An extensive study of the product application and services conducted by subject matter experts assessing the Blockchain in Healthcare market will help product owners to make a wise decision.
— The global Blockchain in Healthcare Market is forecast to reach USD 5.72 Billion by 2027. 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.
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.
This report covers the recent COVID-19 incidence and its impact on Blockchain in Healthcare. The pandemic has widely affected the economic scenario. This study assesses the current landscape of the ever-evolving business sector and the present and future effects of COVID-19 on the market.
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Key participants include IBM, Microsoft, Gem, Chronicled, Hashed Health, Factom, Guardtime, Pokitdok, Patientory, and Blockpharma, among others.
For the purpose of this report, Reports and Data have segmented into the global Blockchain in Healthcare market on the basis of type, applications, end user, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
• Permissioned Blockchain
Applications Outlook (Revenue, USD Billion; 2017-2027)
• Supply Chain Management
• Clinical Data Exchange & Interoperability
• Claims Adjudication & Billing Management
End User Outlook (Revenue, USD Billion; 2017-2027)
• Pharmaceutical Companies
• Healthcare Providers
• Healthcare Payers
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Regional Outlook (Revenue in USD Million; 2016–2026)
North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
South America (Brazil, Argentina, Colombia)
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.
• 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.
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• Market segments segregated on the basis of type, application, and geography
• Comprehensive analysis of the historical data and contemporary market scenario to infer industry size, volume, share, growth, and sales
• Investigation of significant developments in the market dynamics
• Market segments and regions
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