Global Blockchain in Healthcare Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
“Global Blockchain in Healthcare Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global blockchain in healthcare market report has been segmented on the basis of application, end user, and region.
Global Blockchain in Healthcare Market: Overview
Blockchain technology is widely used to offer efficient health-care services globally. Currently pharmaceutical industries are facing major challenges associated with drug counterfeiting, where ingredients and dosages included in medicines vary due to which product would trigger unexpected secondary effects and can lead to death incidences. Deploying blockchain technology into pharmaceutical systems aids to eliminate major drawback of counterfeit drugs.
Global Blockchain in Healthcare Market: Dynamics
Blockchain technologies help to overcome two major issues associated with to drug traceability; first blockchain structure allows end-user to track products down the supply chain by creating an airtight circuit and offers impermeable to counterfeit products. Secondly, blockchain allows stakeholders, especially production facilities, to take responsive actions by identifying the exact location of drugs. These characteristics ensures the traceability and authenticity of drugs and companies that register a product on the blockchain to be trustworthy.
In addition, growing demand to safeguard healthcare data and increasing incidence regarding healthcare data breaches are key factors expected to propel adoption of blockchain technology in the healthcare sector.
Increasing implementation of blockchain as a service (BaaS) and growing need for transparent and immutable distributed ledger technology are among major factors expected to boost growth of the global market during the forecast period. This adoption and need is majorly due to efficient data sharing between healthcare providers which offers high probability of accurate diagnoses, effective treatments, and increase overall ability of healthcare organizations to deliver cost-effective care. Aforementioned are major factors expected to drive growth of the global market over the forecast period.
Global Blockchain in Healthcare Market: Opportunities
Increasing government initiatives and rapid growth in funding through initial coin offering (ICO) and venture capital investments by private and government organizations are factors expected to create significant revenue growth opportunities for players in the global market.
Global Blockchain in Healthcare Market: Segment Insights
The supply chain management segment in the application segments is expected to register high revenue growth in the global blockchain in healthcare market. The segment growth is primarily due to benefit offered by blockchain technology such as transparency and security aspect in terms of supply chain management.
Global Blockchain in Healthcare Market: Regional Insights
Currently, the North America blockchain in healthcare market is expected to dominate the global market in terms of revenue followed by the market in Europe. This growth is attributed due to increasing implementation and adherence to regulatory acts such as Drug Quality and Security Act (DQSA) in the US in North America and Falsified Medicines Directive (FMD) in European countries to counterfeit drugs in the healthcare supply chain management.
The North America market is expected to contribute highest CAGR over the forecast period. This is attributed to growing incidences of fraudulent billings and data breaches, favorable government regulations for efficient pharmaceutical supply chain, and rising need to reduce increasing healthcare costs.
Furthermore, the market in Asia Pacific is expected to offer lucrative revenue growth in the target market during the forecast period, followed by the market in Latin America.
Global Blockchain in Healthcare Market Segmentation:
Segmentation by Application:
- Supply Chain Management
- Clinical Data Exchange and Interoperability
- Claims Adjudication and Billing Management
- Others (Blockchain for EHRs, Blockchain in Clinical Research, etc.)
Segmentation by End User:
- Healthcare Players
- Healthcare Providers
- Pharmaceutical Companies
- Healthcare Services Providers
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Estimated Year 2020 Actual Year 2021 Forecast Period 2021–2030 Revenue in US$
- PokitDok, Inc.
- Patientory, Inc.
- iSolve Business Solutions Pty. Ltd.
- IBM Corporation
- Hashed Health LLC
- Microsoft Corporation
- Guardtime Limited
- Chronicled, Inc.
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