The blockchain in the healthcare market has significant potential in the near future. Blockchain technology is the current global need as this sector is rapidly shifting towards a patient-centric approach, focusing on the proper storage and management of critical patient information. However, most of the healthcare centers are unable to share their patient-related information due to difficulty in transmission, retrieval, and analysis of data. The centers are also reluctant to share information as such data can be breached, hacked or misused, which becomes a threat to their data security and privacy. Due to this, significant patient information is not accessible at times of need that has led to the adoption of blockchain technology in the healthcare sector.
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Blockchain technology can transform the healthcare sector by providing data security, data privacy and easy exchange of healthcare data. Furthermore, the healthcare centers can record their medical data more efficiently through ease in electronic update and changes and assist in easy data sharing between healthcare providers and the analytical team for early detection of diseases. This leads to improved decision-making, providing optimum treatments, sharing of electronic health records (EHRs) and convenient claim settlement for patients. The global blockchain in healthcare market is being driven by various factors that include increasing demand for data security and privacy, increasing demand for decentralization of medical records, and integration of technological advancements in the healthcare sector.
The application of blockchain technology will also lead to a decrease in the growing threat of counterfeit drugs and improvement in the rate of commercialization of breakthrough drugs that will fuel the growth of this market. These breakthrough drugs will assist in countering the counterfeit drugs that are supplied in the market. Furthermore, the growth of this sector is ascribed to increasing government support and initiatives to implement this technology, ample funding to startups and increasing adoption of Blockchain as a Service (BaaS). Moreover, this market will assist in drug trial research, reducing disparity in pharma data, removing data inaccuracies and ambiguity, and improving the drug supply chain.
However, the market growth will be curtailed due to some factors such as lack of awareness about this technology, shortage of skilled workforce, and lack of technical infrastructure in various countries. Additionally, the growing amount of counterfeit drug supply has resulted in an annual loss of a huge amount of revenue across the globe that has further slowed down the growth of blockchain in the healthcare industry.
Geographically, North America has a significant share in the market due to stringent regulations in the pharmaceutical supply chain that lead to the well-managed healthcare sector, well-established Information, and Communication Technology and the presence of various blockchain-based software companies in the region. Moreover, the global market share of Europe is also increasing due to the rising adoption of advanced blockchain technologies in the healthcare sector and increasing start-ups in this region. For instance, in 2018, the EU government implemented the General Data Protection Regulation (GDPR). The adoption of GDPR along with the enormous growth of blockchain technology is anticipated to offer healthcare services with better opportunities in the region.
There are multiple players competing in this market that include Accenture PLC, IBM Corp., Microsoft Corp., Amazon Web Services, Inc., LeewayHertz, Hashed Health, LLC, BigchainDB GmbH, Intellectsoft, LLC, and others. The key players in the blockchain in the healthcare market implement various strategies for retaining their position and expanding in the global market. These strategies include new product development and launches, partnerships and collaborations, mergers and acquisitions, and innovative technological upgradations.
Some Recent Activities
Current Market Trends Covered in the Market Report
By Deployment Method
· Private
· Public
· Hybrid
By Application
· Supply Chain Traceability
· Medical Financial Services
· Data Exchange & Interoperability
Global Blockchain in Healthcare Market Segment by Region
North America
· US
· Canada
Europe
· Germany
· UK
· France
· Spain
· Italy
· Rest of Europe
Asia-Pacific
· China
· Japan
· India
· Rest of Asia-Pacific
Rest of the World
· Middle East & Africa
· Latin America