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The Healthcare Blockchain Technology Market Research Report provides the latest data and future industry trends, enabling you to identify the products and end users driving revenue growth and profitability. The industry report lists the key competitors and provides the strategic insights of the industry Key Factors Influencing the Market.
The implementation of blockchain in the healthcare sector has gained significant momentum in recent years due to the growing need to store scalable data and ensure the exchange of healthcare data. Both developed and emerging countries have focused on implementing technology in health systems.
In July 2020, China launched two blockchain platforms in the cities of Fuzhou and Kunshan focusing on medical billing and prescribing respectively. The move aims to increase the growing role of technology in Chinese healthcare.
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According to a new research report compiled by GMI, Inc., global blockchain technology for healthcare market size will reach an annual valuation of $ 1.6 billion by 2025. Let’s take a look at some of the key trends driving the ” adoption of the blockchain in the healthcare sector.
In terms of application, the claims adjudication and billing management segment will see a CAGR of over 66.5% over the expected time frame. The growing storage risk and duplication process are the most essential factors for the adoption of blockchain technology in the healthcare sector. Furthermore, the absence of recognition systems for security data and the management of billing increases the need for more reliable identification systems, thus increasing the demand for blockchain technology. Increasing the scope of blockchain technologies such as provider follow-up, submission and appeal to inquiries in an effort to keep service provider data will drive the market growth for this segment in the coming years.
Based on end use, in 2018, the end use segment of pharmaceutical companies accounted for a revenue share of more than $ 21.5 million. Extensive use of blockchain technology across the healthcare network to improve drug reporting verification, as well as transparency and traceability of clinical trials will increase its adoption rate. Furthermore, more and more pharmaceutical companies are progressively adopting blockchain to improve the operational and financial aspects of the business, thus influencing the growth of the market.
Additionally, the pharmaceutical industry is vigorously exploring blockchain technology to support various real-life use cases. The technology helps improve the quality and reliability of clinical trial data by verifying the authenticity of returned drugs and compliance in the pharmaceutical supply chain, among others. Additionally, the technology is also capable of enabling the advancement of next-generation personalized therapies. These factors will drive the demand for blockchain technology in the healthcare market.
From a regional framework, blockchain technology in healthcare in the UK is expected to see a CAGR of more than 61.0% over the next time frame. This growth can be attributed to the presence of a large number of R&D centers and laboratories that continuously invest in the implementation of centralized mechanisms to effectively ensure transparency and an immutable registry solution. In addition, the technology further helps organizations to maintain data security and access to independent data.
Furthermore, the implementation of the “Proof of Concept”, which provides greater value to clinical researchers for maintaining patient data and medical outcomes, is provided by blockchain technology. As a result, the growing demand for “Proof of Concept” and interoperability within research centers will drive blockchain technology in the growth of the healthcare sector 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 index
Chapter 4. Blockchain Technology in the Healthcare Market, by Application
4.1. Global blockchain technology in healthcare market share, by application, 2018 and 2025
4.2. Exchange of data and interoperability
4.2.1. Market Size, by Region, 2016-2025 (USD Million)
4.3. Awarding of complaints and billing management
4.3.1. Market Size, by Region, 2016-2025 (USD Million)
4.4. Integrity of the drug supply chain
4.4.1. Market Size, by Region, 2016-2025 (USD Million)
4.5. Clinical tests
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. Others
4.7.1. Market Size, by Region, 2016-2025 (USD Million)
Chapter 5. Global Blockchain Technology Market in Healthcare, For End Use
5.1. Global blockchain technology in healthcare market share, for end use, 2018 and 2025
5.2. Pharmaceutical companies
5.2.1. Market Size, by Region, 2016-2025 (USD Million)
5.3. Health 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. Others
5.5.1. Market Size, by Region, 2016-2025 (USD Million)
