The global market for blockchain technology in healthcare is expected to grow at a high CAGR over the forecast period. The market is expected to be influenced by its increased potential to eliminate major challenges pertaining to the global healthcare industry, without tampering patient data privacy and security. Implementation of blockchain technology is also likely to have a positive impact on medical tourism.
Blockchain technology is anticipated to see an immense growth potential in the healthcare industry over the coming years. Increasing demand for healthcare services along with an enhanced patient care delivery system and growing emphasis on patient health management is likely to accentuate the demand for blockchain technology in the overall healthcare industry.
The slow adoption of technology among the healthcare centers is likely to hinder the growth of blockchain technology in the healthcare industry. The market is also likely to be hampered by the high initial cost of adopting blockchain and its integration with the existing technology. However, Healthcare providers are incorporating blockchain technology to manage electronic medical records and clinical trials data while adhering to regulations, thereby driving the market growth.
Blockchain Technology in Healthcare Market: Organization-Size Insights
The blockchain technology in the healthcare market is divided into Small & Medium Enterprises and Large Enterprises, based on organization size. SMEs are more likely to incorporate blockchain solutions as it reduces transaction costs and ensures smooth workflow of the system. The demand for blockchain solutions among the organizations is likely to grow over the forecast period attributing to its cost-effective and time-efficient features.
Blockchain Technology in Healthcare Market: Application Insights
The market is segmented into medical case management, drug development & supply chain integrity, claims & billing management, and data interoperability among others, based on application.
Blockchain finds huge application in medical case management as it provides enhanced electronic medical records which allow providers to securely access patients’ data, hence avoiding the complexity associated with the procedure.
The technology also simplifies claims and billing management by eliminating the need for intermediaries between hospitals, physicians, insurers, and patients. Blockchain also increases transparency and accountability as it allows retailers, wholesalers, distributors, and manufacturers to track the transfer of materials across the globe.
Blockchain Technology in Healthcare Market: Regional Insights
North America accounted for the largest revenue share of the overall market in 2016. This regional growth is attributed to the rapid adoption of advanced technologies in countries such as the U.S., and Canada. The U.S. has been one of the largest contributors to the overall regional growth.
Also, the increased number of geriatric population in North American countries created a demand for faster diagnosis & treatment, digital health systems, and complete care delivery system which is anticipated to propel the regional growth.
Blockchain Technology in Healthcare Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase blockchain technology in healthcare over the coming years. Some of leading consumers of blockchain technology in the healthcare industry are Mayo Clinic, Cleveland Clinic, and Mount Sinai Hospital among others.
Blockchain Technology in Healthcare Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Blockchain Technology in Healthcare Market Share & Competitor Analysis
Some of the players operating in the global blockchain technology in healthcare market include Accenture, IBM Corporation, Deloitte, Capgemini, Microsoft Corporation, Blockchain Health, Blockpharma, Bowhead Health Inc., Brontech, BurstIQ, and Chemonics, among others.
In June 2017, Microsoft collaborated with Accenture to create blockchain ID prototype for healthcare and other industries. This partnership was aimed to provide a digital identity for the population who does not have any formal ID.
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