Blockchain in the health market to reach $ 890.5 million by 2023: P & S Intelligence

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Blockchain in the health market by application (Clinical exchange of data and interoperability, Complaints and management of billing, Management of the distribution chain of drugs, Discovery of drugs and Clinical Trials, Prescription drug abuse) by the user final (pharmaceutical companies, health service providers, health payers), by geography (United States, Canada, Germany, United Kingdom, France, Italy, Spain, Sweden, Estonia, Japan, China, India, Australia, Brazil, Mexico, Arabia Saudi Arabia, South Africa) – Global market size, sharing, development, growth and demand Forecast, 2013-2023

NEW YORK, 9 January 2019 (GLOBE NEWSWIRE) – According to the market research report published by P & S Intelligence, blockchain in the health market It is expected to reach $ 890.5 million by 2023. This growth is mainly attributed to stringent regulations for consumer data protection, increased funding and investment in the blockchain arena and the growing adoption of blockchain technology in the pharmaceutical and healthcare industries.

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Based on the application, the blockchain in the health care market is divided into clinical data exchanges and interoperability, claims assignment and billing management, supply chain management of drugs, drug discovery and clinical trials , drug abuse and more. Among these applications, the market for the exchange of clinical data and interoperability should reach over $ 400.0 million by 2023, with a CAGR of over 70.0%. This can be attributed to the fact that blockchain technology can potentially transform the way of clinical information and the storage and sharing of data between healthcare partners, payers and patients.

Based on the end user, the blockchain in the healthcare market is classified into pharmaceutical companies, healthcare professionals, health care payers and others. Healthcare professionals, as a category of end-users, dominate the market and expect to maintain this trend throughout the forecast period. This can be ascribed to the fact that blockchain technology is gaining consensus among healthcare professionals globally. Because of the many advantages offered by this technology such as security and data integrity, it is expected that its adoption will increase further in the coming years.

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Geographically, the Asia-Pacific (APAC) is expected to be the fastest growing blockchain in the healthcare market, with a CAGR of over 70.0% during the forecast period. This faster growth is mainly attributed to the growing focus on blockchain technology in this region, as well as unmet needs in areas of exchange and interoperability of clinical data and management of the drug supply chain. For example, in July 2018, Singapore Innovate Pte. Ltd. (SGInnovate), a technology development company owned by the government of Singapore, invested in MediLOT Technologies, a blockchain start-up and health analysis.

As technology in its nascent development phase, companies interested in adopting blockchain technology are collaborating and collaborating with various technology providers to explore the potential applications of blockchain technology, so that they can simplify their operational processes. For example, in January 2018, Guardtime AS, pioneer of the Estonian blockchain, concluded an agreement with NMC Health, a United Arab Emirates private health service provider (UAE), to bring the technology into the country.

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Some of the major players operating in the global blockchain in the healthcare market are International Business Machines (IBM) Corporation, Microsoft Corporation, Guardtime AS, PokitDok Inc., Hashed Health, iSolve LLC, Patientory Inc., Factom Inc., Chronicled Inc., and Accenture PLC. Other important players in the market are Blockverify, FarmaTrust, Blockpharma, DeepMind Technologies Limited, Proof.Works, IRYO.NETWORK, Doc.ai Inc. and Coral Health Research & Discovery Inc.

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