Blockchain in Healthcare Market Emerging Trends, Demand, Growth by Key Players and Forecast 2027

The global Blockchain in Healthcare market is forecast to reach USD 5.72 Billion by 2027. Several hospitals and organizations are implementing the technology to record, analyze, and monitor patient information. Moreover, there is an increase in the supply of counterfeit drugs, and this issue can be restrained by adopting the blockchain technology in the healthcare sector. Initiatives are being taken by the government across the globe to tackle the situation.

Stringent regulations such as increased incidence of medical data breach will boost the application of the technology in the sector. For instance, in May 2019, it was revealed that the billing services vendor American Medical Collection Agency was hacked for eight months between August 1, 2018, and March 30, 2019. So far, it is estimated that approximately 25 million patient’s data has been breached. Blockchain technology in the healthcare sector will lead to greater efficiency, and user empowerment, and interoperability leading to streamlined processes. It also allows data to be secured under inherent security features.

In the U.S., the FDA has outlined requirements to develop and enhance the drug supply chain security by the year 2023. This will boost the blockchain technology in the region as the companies are trying to manage product quality as well as security. The market is Canada is also growing at a faster CAGR. The increasing number of startup and rise in government spending on the technology will augment the market demand.

Market Overview:

The pharma and healthcare industry is at a crossroads. Patients are benefiting from the promise of cell and gene therapies; uncommon diseases that were previously thought to be incurable are on the verge of finding true treatments. Artificial intelligence (AI) and machine-learning technologies are creating hopes that therapy discovery and development would be more innovative, as well as faster and cheaper. Manufacturing, the supply chain, and the entire healthcare ecosystem all have the potential to benefit from data-driven initiatives. Consumer attitudes and behaviours are shifting in a variety of ways, from growing use of technology and willingness to share data to an interest in using tools to make prescription and treatment decisions. Such factors will drive pharma and healthcare market growth in the coming years.

Key Players covered in this report are:

IBM, Microsoft, Gem, Chronicled, Hashed Health, Factom, Guardtime, Pokitdok, Patientory, and Blockpharma, among others.

Type Outlook (Revenue, USD Billion; 2017-2027)

• Permissioned Blockchain
• Others

Applications Outlook (Revenue, USD Billion; 2017-2027)

• Supply Chain Management
• Clinical Data Exchange & Interoperability
• Claims Adjudication & Billing Management
• Others

Based on Region market is segmented into:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

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Further key findings from the report suggest,

• Permissioned blockchain is the private system, and they offer privacy, fast transactions, and high security. They are designed and used for precise enterprise needs. An increase in demand for limited access is the major factor driving the market. Linux foundation's Hyperledger Fabric is an implementation of private networks.
• Claims adjudication & billing management application segment held a market share of 25.9% in 2019. It serves as a tool for healthcare settings to maintain duplication process and incorrect filing. It also enhances and helps to manage unintentional billing errors and doubtful transactions. These steps aid in increasing the efficiency, transparency, and rapid claim processing, thereby expanding its application in the healthcare industry in the coming years.
• Pharmaceutical companies dominated the market throughout the forecast period. The increasing threat of data theft by hackers are encouraging companies to adopt the technology. The sector held a market share of 34.7% in the year 2019.
• The healthcare company witnessed 15 million patients records compromised in 503 breaches, three times the amount seen in 2017. But just over halfway through 2019, the numbers have skyrocketed with potentially more than 25 million patient records breached.

We can also provide the customized data for separate regions like North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific, Europe, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, Central & South America, Brazil, Argentina, Rest of South America, Middle East & Africa, Saudi Arabia, Turkey, Rest of Middle East & Africa

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