North America Healthcare Sector Blockchain Market Definition and Overview
A blockchain is a digital ledger or database of transactions record that links together encrypted data blocks to produce a single source of truth that is sequential. It is a shared, fixed ledger that keeps track of assets and helps document transactions simpler. An asset could be physical or abstract. Almost everything of value may be tracked and exchanged on a blockchain network.
Blockchain in the healthcare sector is used to store and exchange the data of patients with hospitals, pharmacy firms, laboratories, and physicians. It further helps in improving data security & accuracy, cost reduction, increasing transparency, and tracing of medical products. For instance, tracking a medicine as it travels from the producer to the patient is made simple by blockchain technology. This enhances a medicine's traceability as it passes through the supply chain and reduces the likelihood of drug fraud.
North America Healthcare Sector Blockchain Market Outlook, Drivers, and Challenges
The North America Healthcare Sector Blockchain Market is expected to witness strong growth of around 15-20% CAGR over the next five years, owing to the Drug Supply Chain Security Act (DSCSA) which states the need to build an electronic system for tracing drugs that are distributed in the US. Thus, the Act is likely to protect consumers from exposure to drugs that may be fake, stolen, contaminated, or otherwise harmful.
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The pandemic of COVID-19 has substantially accelerated the deployment of blockchain in healthcare sector. The need to enhance patient participation, exchanging health information, data security, data sharing, interoperability, the battle against counterfeit pharmaceuticals, reducing the cost expenses and accessibility of a larger database are a few drivers because of which end users are adopting blockchain technology in the healthcare sector.
The challenge which the healthcare sector blockchain industry is facing is the implementation of privacy, operational inefficiencies, and a lack of uniform architectures and standards to ensure trusted access to Protected Health Information (PHI) and Personally Identifiable Information (PII), and safe data exchange. Another challenge is the analysis of encrypted data and laws that forbid the use of interoperable data by the healthcare sector.
North America Healthcare Sector Blockchain Market Value Chain Analysis
The healthcare sector blockchain market chain involves a raw data collector which collects data points such as patient data and vaccination records. This data is then managed and refined by database providers. The refined data is sent to healthcare blockchain solution companies and is processed in a clinical data repository where the data is further cleaned, structured, and encrypted to create solutions that are finally delivered to the specific end user segments within healthcare sector.
North America Healthcare Sector Blockchain Market Segmentation
The North America Healthcare Sector Blockchain Market based on Application can be categorized as Supply Chain Management, Billing Management, and Patient-Centric Health Data. Based on Deployment Type the market is categorized into Public, Private, and Consortium. By Provider, the market consists of Infrastructure & Protocol Providers, Middleware Providers and Application & Solution Providers. Based on End-User the market is categorized as Hospitals, Clinics, Diagnostic Laboratories, and Pharmaceutical Companies. Geographically, the major country markets in North America Healthcare Sector Blockchain are US, Canada, and Mexico.
North America Healthcare Sector Blockchain Market Competitive Landscape of Major Competitors
Some key competitors in the North America Healthcare Sector Blockchain Market are Microsoft, Oracle, International Business Machines (IBM), Intel, Amazon Web Services, Inc., Patientory, Inc., Solve.Care and Applied Blockchain Ltd.
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Impact of COVID-19 on North America Healthcare Sector Blockchain Market
The pandemic of COVID-19 resulted in the growth of the overall healthcare sector blockchain in the market. Some of the blockchain related applications in the healthcare sector during the times of COVID-19 were pandemic control and surveillance, immunity or vaccine passport monitoring, and contact tracing. Blockchain in the healthcare industry also found its applications in the management of electronic medical records, the internet of things (e.g., remote monitoring or mobile health), and supply chain monitoring.
Key Segments Covered in North America Healthcare Sector Blockchain Market
North America Healthcare Sector Blockchain Market by Application
Supply Chain Management
Claims and Billing Management
Patient-Centric Health Data
North America Healthcare Sector Blockchain Market by Deployment Type
Public
Private
Consortium
North America Healthcare Sector Blockchain Market by Provider
Infrastructure and Protocol Providers
Middleware Providers
Application and Solution Providers
North America Healthcare Sector Blockchain Market by End-User
Hospitals
Clinics
Diagnostic Laboratories
Pharmaceutical Companies
Medical Device Companies
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North America Healthcare Sector Blockchain Market by Geography and Major Countries
US
Canada
Mexico
Key Competitors in North America Healthcare Sector Blockchain Market
Microsoft
Oracle
International Business Machines (IBM)
Intel
Amazon Web Services, Inc.
Applied Blockchain Ltd.
Patientory, Inc.
Solve.Care
Time Period Captured in the Report:-
Historical Period: 2017-2021
Forecast Period: 2022-2027F
Key Target Audience:-
Healthcare Blockchain Solution Providers
Blockchain Technology Solution Providers
Blockchain Infrastructure Providers
Software Solutions Providers
Software Service Providers
Potential Investors for Blockchain in Healthcare Sector
Healthcare Database Providers
Patients Database Providers
Pharmaceutical Companies
Ministries of Healthcare
Healthcare Insurance Companies
Clinical Trials Companies
Healthcare Research Organizations
Banks and Financial Service Providers
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