Blockchain Technology in Healthcare Market size is set to surpass USD 6.1 billion by 2027, according to a new research report by Global Market Insights Inc.
Increasing shortage of healthcare workers in several countries will foster the adoption of market. The lack of public health workforce has been a longstanding issue at the forefront of healthcare facilities. The issue has largely stimulated in past few years due to the growing geriatric population base.
Increasing risk of counterfeit drugs to propel the market growth
Growing risks pertaining to counterfeit drugs is anticipated to promote blockchain technology in healthcare market expansion. Rising numbers of counterfeit therapeutics related to COVID-19 are on sale in developing countries. These fake medicines may result in adverse side effects, treatment failure, and even death of a patient. According to the World Health Organization (WHO), the broader falsified medicines are worth over USD 30 billion in low and middle-income nations. Hence, several beneficial features of blockchain technology in healthcare can be used to fight counterfeit pharmaceuticals. This blockchain technology can provide full protection from counterfeit medicines entering the supply chain. It allows data to be stored on a distributed network of nodes in a decentralized database. As a result, this technology makes it much convenient to identify fraud and to identify weak links, thereby companies can gain full control and transparency over their supply chain.
Growing spending on R&D along with the advent of novel private blockchain technologies across the globe will spur the market progression
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The private segment in the blockchain technology in healthcare market is projected to witness 59.3% growth rate through 2027 led by the several benefits delivered by the private blockchain technology in healthcare. It is a special type of arrangement where a single organization has authority over the network and prevents the public to join in. As private blockchain only permits a handful of people in the network, it provides maximum output. The main features of this version comprise full security & privacy, updated smart contract technology, and streamlined data sharing among others. These solutions are broadly used by healthcare providers and payers that emphasize on transparency. It offers the highest level of privacy for healthcare facilities and curbs security issues.
Browse key industry insights spread across 120 pages with 182 market data tables & 15 figures & charts from the report, “Blockchain Technology in Healthcare Market Size By Type (Public, Private), By Application (Clinical Trials, Supply Chain Management, Data Exchange and Interoperability, Claims Adjudication and Billing Management), By End-use (Pharmaceutical Companies, Healthcare Payers, Healthcare Providers), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Rising application of blockchain technology in supply chain management to impel the market value
The blockchain technology in healthcare market for supply chain management segment is estimated to attain a CAGR of 51.4% till 2027 led by the rise in demand for blockchain technology for more efficient, safe and reliable pharmaceutical supply chain management. Blockchain technology is assisting in tracking, monitoring, and reducing the issues faced by entities operating in pharmaceutical supply chains. It is efficiently managing the various stakeholders & stages involved in pharmaceutical supply chains such as API providers, the drug manufacturers, the regulators, etc. and enhancing the overall supply chain management strategies.
Numerous benefits delivered by blockchain technology in pharmaceutical companies will fuel the market demand
The pharmaceutical companies’ segment is poised to expand at more than 52.3% CAGR by 2027. This considerable growth is due to the application of blockchain technology in several aspects of drug discovery & development, counterfeit prevention, assisting in improving the company’s performance, and enhancing privacy & security levels among others. Blockchain technology solutions are helping pharmaceutical companies in tracking & tracing of drug manufacturers and distribution partners that are spread across different countries.
Growing demand for advanced blockchain technology solutions in healthcare in Germany to augment the market revenue
Germany blockchain technology in healthcare market exceeded USD 17.5 million in 2020. This is attributed to the ongoing technological advancements in the country along with favorable government initiatives supporting the integration of blockchain technology in healthcare sector. The German government is promoting, supporting and at the same time pursuing the incorporation of blockchain technology in healthcare domain.
The government launched its blockchain technology in healthcare strategy developed jointly with other ministries in the country. Similarly, the European Alliance for Personalized Medicine (EAPM) has emphasized on Internet of Things (IoT) and incorporating innovation into care delivery. This is intended to reconstruct struggling healthcare facilities with novel capabilities, novel treatments, etc. Various companies in the country are focusing on the improvement of medical uses of blockchain technology and identify new opportunities ranging from diagnosis to analyzing enormous amounts of patient data.
Players are focusing on strategies and launch of innovative products to expand customer base
Some of the major companies operating in the blockchain technology in healthcare market are IBM Corporation, Microsoft Corporation, Guardtime, Change Healthcare, Gem Health, Patientory, and iSolve, LLC. These market leaders are involved in partnerships, agreements, and acquisitions to gain an edge over their competitors.