Blockchain Technology in Healthcare Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.
Rising demand for rapid and secure transfer of healthcare data using strong computer codes is boosting the adoption of blockchain technology in healthcare industry. The integration of blockchain in the sector is further expected to increase across the world owing to the centralization of a more secure platform for the management of healthcare data. Moreover, several tech firms are introducing technologically advanced and easy to handle cyber risk software technologies with operational integration to stay ahead of their competitors, fueling industry growth.
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As per a research report by GMI, blockchain technology in healthcare market is estimated to exceed $1.6 billion valuation by 2025.
In addition, key market players are increasingly collaborating with each other to expand the capabilities of their healthcare data management platforms, which is slated to further outline the industry outlook over the coming years. Citing an instance, June 2019, EY reportedly announced its plan to expand its current Health Outcomes Assessment platform by collaborating with Guardtime and Sensyne Health. The platform is among the first for the healthcare sector. Through this collaboration, Guardtime will add blockchain technology and Sensyne Health will integrate clinical AI into the platform to help it scale faster, providing access to new treatments and fairer reimbursement for patients.
In terms of application, the claims adjudication & billing management segment will observe over 66.5% CAGR over the forecast timeframe. The rising risk of filing as well as duplication process are the most essential factors for the adoption of blockchain technology in healthcare sector. Furthermore, absence of recognition systems for safety data and billing management is increasing the need for identification system that are more trustworthy, thereby boosting the demand for blockchain technology. Increasing application scope of blockchain technologies like provider follow-up, submitting, and appealing claims in an effort to maintain service vendor data will drive the market growth for this segment in coming years.
Based on end-use, in 2018, the pharmaceutical companies end-use segment accounted for more than $21.5 million revenue share. Extensive use of blockchain technology throughout the healthcare network for improving verification of drugs reports as well as transparency and trackability of clinical trials will surge its adoption rate. Furthermore, more pharmaceutical companies are progressively adopting blockchain in order to enhance operational and financial aspects of business, thereby influencing the market growth.
Additionally, the pharmaceutical industry is vigorously exploring the blockchain technology to support various real-life use cases. The technology helps in improving quality and reliability of clinical trials data, verifying the authenticity of returned drugs, and compliance in pharma supply chain among others. Moreover, the technology is also capable of enabling the advancement of next-gen, personalized therapies. These factors will drive the demand for blockchain technology in the healthcare market.
From a regional reference-frame, the blockchain technology in healthcare sector in UK is likely to witness a CAGR of more than 61.0% over the forthcoming timeframe. This growth can be ascribed to presence of a large number of R&D centers and laboratories that are continuously investing towards the implementation of centralized mechanism to effectively ensure transparency as well as immutable ledger solution. Additionally, the technology further helps the organizations in maintaining data security and access to independent data.
Furthermore, the ‘Proof of Concept’ implementation which provides higher value to clinical researchers to maintain patient and medical outcome data is delivered by blockchain technology. Consequently, increasing demand of ‘Proof of Concept’ as well as interoperability within research centers will drive blockchain technology in healthcare industry growth in the region.
iSolve, LLC, Guard time, Microsoft, IBM, and Block Pharma among others are some of the key players operating in the market today.
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Partial Chapter of the Table of Content
Chapter 4. Blockchain Technology in Healthcare Market, By Application
4.1. Global blockchain technology in healthcare market share, by application, 2018 & 2025
4.2. Data exchange and interoperability
4.2.1. Market size, by region, 2016 – 2025 (USD Million)
4.3. Claims adjudication and billing management
4.3.1. Market size, by region, 2016 – 2025 (USD Million)
4.4. Drug supply chain integrity
4.4.1. Market size, by region, 2016 – 2025 (USD Million)
4.5. Clinical trials
4.5.1. Market size, by region, 2016 – 2025 (USD Million)
4.6. Cyber security and internet of medical things (IoMT)
4.6.1. Market size, by region, 2016 – 2025 (USD Million)
4.7.1. Market size, by region, 2016 – 2025 (USD Million)
Chapter 5. Global Blockchain Technology in Healthcare Market, By End-use
5.1. Global blockchain technology in healthcare market share, by end-use, 2018 & 2025
5.2. Pharmaceutical companies
5.2.1. Market size, by region, 2016 – 2025 (USD Million)
5.3. Healthcare payers
5.3.1. Market size, by region, 2016 – 2025 (USD Million)
5.4. Healthcare providers
5.4.1. Market size, by region, 2016 – 2025 (USD Million)
5.5.1. Market size, by region, 2016 – 2025 (USD Million)