Blockchain in Healthcare Market Forecast to 2027
The global blockchain in healthcare Market is expected to reach USD 5,798.0 Million by 2027, according to a new report by Emergen Research. The blockchain in healthcare is observing a high growth rate attributable to its rising application in supply chain management (SCM), clinical data exchange & interoperability, and claims adjustment & billing management, among others. Several hospitals and organizations are implementing the blockchain 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.
Growing incidences of healthcare data breaches are a significant factor in driving the blockchain in healthcare market growth. Data breaches may lead to a loss of USD 380.0/ exposed record to the healthcare establishments; however, the existing systems are prone to various kinds of attacks. Patient records are vital to cybercriminals seeking comprehensive identity data, which results in safeguarding electronic health records and related personal information primary importance in the healthcare sector.
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Some Key Highlights of the Report:
- By type, permissioned blockchain is likely to grow at a significant rate in the forecast period. Permissioned blockchain is a private system and offers faster processing of transactions, better privacy, and enhanced security. These developed and deployed for specific organizational demands. A growing requirement to give restricted access is causative of the market growth.
- By application, claims adjudication and billing is projected to grow at the fastest rate of 64.9% in the forecast period. It assists healthcare settings to manage duplication process and inappropriate filing. Moreover, it improves and assists in the management of accidental billing faults and uncertain transactions. Thus, it helps in improving the transparency, efficiency, and fast processing of claims.
- By end-users, the pharmaceutical companies dominated the blockchain in healthcare market in 2019. The increasing threat of data theft by hackers and rising incidences of counterfeit drugs are among the significant factors encouraging companies to adopt the blockchain technology.
- The market in the Asia Pacific region is projected to grow at the fastest rate of 66.3% in the forecast period attributed to a growing acceptance of IT solutions such as electronic health records, development of healthcare infrastructure, and a surging necessity for exchanging patients’’ information.
The global Blockchain in Healthcare market report employs an extremely extensive and perceptive process that analyzes statistical data relating to services and products offered in the market. The research study is a pivotal document in understanding the needs and wants of the clients. The report is comprised of significant data about the leading companies and their marketing strategies. The Blockchain in Healthcare industry is witnessing an expansion and change of dynamics owing to the entry of several new players.
The study outlines the rapidly evolving and growing market segments along with valuable insights into each element of the industry. The industry has witnessed the entry of several new players, and the report aims to deliver insightful information about their transition and growth in the market. Mergers, acquisitions, partnerships, agreements, product launches, and joint ventures are all outlined in the report.
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List of Key Players Mentioned in the Blockchain in Healthcare Market Research Report:
IBM, Microsoft, Gem, Chronicled, Hashed Health, Factom, Guardtime, Pokitdok, Patientory, and Blockpharma
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The research report offers a comprehensive regional analysis of the market with regards to production and consumption patterns, import/export, market size and share in terms of volume and value, supply and demand dynamics, and presence of prominent players in each market.
The report bifurcates the Blockchain in Healthcare market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Segments Covered in this report are:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Permissioned/Private Blockchain
- Permissionless/Public Blockchain
Application Outlook (Revenue, USD Billion; 2017-2027)
- Supply Chain Management
- Clinical Data Exchange & Interoperability
- Claims Adjustment & Billing Management
End-Users Outlook (Revenue, USD Billion; 2017-2027)
- Pharmaceutical Companies
- Healthcare Providers
- Healthcare Payers
Regional Analysis Covers:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Furthermore, the report provides the analytical data in an organized format segmented into charts, tables, graphs, figures, and diagrams. This enables readers to understand the market scenario in an easy and beneficial manner. Moreover, the report aims to impart a prospective outlook and draw an informative conclusion to assist the reader in making lucrative business decisions. The report, in conclusion, provides a detailed analysis of the segments expected to dominate the market, the regional bifurcation, the estimated market size and share, and comprehensive SWOT analysis and Porter’s Five Forces Analysis.
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