Blockchain technology is defined as
a distributed system that includes the potential to transform health care
system by recording & storing transaction data. It is used to collect &
track information about transactions on real time basis. It works as a digital
ledger and tracks all activities carried out within the network. It provides
privacy, security, and interoperability to health care data. It relies on
cryptographic techniques to allow every individual in a network to interact
without pre-existing trust between partners. It acts as a health information
exchange system that helps to remove the friction and cost of current
intermediated.
According to study, “Global
Blockchain technology in Healthcare Market Size study, by Application
(Supply Chain Management, Claims Adjudication & Billing Management,
Clinical Data Exchange & Interoperability and other applications),
End-users (Healthcare Payers, Healthcare Providers, Pharmaceutical Companies
and Other End Users) and Regional Forecasts 2018-2025” the key companies
operating in the global blockchain technology in healthcare market are
Pokitdok, Patientory, IBM Corp., Medicalchain, Microsoft Corp., Chronicled,
Guardtime, Simplyvital Health, Hashed Health, Gem, Factom, Isolve, Blockpharma,
Proof.Work, Farmatrust, Blockchain Health, Hong Kong Applied Science and
Technology Research Institute Company Limited, BLOCK M.D., HealthCombix.
Based on type, blockchain
technology in healthcare market is segmented into private blockchain, public
blockchain and consortium blockchain (permissioned blockchain). Private
Blockchain segments are the permissioned systems whereas public Blockchain
systems are commonly used for data management. Private Blockchain segment holds
major share in market owing to increase in demand for highly secured supply
chain network. Based on application, market is segmented into supply chain
management, data exchange & interoperability, billing management, claims
adjudication and others. Supply chain management segment is predictable to hold
largest share in market owing to rise in stringent regulations such as Drug
Quality and Security Act (DQSA) and Falsified Medicines Directive (FMD) with an
Artificial Intelligence (AI), to address increasing incidences of counterfeit
medicines during the forecast period. In addition, based on end-user, market is
segmented into healthcare payers, research & academia, pharmaceutical
companies, healthcare providers and others.
The blockchain technology in
healthcare market is driven by rise in adoption of Blockchain-as-a-Service
(BaaS), followed by increase in incidence of healthcare data breaches, rise in
transparency & immutability of the distributed ledger technology, growth in
threat of counterfeit drugs and increase in cost-effective & secured data
interoperability through blockchain. However, lack of a central entity &
common set of standards and reluctance to disclose data may impact the market.
Moreover, significant increase in funding through venture capital investments
& initial coin offering (ICO) and rise in government initiatives are key
opportunities for market.
Based on geography, the
North-American region holds the leading position in blockchain technology in
healthcare market owing to rise in prevalence of advancements in technology,
growth in healthcare expenditure coupled with well-established healthcare
management systems in the region. The Asian-Pacific region is projected to
emerge as the fastest growing region rise in focus to adopt advanced
technologies in healthcare and increase in generic pharmaceutical industry over
the forecast period. It is estimated that future of the market will be bright
on account of rise in need for affordable healthcare services and increase in
awareness about the implementation of Blockchain technology during the forecast
period. It is expected that the market will be reached at US $293.3 billion by
2025.
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