Blockchain Technology in Healthcare Market expanding at a CAGR of 71.8% By 2023
Posted by Sapana on August 28th, 2019
Blockchain technology is one of the most disruptive technologies of the decade and is being progressively adopted by various industry verticals including healthcare. Blockchain offers a multitude of use cases for the healthcare industry, and Market Research Future (MRFR) anticipates the size of the global blockchain technology in healthcare market to expand at a remarkable rate in the forthcoming years.
The Global Blockchain Technology in Healthcare Market accounts for USD 42.06 million and expected to register healthy CAGR 71.8% during the forecast period.
Blockchain relies on established cryptographic techniques which allow for storing, exchanging and viewing of information by all participants across all network instead of a central authority which raises the transparency quotient. The growing need for simplification of healthcare processes, interoperability, seamless exchange of clinical information and integrated services within the healthcare sector has spurred the adoption of blockchain technology in healthcare.
Blockchain technology helps to automate end-to-end processes across the healthcare transaction processing lifecycle. Increased automation of various healthcare process fosters the growth of the global blockchain technology in the healthcare market. Automation of specific processes also reduces human efforts and minimizes staffing costs.
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Implementation of blockchain in healthcare provides the advantages of pharmaceutical fraud and also improves data exchange in clinical trials. A growing number of healthcare players are coming forward to adopt blockchain technology and investing huge capital which further accelerates the growth of the market.
Even though blockchain technology in healthcare presents numerous opportunities, the technology is still in its nascent stage, and its implications have not been not fully realized. Several technical, organizational, and behavioral challenges related to it are likely to hinder the growth of the global blockchain technology in healthcare market.
Blockpharma, Medicalchain, Microsoft, PokitDok, Guardtime, FarmaTrust, Chronicled, Factom, IBM, Patientory, iSolve, and Gem are the eminent players in the blockchain technology in healthcare market.
The Global Blockchain Technology in Healthcare Market has been segmented based on application and end user.
By application, the global blockchain technology in healthcare market has been segmented into supply chain management, clinical data exchange & interoperability, claims adjudication, and billing.
By end user, the global blockchain technology in healthcare market has been segmented into pharmaceutical companies, service providers, and health consumers.
Geographically, the global blockchain technology in healthcare has been segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). In North America, the adoption of blockchain technology in healthcare is expected to witness considerable upswing over the forecast period. The region has a tendency to uptake advanced technologies swiftly which coupled with a massive investment in the healthcare sector stimulates the growth of the North America market. Major healthcare companies in the US have allied to trail blockchain solutions in a bid to reduce healthcare costs and improve data quality. The group named the Synaptic Health Alliance group consists of Humana, Multiplan, UnitedHealth Group's Optum, United Healthcare, Quest Diagnostics and has been recently (December 2018) joined by Ascension, the largest non-profit healthcare organization in the US and CVS Health-Aetna.
Europe has a strong financial base which has resulted in the rapid implementation of blockchain technology in healthcare. In addition, government support in prioritizing national blockchain development plays a crucial role in the growth of the Europe market.
APAC will witness a considerable rise in the number of healthcare facilities which is expected to create lucrative growth opportunities in the forthcoming years. APAC has witnessed rapid adoption of blockchain technology in the past few years. Significant investments by venture capitalists, an increasing number of blockchain startups in the region will contribute to the growth of the market.
In December 2018, Blockchain-based healthcare platform HEX Innovation Ltd. announced a partnership with the University of Perpetual Help Dalta Medical Center (UPHDMC) in the Philippines which will provide access to services powered by blockchain technology.
Table of Contents:
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2. Scope of The Study
2.2.1. Research Objective
Chapter 3. Research Methodology
3.2. Primary Research
3.3. Secondary Research
3.4. Market Size Estimation
Chapter 4. Market Dynamics
4.5. Macroeconomic Indicators
4.6. Detection Technique Trends & Assessment
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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About the AuthorSapana
Joined: March 13th, 2019
Articles Posted: 270
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