- Increasing Threat of Counterfeit Drugs is One of Major Factors Driving the Market Growth.
- North America is Expected to Dominate the Blockchain Technology in Healthcare Market.
- Growing need for efficient health data management systems and increasing prevalence of diseases are expected to create huge amounts of data and supplement market growth.
Increasing demand for easy to use and inexpensive data management tools is the key factor driving the growth of Global Blockchain Technology in Healthcare Market. Blockchain Technology in Healthcare Market was valued at $38.9 Million in 2018, and is estimated to reach at $1547.3 Million by 2025, registering an astounding CAGR of 69.2% over 2019-2025.
Blockchain technology is one of the most important and disruptive technologies in the world. Increasing innovative use of blockchain technology in various industries is changing the way they function. One of the industries looking to adopt blockchain is the healthcare industry. A blockchain can be simply defined as a time-stamped series of immutable data records managed by a cluster of computers not owned by any single entity. Each of these blocks of data are secured and bound to each other using cryptographic principles.
Blockchain technology has the potential to transform health care, placing the patient at the center of the health care ecosystem and increasing the security, privacy, and interoperability of health data. It can provide a new model for health information exchanges (HIE) by making electronic medical records more efficient, secure and disintermediated.
Key market players, of Blockchain Technology in Healthcare Market are IBM, Microsoft, Guardtime, Pokitdok, Gem, Patientory, Hashed Health, Chronicled, Isolve, Factom, Blockpharma, Medicalchain, Simplyvital Health, Farmatrust and others.
The blockchain technology in healthcare market report is segmented on the basis of type (Public, Private), application (Supply Chain Management, Clinical Data Exchange and Interoperability, Claims Adjudication and Billing Management, Other Applications), end-users (Pharmaceutical Companies, Healthcare Payers, Healthcare Providers, Other End Users) and regional & country level.
The regions covered in this Blockchain Technology in Healthcare Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Blockchain Technology in Healthcare Market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
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Increasing incidences of information leaks, to reduce drug counterfeit and strategic initiatives taken by the key players are the major factors driving the growth of this market. Counterfeit medicines are on the ascent, murdering an expected 1 million individuals per year. For example; The World Health Organization (WHO) gauges around 10% of prescriptions over the world are fake and that this rate is as high as 30% in certain zones of Asia, Latin America and Africa. Thus, the OECD has reasoned that the fake pharmaceutical industry is worth some place in the district of $200 bn every year – for correlation, the illicit medication exchange is worth around $246 bn.
Due to how rewarding the fake prescription business currently is, it has seen emotional development as of late, making Interpol report a nine-fold increment in the volume of phony medications provided between 2011–14. Blockchain innovation, infamous for its applications in verifying tremendous swathes of information such that is difficult to control, can possibly handle this developing illegal industry by following the development of medications.
In addition, growing need for efficient health data management systems and increasing prevalence of diseases are expected to create huge amounts of data and supplement market growth. However, Lack of a central entity & common set of standards may hamper market growth. Moreover, leveraging blockchain technology in healthcare records will ensure data cannot be altered, securing data integrity.
North America is expected to dominate the global technology in healthcare market within the forecast period. According to The United States Census Bureau, more than 91.2 Million Americans were secured by medicinal services protection, out of which Medicaid gave protection inclusion to the 19.4% and Medicare represented 16.7% and 16.2% profited protection benefits by direct-buy. To keep up the constant record of protection holder’s insurance agencies are likely to favor Blockchain innovation in the future.
The European market is expected to be the second-largest market for blockchain innovation in the social insurance showcase. Market development in this district can be credited to the expanding number of clinical preliminaries with expanding innovative work consumption in pharmaceutical industry, expanding mindfulness about Blockchain innovation in the area, and rising social insurance use is relied upon to drive the development of the market.
Asia-Pacific is expected to be the quickest developing blockchain innovation in social insurance within the forecast period, attributable to the expanding non-exclusive pharmaceutical industry in the district, consistently expanding interest in human services, and reception of innovation in medicinal services.