Blockchain Technology in Healthcare Market Size By Application (Data Exchange and Interoperability, Claims Adjudication and Billing Management, Drug Supply Chain Integrity, Clinical Trials, Cyber Security and Internet of Medical Things), By End-use (Pharmaceutical Companies, Healthcare Payers, Healthcare Providers) Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025

Published Date: Sep 2019  |  Report ID: GMI3098  |  Authors: Sumant Ugalmugle, Rupali Swain

Report Format: PDF   |   Pages: 100   |   Base Year: 2018

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Blockchain Technology in Healthcare Market size was valued over USD 48.1 million in 2018 and is expected to witness 65.0% CAGR from 2019 to 2025.   

Germany Blockchain Technology in Healthcare Market, By Application, 2018 & 2025 (USD Million)

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Rising awareness about the importance of blockchain technology for systematic collection of medical records and patient data will augment blockchain technology market growth. Several organizations and hospitals are implementing blockchain technology to analyze, record and monitor patient information accurately. In addition, rising risk of counterfeit drugs will boost adoption of blockchain technology in the upcoming years. For instance, the Uganda government collaborated with UK-based MediConnect for tracking the drug supply chain for avoiding drug counterfeit drugs. Thus, rapid uptake of advanced technology across healthcare sector will accelerate demand for blockchain in the healthcare market.

Stringent regulatory rules and regulations coupled with increasing incidence of medical data breach will influence the application of blockchain technology in healthcare, thereby boosting the overall market growth. For instance, according to the U.S. Department of Health and Human Services (HHS), there were at least 477 healthcare data breaches reported in 2017, affecting more than 5 million patient healthcare records. Blockchain in drug regulatory system allow to maintain record-keeping system with inherent security features. Apart from security benefits, blockchain technology will lead to greater efficiency and user-empowerment, interoperability leading to streamlined processes, hence enabling the users to have control of the data they create. Integration of blockchain in electronic health records, enhancing data maintenance and advancing the evolution of EHR will spur its adoption rapidly. Thus, rising technological advancements in security and operational efficiency will boost the adoption of blockchain technology in healthcare sector over the forthcoming years.

Lack of skilled workforce and high installation cost for start-up and small &   medium size organizations may hamper blockchain technology implementation in upcoming years.

Blockchain Technology in Healthcare Market, By Application

Cyber security and internet of medical things (IoMT) will witness 62.6% CAGR over the forecast years. The increasing risk of cybersecurity attacks and data privacy is most important factor leading to growing adoption of blockchain technology in healthcare market. Moreover, lack of identification systems for securing patient engagement and safety data, increasing demand for secure and trustworthy identification system are fueling the demand for blockchain technology. Application of blockchain technology such as maintaining drug and data privacy with increasing data access and convenience will expand the application of cyber security and IoMT in healthcare, thereby boosting the industry growth in upcoming years. 

Claims adjudication & billing management application segment accounted for more than 12.0% market share in 2018. Claims adjudication & billing management system serves as a tool for healthcare settings to maintain incorrect filing and duplication process. It enhances and helps to manage unintentional billing errors and doubtful transactions. Such benefits aid in increasing the transparency, efficiency and rapid claim processing, thereby expanding its application in the healthcare industry over the coming years.

Blockchain Technology in Healthcare Market, By End-use

U.S. Blockchain Technology in Healthcare Market Share, By End-use, 2018

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Healthcare provider end-use segment is forecast to witness 65.6% CAGR over estimated timeframe. Use of blockchain technology by healthcare providers will eliminate the concern duplication of the data procured from third-party suppliers and enhance efficiency of data analysis. As a result, this technology will assist in building better skills, expertise and increase the operational efficiency in its overall functioning. Hence, implementation of blockchain by the healthcare providers will augment the industry growth in the near future.

Pharmaceutical companies end-use segment held more than 44.0% revenue share in 2018. Increasing concern related to storage of data, improved data access and automation are the vital factors driving the use of blockchain technology in pharmaceutical companies. The U.S. Department of Health and Human Services established the HIPPA Omnibus rule to set-up certain guidelines for safety and data management in order to enhance privacy and improve health through research outcomes. Increasing healthcare data security concern is one of the major driving factors for rapid implementation of blockchain. Moreover, hospitals and clinical research centers are implementing blockchain technology for security and storage of medical data, that should further propel blockchain technology industry growth in the foreseeable future.

Blockchain Technology in Healthcare Market, By Region

Asia Pacific Blockchain Technology in Healthcare Market, By Country, 2025 (USD Million)

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Germany blockchain technology market held around USD 2.8 million revenue in 2018. Growing number of research and development centers, that are constantly investing in implementing interoperability is significantly contributing to blockchain business size. Blockchain technology helps organization to maintain independent database for analysing data. Moreover, implementation of internet of things (IoT) improves quality and effectiveness of service. IoT has brought high value for constant supervision and maintenance of data. Thus, growing demand of IoT and interoperability in research and developments centre is estimated to boost German blockchain technology in healthcare market growth in the upcoming period.

Canada blockchain technology in healthcare market is forecast to progress at 69.9% CAGR over the analysis period. Increasing number of start-up organizations and increasing government expenditure in implementing blockchain technology are the major factors that are significantly impacting the market growth. Furthermore, early adoption of blockchain in healthcare sector for implementation of efficient workflow in research centers and hospitals will drive the Canada blockchain technology in healthcare industry growth over the future years.

Competitive Market Share

Few of the notable players in blockchain technology market are Microsoft, IBM, Guardtime, Gem Health and PokitDok among other competitors. These major industry players are emphasizing on product innovation, collaborations and strategic alliances for achieving strong presence in blockchain technology and sustaining their market position.

Recent industry developments:

  • In March 2019, Embleema, Inc. signed an agreement for partnership with a leading cancer institute of Europe, Gustave Roussy Institut. The partnership was aimed at building blockchain-based platform for secure exchange of healthcare outcomes and patient data of oncology research, thereby assisting clinical studies.
  • In April 2018, SimplyVital Health, Inc. announced partnership with  Shivom Ventures Limited to form Global Healthcare Blockchain Alliance. The strategic partnership aimed at supporting the organization to develop technologically advanced products in blockchain industry, thereby strengthening their foothold in market.

Blockchain Technology in Healthcare Industry Background

Blockchain technology is a digital transformation that monitors and analyzes data and shares among numerous healthcare organizations. The blockchain industry commenced in the year 2008 with the introduction of Bitcoin in financial sector. With consequent research, the technology was applied across various industries including the healthcare industry. Currently, blockchain technology in healthcare is foreseeing rapid developments and advancements and thereby transforming the healthcare industry. The technology is being rapidly used for data storage, analysis, sharing and maintenance. It permits transfer of data files without depending on centralized monitoring technology. Storage of various clinical trials and medicine-related information has become more secure and easy with the help of blockchain technology. This allows to transfer content securely in less time period with assures that all members have a collective view in data base. Moreover, blockchain technology is expected to revolutionize electronic health records with enhanced security and data safety features. Thus, increasing implementation of blockchain technology within organization and rising awareness regarding its advantages will augment blockchain business in healthcare sector during the forthcoming years.

Frequently Asked Questions (FAQ) :

The market size of blockchain technology in healthcare surpassed USD 48 million in 2018.
The industry share of blockchain technology in healthcare is expected to witness 65% CAGR from 2019 to 2025.
Blockchain technology in healthcare can help address the growing risk of cybersecurity threats and attacks on private data, at a time when internet of medical things (IoMT) is gaining traction. There is a lack of reliable identification systems for patient information and drug data access.
Healthcare providers can benefit from the deployment of blockchain as it will allow tracking supply chain data and eliminate possible duplication of information obtained from third party suppliers. It will also enable improved data analysis.
Pharmaceutical sector will develop as a key application area for blockchain technology owing to challenges faced by the industry including data storage issues, the need for better data access and process automation.
A rising number of technology start-ups in Canada and a surge in government spending will propel the adoption of blockchain across medical and research facilities in the country. The region adopted blockchain technology in healthcare early to ensure more efficient workflow in hospitals and research.

Premium Report Details

  • Published Date: Sep 2019
  • Pages: 100
  • Tables: 69
  • Charts / Figures: 8
  • Companies covered: 15
  • Countries covered: 19

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