Blockchain In Healthcare Market Demand 2030: Growth Of Supply Chain Management Applications And Reduction In Operational Cost
The global Blockchain in Healthcare market is forecast to reach USD 129.50 Billion by 2030. Several hospitals and organizations are implementing the technology to record, analyze, and monitor patient information. Moreover, there is an increase in the supply of counterfeit drugs, and this issue can be restrained by adopting the blockchain technology in the healthcare sector. Initiatives are being taken by the government across the globe to tackle the situation.
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Stringent regulations such as increased incidence of medical data breach will boost the application of the technology in the sector. For instance, in May 2019, it was revealed that the billing services vendor American Medical Collection Agency was hacked for eight months between August 1, 2018, and March 30, 2019. So far, it is estimated that approximately 25 million patient’s data has been breached. Blockchain technology in the healthcare sector will lead to greater efficiency, and user empowerment, and interoperability leading to streamlined processes. It also allows data to be secured under inherent security features.
In the U.S., the FDA has outlined requirements to develop and enhance the drug supply chain security by the year 2023. This will boost the blockchain technology in the region as the companies are trying to manage product quality as well as security. The market is Canada is also growing at a faster CAGR. The increasing number of startup and rise in government spending on the technology will augment the market demand.
Further key findings from the report suggest,
- Permissioned blockchain is the private system, and they offer privacy, fast transactions, and high security. They are designed and used for precise enterprise needs. An increase in demand for limited access is the major factor driving the market. Linux foundation's Hyperledger Fabric is an implementation of private networks.
- Claims adjudication & billing management application segment held a market share of 25.9% in 2019. It serves as a tool for healthcare settings to maintain duplication process and incorrect filing. It also enhances and helps to manage unintentional billing errors and doubtful transactions. These steps aid in increasing the efficiency, transparency, and rapid claim processing, thereby expanding its application in the healthcare industry in the coming years.
- Pharmaceutical companies dominated the market throughout the forecast period. The increasing threat of data theft by hackers are encouraging companies to adopt the technology. The sector held a market share of 34.7% in the year 2019.
- The healthcare company witnessed 15 million patients records compromised in 503 breaches, three times the amount seen in 2017. But just over halfway through 2019, the numbers have skyrocketed with potentially more than 25 million patient records breached.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
IBM, Microsoft, Gem, Chronicled, Hashed Health, Factom, Guardtime, Pokitdok, Patientory, and Blockpharma, among others.
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Blockchain in Healthcare Market Segmentation:
Application Outlook (Revenue, USD Billion; 2019-2030)
- Supply Chain Management
- Clinical Data Exchange and Interoperability
- Claims Adjudication and Billing Management
End-use Outlook (Revenue, USD Billion; 2019-2030)
- Healthcare Providers
- Healthcare Payers
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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