The global blockchain technology in healthcare market size is expected to reach USD 11.5 billion by 2026,
according to a new report by Grand View Research, Inc. It is anticipated to
expand at a CAGR of 63.9% during the forecast period. Increasing need to
prevent drug counterfeit coupled with demand for efficient clinical data
management is anticipated to drive the growth. Furthermore, technological
advancements and untapped opportunities in the healthcare sector are some of
the major factor leading to the adoption of the technology.
Blockchain technology has grown at a rapid
pace in the past few years. The technology has been utilized by the big
corporations for profit maximization and cost cutting. Many leading healthcare
and life science companies including Pfizer Inc.; Amerisource Bergen
Corporation; McKesson Corporation; and Premier Inc. have all recently joined
blockchain-powered project MediLedger to tackle the inadequacies of supply
chain. Reduction or elimination in frauds and errors, reduction in delays from
paperwork, identification of issues rapidly, minimization of courier costs,
improvement in inventory management, and increase in consumer and partner trust
are some of the purported benefits of blockchain technology facilitating supply
chain management.
Furthermore, the pharmaceutical industry is
only one part of the overall healthcare ecosystem which is vigorously exploring
the use cases of the blockchain and many of the ideas already have the
proof-of-concept implementations. The technology holds ability to effectively
improve the patient care while maintaining the funds at reasonable rate. The
hindrances and challenges that arise in multiple level authentication can also
be eliminated through the adoption of blockchain. Furthermore, with the growing
adoption, the technology has made its way to healthcare sector. Even at its
beginning and infancy stage, the technology is being accepted by the people and
company in the healthcare ecosystem.
Clinical data exchange and interoperability
segment of the blockchain technology in healthcare market is expected to expand
at the considerable CAGR during the forecast period. Clinical data exchange and
interoperability are currently the most vulnerable processes affected by a huge
data breach and drug counterfeit. For Instance, according to the Health
Research Funding Organization (HRFO), in 2017, nearly 10% to 30% of the drugs
in emerging countries were not original, which represent a huge market of drug
counterfeit. The U.S. healthcare industry, in 2017, bore a loss of about $200
billion annually, due to counterfeit issues.
Access Research Report of Blockchain Technology in Healthcare
Market @ https://www.grandviewresearch.com/industry-analysis/blockchain-technology-healthcare-market
Further key findings from the study suggest:
· Drug and medical device companies accounted
for the largest market share in the end use segment in 2018
· Clinical data and e-consenting segment held
over 26.0% market share in 2018.
· Private blockchain type segment is
anticipated to witness the fastest growth due to supportive legislative
policies in developed countries
· Europe held the leading market share of
over 35.0% in 2018, attributed to increase in incidence of data breaches,
supportive government policies, favorable reimbursement schemes, rise in awareness,
and increase in number of training programs
· Key players operating in the blockchain in
healthcare market include IBM Corporation; Microsoft; PokitDok, Inc.;
Patientory, Inc.; GuardTime; Blockpharma; MedRec; iSolve, LLC; DeepMind Health;
and Stratumn; among others.
Grand View Research has segmented the
global blockchain technology in healthcare market on the basis of the type,
application, end use, and region:
Blockchain Technology in Healthcare Type
Outlook (Revenue, USD Million, 2016 - 2026)
·
Private
·
Public
Blockchain Technology in Healthcare
Application Outlook (Revenue, USD Million, 2016 - 2026)
·
Clinical Data Exchange &
Interoperability
·
Claims Adjudication & Billing
·
Supply Chain Management
·
Clinical Trials and e-Consenting
·
Others
Blockchain Technology in Healthcare End Use
Outlook (Revenue, USD Million, 2016 - 2026)
·
Hospitals
·
Insurance Providers
·
Drug and Medical Device Companies
·
Others
Blockchain Technology in Healthcare
Regional Outlook (Revenue, USD Million, 2016 - 2026)
·
North America
o
U.S.
o
Canada
·
Europe
o
U.K.
o
Germany
o
France
o
Switzerland
·
Asia Pacific
o
Japan
o
China
o
Australia
o
India
o
Singapore
·
Latin America
o
Mexico
o
Brazil
·
MEA
o
South Africa
o
UAE
Access Press Release of Blockchain Technology in Healthcare Market@ https://www.grandviewresearch.com/press-release/global-blockchain-technology-healthcare-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
