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 (U.S., Canada, UK, Germany, France, Spain, Estonia, Switzerland, China, Japan, India, South Korea, Singapore, Australia, Brazil, Mexico, Israel, South Africa, UAE), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025
Blockchain Technology in Healthcare Market is expected to exceed USD 1.6 billion by 2025. Escalating demand for instantaneous secure exchange of healthcare information with strong computer codes are leading demand for blockchain technology in the healthcare sector.
The demand for blockchain technology in healthcare sector is increasing across the globe due to centralization of secure platform for healthcare data management. Companies are introducing easy-to-handle and technologically advanced cyber risk program software technology with operational integration to gain competitive edge over the competitors.
Increasing government initiatives and symposiums for maintaining healthcare information database will generate demand for implementation of blockchain technology. In addition, the growing organizational preference for maintaining hassle-free, safe and secure data in digital fingerprint format is expected to provide lucrative opportunities for industry expansion.
Rising need to store scalable and secure healthcare data exchange in healthcare facilities across the globe will boost the blockchain technology in healthcare market growth. Increasing risk of counterfeit drugs and clinical trials data management will increase adoption of blockchain technology to escalate the operational efficiency. Also, several organizations and healthcare providers are implementing blockchain technology to record, analyze, and monitor patient information accurately. The software program interface used to store confidential healthcare data has minimum interoperability level. Hence, increasing need to secure medical information as well as data confidentiality concerns will spur the business growth in forthcoming years.
Rising awareness about the implementation of blockchain technology for systematic collection of claim management data and billing management will augment blockchain technology in healthcare market growth. Several government organizations and hospitals are adopting blockchain technology to analyze, record and monitor patient information accurately. Thus, rising number of government initiatives to encourage blockchain technology will increase its adoption rate. Additionally, rapid uptake of advanced technology for operational feasibility across healthcare sector will generate demand for blockchain in healthcare market. However, lack of awareness and high implementation & maintenance cost will limit the industry growth over the forecast timeline.
Claims adjudication and billing management will witness 66.5% CAGR in upcoming years. Increasing risk of filing and duplication process forms the most important factor leading to rise in adoption of blockchain technology in healthcare market. Moreover, lack of recognition systems for billing management and safety data increases the need for trustworthy identification system, thus stimulating the demand for blockchain technology. Growing application of blockchain technology such as provider submitting, follow-up, and appealing claims for maintaining service vendor data will boost claim adjudication and billing market growth in upcoming years.
Pharmaceutical companies segment held USD 21.5 million revenue size in 2018. Widespread usage of blockchain technology across healthcare network to improve verification of report on drugs and trackability and transparency in clinical trials will increase its adoption rate. As pharmaceutical companies possess more complex process, the need for blockchain technology to improve financial aspect, compliance in supply chain and maintaining R&D outcomes of pipeline drugs increases. Pharmaceutical companies are increasingly adopting blockchain to enhance financial and operational aspects of business, thereby impacting the industry growth.
UK blockchain technology in healthcare market is forecasted to foresee over 61.0% CAGR over the estimation period. High growth can be attributed to presence of large number of laboratories and research & development centers that are constantly investing in implementing centralized mechanism to ensure transparency and immutable ledger solution. The technology helps the organizations to maintain access to independent data and maintain data security. Moreover, implementation of ‘Proof of Concept’ that offers high value to clinical researchers for maintaining medical and patient outcome data is provided by blockchain technology. Thus, growing demand of ‘Proof of Concept’ and interoperability in research centers will boost UK blockchain technology in healthcare market growth in the analysis period.
Companies are making large investment in advancing blockchain technology including incorporation of new features and version of software. Also, leading players are implementing product innovation, collaborations and geographical expansion strategies to further encash higher profits and gain lucrative market share in the industry. Major players operating in the blockchain technology in healthcare market are IBM, Microsoft, Guard time, Block Pharma, iSolve, LLC, etc.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook