Healthcare

Global Blockchain in Healthcare Market

April 8, 2020
ID: SR/HC-31
Format:Pdf
Pages:220

Global Blockchain in Healthcare Market- By Type outlook (Public, Private), By Application Outlook (Clinical Data Exchange & Interoperability, Claims Adjudication & Billing, Supply Chain Management, Clinical Trials & e-Consenting, Other Applications), By End-use(Hospitals, Insurance Providers, Drug and Medical Device Companies, Others), and By Region (North America, Europe, Asia Pacific, South America, and Middle East, & Africa)- Global forecast from 2020-2027.

Description

Global Blockchain in Healthcare Market Overview

A blockchain referred to as a time-stamped series of permanent data records managed by a group of computers that are not posed by any single entity. Each of these data blocks is protected and bound to each other using encryption principles. Blockchain technology has the potential to change healthcare, can place patients at the center of the healthcare ecosystem, and can improve the security, privacy, and interoperability of medical data. By making electronic medical records more effective, safe, and disintermediated, it can provide a new model for health information exchange (HIE).

Global Blockchain in Healthcare Market Insights

The global blockchain in the healthcare market to bolster market growth at the most significant CAGR in the forecast period from 2020-2027. Due to the singularity of the medical field, poor data flow and asymmetric information have caused many problems such as inadequate medical experience, contradictions between doctors and patients, fake and poor medicines.

In the face of various problems or pain points in the medical and health industry, blockchain technology, with its distributed, stable, and traceable features, can open the flow of medical data and improve the mutual behavior of institutions on the premise of ensuring the privacy of patient data. The status of data silos, rebuilding trust between doctors and patients and improving industry efficiency. With its inherent characteristics, the blockchain can make significant contributions to the healthcare industry in many aspects such as data sharing and circulation, establishing trust mechanisms, and circulation traceability.

The emergence of blockchain technology expected to promote the development of the medical and health industry. In the future, blockchain combined with AI big data, using the real and high-quality data precipitated by the blockchain for algorithm optimization and deep learning, will promote the development of medical science. Also, regulatory agencies and industry associations may become the construction of therapeutic alliance pushing hands.

Moreover, a wide range of industries and a long industrial chain, including pharmaceutical preparations, medical devices, health supplies, health food, and fitness supplies, will also grow in the future. With the increasing demand for residents’ pension and health management, it not only promotes the continuous development of the medical field and makes breakthroughs, but also encourages the constant acceleration of business model innovation and industrial integration. In the future, people’s spending on old-age care and medical care will increase day by day. Thus, blockchain in the healthcare industry will promote its growth and market share in the forecast period.

Growth Driver

Increasing Internet facilities

With the development of Internet technology, medical services have gradually transformed the traditional medical infrastructure and medical consultation. The treatment of a patient process through informatization and digitalization will improve the healthcare industry. Moreover, accelerating the transfer of medical resources across institutions will enhance the efficiency of the sector.

Increase disposable income

With the continuous improvement of residents’ health awareness, and the constant increase of disposable income, the willingness to purchase health insurance to reduce the burden of medical expenses is increasing. Insurance will inevitably benefit from this and develop rapidly, occupying a more prominent position in the overall health payment structure, and becoming a powerful supplement to social basic medical insurance.

By Type outlook Segmental Analysis

Based on the type outlook, the global blockchain in the healthcare market bifurcated into Public, Private. The public type segment has dominated the largest share in the global blockchain in the blockchain market. They are entirely open ecosystems, and anyone can participate in the ecosystem. The network also has a built-in incentive mechanism to reward participants for better participation in the system. It is owing to the benefit public blockchain system, which provides privacy, fact transaction, efficiency, high security, and helps in bolstering the growth of blockchain in the public sector. Moreover, the general industry is leading in the blockchain system as it is lower in cost, has less permission system, and provides access to the vast database as well. Technological advancement in the hybrid type of blockchain expected to lead the market in the future.

By Application Segmental Analysis

Based on the Application, the global blockchain in the healthcare market classified into Clinical Data Exchange & Interoperability, Claims Adjudication & Billing, Supply Chain Management, Clinical Trials & e-Consenting, Other Applications. Clinical trials and e-consenting hold the largest market share in the global blockchain in the healthcare market. The Internet of things and the adoption of smartphones are the two significant factors of the growth of blockchain in the healthcare industry. Blockchain technology can help establish a data-sharing platform, which can strictly control the acquisition and use of data, to a large extent, to avoid the commercialization of patient data and protect the patient’s data privacy. Therefore, the quality of standard and quantity of clinical data has been improved, which is beneficial to the drug research and development process. On the other hand, patients can also use their data through authorized institutions in exchange for related benefits, which are mutually beneficial.

By End-use Segmental Analysis

Based on End-use, the global blockchain in healthcare market segmented into Hospitals, Insurance Providers, Drug and Medical Device Companies, Others. The hospital’s segment holds the largest market share in the global blockchain in the healthcare market. The distributed, non-tamper able, traceable, and other characteristics of the blockchain, ensures the privacy of patient data, has solved the problem of inadequate medical information circulation in the past. It has improved the transparency of all links, and established trust relationships between all parties and ease the tension between doctor and patient. The embedding of blockchain technology has solved many current pain points in the medical industry and greatly improved the operating efficiency of the medical system.

By Region Segmental Analysis

Based on geography, the global blockchain in the healthcare market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific will be expecting to witness the highest growth during the forecast period from 2020-2027. Due to the region’s fastest economic growth and related opportunities. In the region, Japan has a mature market, a vast population, and a highly skilled workforce, making it an essential blockchain in the medical market.

Competitor Analysis

Companies such as IBM, Microsoft, Guardtime, PokitDok, Gem Health, Patientory, iSolve, LLC, FarmaTrust, Medicalchain, EncrypGen, SimplyVitalHealth, Blockpharma, Doc.AI, Nebula Genomics, Embleema among others are key players in the global blockchain in the healthcare market.

Key Stakeholders

Market research and consulting firms
Industry associations
Global blockchain in healthcare manufacturing companies
Research organizations and consulting companies’ blockchain in healthcare
Regulatory bodies

Scope of the report

Report Attribute	Details
Market size value in 2020	USD 554.42 million
Revenue forecast in 2027	USD 11.23 Billion
Growth Rate	CAGR of 68.75% from 2020 to 2027
Historical data	2017-2019
Forecast period	2021 – 2027
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	IBM, Patientory, iSolve, LLC, Microsoft, Guardtime, PokitDok, Gem Health, FarmaTrust, Medicalchain, EncrypGen, SimplyVitalHealth, Blockpharma, Doc.AI, Nebula Genomics, Embleema.

Recent Developments

In September 2021, Solve. Care partnered with HealthLink to bring cross-border telemedicine to India.
In September 2021, IIT Madras collaborated with Hedera governing council to drive R&D in new Blockchain use cases to advance its technical education, research, and innovation offerings in distributed ledger technology.
In August 2021, FreeTON signed a partnership with GDA Capital to launch the maiden Next Top TON Startup. The annual event will allow blockchain startups to compete, connect with global industry leaders and investors, and build the future of blockchain technology.
In May 2021, Netki is now partnering with blockchain technology provider Polymath to conduct blockchain-specific identity verification to Polymesh, a permissioned blockchain purpose-built by Polymath for security tokens. The collaboration will help protect against false account creation while ensuring the onboarding process to the chain is easy and efficient for global users.

The objective of the Research

Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
Product analysis involves steps such as examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
Market Trend and Economic Factors Analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
Market Segmental Analysis defines in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs wants, and cultural characteristics that can be specifically targeted.

Market Modelling

By Type Outlook

Public
Private

By Application Outlook

Clinical Data Exchange & Interoperability
Claims Adjudication & Billing
Supply Chain Management
Clinical Trials & e-Consenting
Other Applications

By End-use

Hospitals
Insurance Providers
Drug and Medical Device Companies
Others

By Region

Europe
North America
Asia Pacific
South America

Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

Who are the key companies in the Blockchain in the Healthcare market?

IBM, Patientory, iSolve, LLC, Microsoft, Guardtime, PokitDok, Gem Health, FarmaTrust, Medicalchain, EncrypGen, SimplyVitalHealth, Blockpharma, Doc.AI, Nebula Genomics, Embleema are prominent Blockchain in Healthcare market players.

What are the factors driving the global Blockchain in the Healthcare market?

Rising disposable income, Increasing Internet facilities are driving the global Blockchain in the Healthcare market.

How can Blockchain be applied in the healthcare industry?

Blockchain technology manages the medicine supply chain, facilitates the secure transfer of patient medical records, and helps healthcare researchers unlock genetic code.

What is the value of the Blockchain in the Healthcare Market?

The global Blockchain in the Healthcare market is expected to grow from USD 554.42 million in 2020 and reach USD 11.23 Billion by 2027.

What is the growth rate of the Global Blockchain in the Healthcare Market?

Blockchain in Healthcare Market is projected to grow at a CAGR of 68.75% during the forecast period.

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