August 21, 2019
Global blockchain technology in healthcare market is anticipated to cross US $1636.7 million by the year 2025 , according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
Storing and maintaining healthcare records of the patients enables the healthcare providers to understand the medical history of the patient using in-depth information, thereby increasing the efficiency of operating and handling the medical condition. However, the system used to store the patient data lacks security and is vulnerable to hacking & data-theft. The adoption of block-chain technology for storing, sharing, and managing the patient data securely will drive the market growth in the upcoming years.
The blockchain technology in healthcare offers interoperability which enables exchange of medical data securely among the different systems and personnel involved. It offers various benefits such as effective communication system, time reduction, and enhanced operational efficiency. Patient-driven interoperability is the evolving trend and will stimulate the integration of blockchain technology across numerous healthcare institutions, cites the report.
Even though the application of blockchain technology in healthcare has numerous benefits, but the lack of awareness among people and ignorance regarding the applications of the technology in healthcare sector will hamper market growth over the projected timeline.
Based on the application spectrum, the use of technology for claims adjudication & billing management application is predicted to register 66.5% growth by the year 2025, owing to the several issues such as errors, duplications, and incorrect billing which can be eliminated with blockchain. Nearly 400 individuals including doctors were convicted for US $1.3 billion fraud in 2017 in the United States. The need to mitigate such frauds and fake drug supply will encourage the adoption of technology in this application segment.
Considering the end-use landscape, the blockchain technology in healthcare market from pharmaceuticals segment was worth US $21.5 million in 2018 and is expected to witness significant growth over the forecast period. This growth can be attributed to the increasing experimentation and adoption of the technology by pharmaceutical and life science companies, cites the report. The US pharmaceutical industry is valued at US $466 billion and the demand for managing privacy and transparency of clinical trials will further boost the market growth.
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In terms of regional contribution, Estonia blockchain technology in healthcare market is presumed to register 69.4% growth by the year 2025. The country was the first to adopt the technology in healthcare industry and is aiming to collect the health records of patients across the nation. Additionally, in the Asia Pacific region, China dominated the regional blockchain technology in healthcare market with a valuation of US $2.6 million in 2018, owing to the implementation of technology in healthcare to streamline the processes.
The key contenders contributing to the blockchain technology in healthcare market share include Microsoft, PokitDok, IBM, Patientory, Guardtime, and Gem Health among others.