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Global blockchain technology in healthcare market witnesses a continual rise in revenues. Market growth attributes to the strong foothold that the blockchain technology has acquired in the rapidly growing healthcare industry. The technology is rapidly changing the paradigm in the healthcare sector, streamlining traceable interactions, and accurate readings.Resultantly, the blockchain technology is increasingly adopted across the healthcare industry.
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According to Market Research Future (MRFR), the valuation of global blockchain technology in healthcare market is estimated to reach approximately USD 42 MN by 2023, growing at 71.8% CAGR during the review period (2018 – 2023). Credible growth opportunities offered by the technology is a key growth driver for the market.
Moreover, the increasing uptake of blockchain technology in insurance companies to maintain the real-time record of insured patients fosters market growth. Additionally, increasing cases of data breach and data security concerns in healthcare, and rising demand for user-friendly, inexpensive data management tools boost the growth of blockchain technology in the healthcare industry.
On the other hand, the absence of universal standards and awareness about blockchain technology are major factors anticipated to impede market growth. Nevertheless, increasing investments in healthcare sectors would support the growth of the market throughout the estimated period, providing favorable conditions.
Blockchain Technology in Healthcare Market – Segments
The report is segmented into four dynamics;
By Application : Patient Data Management, Clinical Trials & Data Security, Drug Traceability, Claims Adjudication, Billing, and others.
By Type : Permissioned and Permission Less Blockchain.
By End-user : Pharmaceutical Companies, Healthcare Service Providers, Healthcare Consumers, and others.
By Regions : Americas, Europe, Asia Pacific, and Rest-of-the-World.
Geographical Analysis of the Blockchain Technology in Healthcare Market –
North America holds the largest share in global blockchain technology in healthcare market. Market growth attributes to the early adoption of advanced technologies in healthcare management systems. Besides, the presence of well-established healthcare sectors and several key industry players and insurance holders, foster the growth of the regional market excellently.
Moreover, factors such as a large patient pool, and high per-capita healthcare expenses, drive the regional market growth. The North American blockchain technology in healthcare market is projected to retain its dominance over the global market throughout the estimated period.
Europe holds the second-significant share in global blockchain technology in healthcare market. Market share is driven by technological advances and the increasing adoption of blockchain technology in healthcare systems. Additionally, the proliferating healthcare industry and rising numbers of pharmaceutical companies in the region, foster the market growth.
Also, factors such as increasing numbers of clinical trials and R&D expenditure in the pharmaceutical industry, and widespread awareness about the advantages of blockchain technology are significant tailwinds for the market in the region. Moreover, augmenting demand to curtail the rising healthcare expenditure foster the growth of the regional market.
The blockchain technology in healthcare market is brisk in the Asia Pacific region. Factors such as the rising uptake of blockchain technology in the healthcare sector, and increasing per capita healthcare expenditures, drive the regional market growth predominantly. Besides, factors such as the increasing digitalization of patient records and rising numbers of healthcare organizations are the key drivers behind the regional market growth.
Furthermore, the rising trend of generic medicines, growing investments in the healthcare industry, and the growing need to reduce healthcare expenses, foster the regional market growth. The APAC blockchain technology in healthcare market is anticipated to register significant gains over the review period.
Blockchain Technology in Healthcare Market – Competitive Landscape
Highly competitive, the blockchain technology in healthcare market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players adopt strategies such as mergers & acquisitions, expansion, collaborations, and technology launch.
Major Players
Active players in the global Blockchain technology in healthcare market include Farmatrust, Guardtime, Microsoft, IBM, Gem, Patientory, Chronicled, Pokitdok, Isolve, Hashed Health, Factom, Blockpharma, Medicalchain, and Simplyvital Health, among others.
Innovation/Industry/Related News:
May 22, 2020 --- Global healthcare technology platform Solve. Care launched a first-of-its-kind landmark deployment of blockchain, the Global Telehealth Exchange (GTHE), to tackle the challenges facing the global healthcare system. GTHE is a decentralized care network that helps in removing the physical and geographical barriers associated with accessing healthcare services while also providing administrative, payment, and care coordination for all.
The healthcare blockchain technology company aims to redefine the current healthcare system. On May 11, 2020, Solve.Care introduced the Team.Care, a workforce health management solution with a special focus on wellbeing and Covid-19 risk. Team. Care allows employers to track the welfare of their teams, whether working remotely or in their workplace.
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