The global Blockchain in Healthcare market is forecast to reach USD 5.72 Billion by 2027. Several hospitals and organizations are implementing the technology to record, analyze, and monitor patient information. Moreover, there is an increase in the supply of counterfeit drugs, and this issue can be restrained by adopting the blockchain technology in the healthcare sector. Initiatives are being taken by the government across the globe to tackle the situation.
Stringent regulations such as increased incidence of medical data breach will boost the application of the technology in the sector. For instance, in May 2019, it was revealed that the billing services vendor American Medical Collection Agency was hacked for eight months between August 1, 2018, and March 30, 2019. So far, it is estimated that approximately 25 million patient’s data has been breached. Blockchain technology in the healthcare sector will lead to greater efficiency, and user empowerment, and interoperability leading to streamlined processes. It also allows data to be secured under inherent security features.
In the U.S., the FDA has outlined requirements to develop and enhance the drug supply chain security by the year 2023. This will boost the blockchain technology in the region as the companies are trying to manage product quality as well as security. The market is Canada is also growing at a faster CAGR. The increasing number of startup and rise in government spending on the technology will augment the market demand.
The COVID-19 impact:The COVID-19 pandemic is forcing governments and businesses to use Blockchain in healthcare operations. Blockchain has gained more attraction in such critical times of global crisis due to the rich-features and characteristics. Individuals, businesses, and organizations around the world are trying to cope with the spread of the virus and are exploring blockchain technology to find solutions to prevent such impending disasters. Even the technology's full potential is yet to be explored, the coronavirus outbreak in recent months has made it more relevant. Blockchain in healthcare is important for those organizations that are continually tracking how COVID-19 is affecting people in real-time. The technology acts in real-time data with utmost accuracy and transparency that are becoming the need of the hour. Blockchain is also helping firms create greater awareness to people and organizations about the disease and its spread. The market is witnessing an upsurge in demand, and companies will further invest in its development after the pandemic is lifted off, which is a positive trend of the market.
In-depth Study of the Competitive Landscape:
The global Blockchain in Healthcare market consists of various market players, which make this business sphere highly competitive. In this section of the report, the authors have provided authentic information on product portfolios, new product innovations, technological capabilities, and product pricing strategies of each of these players. Moreover, it discusses the key strategies implemented by these players, such as mergers acquisitions, joint ventures, collaborations, partnerships and agreements, to build on their market presence.
Top companies profiled in the report include:
IBM, Microsoft, Gem, Chronicled, Hashed Health, Factom, Guardtime, Pokitdok, Patientory, and Blockpharma, among others.
Key Market Regions Covered in the Report:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- The Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Type Outlook (Revenue, USD Billion; 2017-2027)
- Permissioned Blockchain
- Others
Applications Outlook (Revenue, USD Billion; 2017-2027)
- Supply Chain Management
- Clinical Data Exchange Interoperability
- Claims Adjudication Billing Management
- Others
End User Outlook (Revenue, USD Billion; 2017-2027)
- Pharmaceutical Companies
- Healthcare Providers
- Healthcare Payers
- Others
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Blockchain in Healthcare market over the forecast period?
- What are the major factors driving the growth of the Global Blockchain in Healthcare Market?
- What are the key challenges impacting the global Blockchain in Healthcare market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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