchain Technology in Healthcare Market

Market Insights

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?

Chapter 1. Preface
1.1. Report Description
1.1.1. Study Purpose
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.3.4. Assumptions
1.4. Market Segmentation

Chapter 2. Executive Summary
2.1. Global BTH Market Portraiture
2.2. Global BTH Market, by Application, 2017 (US$ Mn)
2.3. Global BTH Market, by End-user, 2017 (US$ Mn)
2.4. Global BTH Market, by Geography, 2017 (US$ Mn)

Chapter 3. Global Blockchain Technology in Healthcare (BTH) Market: Dynamics and Future Outlook
3.1. Overview
3.2. Drivers
3.3. Challenges
3.4. Opportunities
3.5. Attractive Investment Proposition, by Geography, 2017
3.6. Competitive Analysis: Global BTH Market, by Key Players, 2017

Chapter 4. Global Blockchain Technology in Healthcare (BTH) Market, by Application, 2016 – 2026 (US$ Mn)
4.1. Overview
4.2. Data Exchange and Interoperability
4.3. Supply Chain Management
4.4. Claims Adjudication and Billing Management
4.5. Others

Chapter 5. Global Blockchain Technology in Healthcare (BTH) Market, by End-user, 2016 – 2026 (US$ Mn)
5.1. Overview
5.2. Pharmaceutical Companies
5.3. Healthcare Payers
5.4. Healthcare Providers
5.5. Research and Academia
5.6. Others

Chapter 6. Global Blockchain Technology in Healthcare (BTH) Market, by Geography, 2016 – 2026 (US$ Mn)
6.1. Overview
6.2. North America BTH Market, 2016 – 2026 (US$ Mn)
6.2.1. North America BTH Market, by Application, 2016 – 2026 (US$ Mn)
6.2.2. North America BTH Market, by End-user, 2016 – 2026 (US$ Mn)
6.2.3. North America BTH Market, by Country, 2016 – 2026 (US$ Mn)
6.2.3.1. U.S.
6.2.3.2. Canada
6.3. Europe BTH Market, 2016 – 2026 (US$ Mn)
6.3.1. Europe BTH Market, by Application, 2016 – 2026 (US$ Mn)
6.3.2. Europe BTH Market, by End-user, 2016 – 2026 (US$ Mn)
6.3.3. Europe BTH Market, by Country/Region, 2016 – 2026 (US$ Mn)
6.3.3.1. U.K.
6.3.3.2. Germany
6.3.3.3. Rest of Europe
6.4. Asia Pacific BTH Market, 2016 – 2026 (US$ Mn)
6.4.1. Asia Pacific BTH Market, by Application, 2016 – 2026 (US$ Mn)
6.4.2. Asia Pacific BTH Market, by End-user, 2016 – 2026 (US$ Mn)
6.4.3. Asia Pacific BTH Market, by Country/Region, 2016 – 2026 (US$ Mn)
6.4.3.1. China
6.4.3.2. Japan
6.4.3.3. Rest of Asia Pacific
6.5. Latin America BTH Market, 2016 – 2026 (US$ Mn)
6.5.1. Latin America BTH Market, by Application, 2016 – 2026 (US$ Mn)
6.5.2. Latin America BTH Market, by End-user, 2016 – 2026 (US$ Mn)
6.5.3. Latin America BTH Market, by Country/Region, 2016 – 2026 (US$ Mn)
6.5.3.1. Brazil
6.5.3.2. Mexico
6.5.3.3. Rest of Latin America
6.6. Middle East & Africa BTH Market, 2016 – 2026 (US$ Mn)
6.6.1. Middle East & Africa BTH Market, by Application, 2016 – 2026 (US$ Mn)
6.6.2. Middle East & Africa BTH Market, by End-user, 2016 – 2026 (US$ Mn)
6.6.3. Middle East & Africa BTH Market, by Region, 2016 – 2026 (US$ Mn)
6.6.3.1. GCC
6.6.3.2. Rest of Middle East & Africa

Chapter 7. Company Profiles
7.1. IBM Corporation
7.1.1. Business Description
7.1.2. Financial Information (Subject to Data Availability)
7.1.3. Product Portfolio
7.1.4. Key Developments
7.2. Guardtime
7.3. Microsoft Corporation
7.4. Proof.Works
7.5. PokitDok, Inc.
7.6. SimplyVital Health Inc.
7.7. Gem OS
7.8. iSolve, LLC
7.9. Patientory, Inc.
7.10. FarmaTrust
7.11. EncrypGen
7.12. Medicalchain
7.13. Nebula Genomics
7.14. Hashed Health
7.15. Chronicled (MediLedger)

List of Figures

FIG 1. Blockchain Technology in Healthcare (BTH) Market: Research Methodology
FIG 2. Market Size Estimation – Top Down & Bottom up Approach
FIG 3. BTH Market Segmentation
FIG 4. Global BTH Market, by Application, 2017 (US$ Mn)
FIG 5. Global BTH Market, by End-user, 2017 (US$ Mn)
FIG 6. Global BTH Market, by Geography, 2017 (US$ Mn)
FIG 7. Attractive Investment Proposition, by Geography, 2017
FIG 8. Competitive Analysis: Global BTH Market, by Key Players, 2017
FIG 9. Global BTH Market in Data Exchange and Interoperability, 2016 – 2026 (US$ Mn)
FIG 10. Global BTH Market in Supply Chain Management, 2016 – 2026 (US$ Mn)
FIG 11. Global BTH Market in Claims Adjudication and Billing Management, 2016 – 2026 (US$ Mn)
FIG 12. Global BTH Market in Other Applications, 2016 – 2026 (US$ Mn)
FIG 13. Global BTH Market for Pharmaceutical Companies, 2016 – 2026 (US$ Mn)
FIG 14. Global BTH Market for Healthcare Payers, 2016 – 2026 (US$ Mn)
FIG 15. Global BTH Market for Healthcare Providers, 2016 – 2026 (US$ Mn)
FIG 16. Global BTH Market for Research and Academia, 2016 – 2026 (US$ Mn)
FIG 17. Global BTH Market for Other Users, 2016 – 2026 (US$ Mn)
FIG 18. U.S. BTH Market, 2016 – 2026 (US$ Mn)
FIG 19. Canada BTH Market, 2016 – 2026 (US$ Mn)
FIG 20. U.K. BTH Market, 2016 – 2026 (US$ Mn)
FIG 21. Germany BTH Market, 2016 – 2026 (US$ Mn)
FIG 22. Rest of Europe BTH Market, 2016 – 2026 (US$ Mn)
FIG 23. China BTH Market, 2016 – 2026 (US$ Mn)
FIG 24. Japan BTH Market, 2016 – 2026 (US$ Mn)
FIG 25. India BTH Market, 2016 – 2026 (US$ Mn)
FIG 26. Rest of Asia Pacific BTH Market, 2016 – 2026 (US$ Mn)
FIG 27. Brazil BTH Market, 2016 – 2026 (US$ Mn)
FIG 28. Mexico BTH Market, 2016 – 2026 (US$ Mn)
FIG 29. Rest of Latin America BTH Market, 2016 – 2026 (US$ Mn)
FIG 30. GCC BTH Market, 2016 – 2026 (US$ Mn)
FIG 31. Rest of Middle East and Africa BTH Market, 2016 – 2026 (US$ Mn)

List of Tables

TABLE 1 Global Blockchain Technology in Healthcare (BTH) Market Portraiture
TABLE 2 Global BTH Market, by Application, 2016 – 2026 (US$ Mn)
TABLE 3 Global BTH Market, by End-user, 2016 – 2026 (US$ Mn)
TABLE 4 Global BTH Market, by Geography, 2016 – 2026 (US$ Mn)
TABLE 5 North America BTH Market, by Application, 2016 – 2026 (US$ Mn)
TABLE 6 North America BTH Market, by End-user, 2016 – 2026 (US$ Mn)
TABLE 7 North America BTH Market, by Country, 2016 – 2026 (US$ Mn)
TABLE 8 Europe BTH Market, by Application, 2016 – 2026 (US$ Mn)
TABLE 9 Europe BTH Market, by End-user, 2016 – 2026 (US$ Mn)
TABLE 10 Europe BTH Market, by Country/Region, 2016 – 2026 (US$ Mn)
TABLE 11 Asia Pacific BTH Market, by Application, 2016 – 2026 (US$ Mn)
TABLE 12 Asia Pacific BTH Market, by End-user, 2016 – 2026 (US$ Mn)
TABLE 13 Asia Pacific BTH Market, by Country/Region, 2016 – 2026 (US$ Mn)
TABLE 14 Latin America BTH Market, by Application, 2016 – 2026 (US$ Mn)
TABLE 15 Latin America BTH Market, by End-user, 2016 – 2026 (US$ Mn)
TABLE 16 Latin America BTH Market, by Country/Region, 2016 – 2026 (US$ Mn)
TABLE 17 Middle East and Africa BTH Market, by Application, 2016 – 2026 (US$ Mn)
TABLE 18 Middle East and Africa BTH Market, by End-user, 2016 – 2026 (US$ Mn)
TABLE 19 Middle East and Africa BTH Market, by Region, 2016 – 2026 (US$ Mn)
TABLE 20 IBM Corporation: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 21 Guardtime: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 22 Microsoft Corporation: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 23 Proof.Works: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 24 PokitDok, Inc.: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 25 SimplyVital Health Inc.: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 26 Gem OS: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 27 iSolve, LLC: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 28 Patientory, Inc.: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 29 FarmaTrust: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 30 EncrypGen: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 31 Medicalchain: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 32 Nebula Genomics: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 33 Hashed Health: Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)
TABLE 34 Chronicled (MediLedger): Company Snapshot (Business Description; Financial Information; Product Portfolio; Key Developments)