The global blockchain technology in healthcare
market size is expected to reach USD 11.5 billion by 2026. It is anticipated to
expand at a CAGR of 63.9% during the forecast period. Increasing need to
prevent drug counterfeit coupled with demand for efficient clinical data
management is anticipated to drive the growth. Furthermore, technological
advancements and untapped opportunities in the healthcare sector are some of
the major factor leading to the adoption of the technology.
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Blockchain technology has grown at a rapid pace in
the past few years. The technology has been utilized by the big corporations
for profit maximization and cost cutting. Many leading healthcare and life
science companies including Pfizer Inc.; Amerisource Bergen Corporation;
McKesson Corporation; and Premier Inc. have all recently joined
blockchain-powered project MediLedger to tackle the inadequacies of supply
chain. Reduction or elimination in frauds and errors, reduction in delays from
paperwork, identification of issues rapidly, minimization of courier costs,
improvement in inventory management, and increase in consumer and partner trust
are some of the purported benefits of blockchain technology facilitating supply
chain management.
Furthermore, the pharmaceutical industry is only one
part of the overall healthcare ecosystem which is vigorously exploring the use
cases of the blockchain and many of the ideas already have the proof-of-concept
implementations. The technology holds ability to effectively improve the
patient care while maintaining the funds at reasonable rate. The hindrances and
challenges that arise in multiple level authentication can also be eliminated
through the adoption of blockchain. Furthermore, with the growing adoption, the
technology has made its way to healthcare sector. Even at its beginning and
infancy stage, the technology is being accepted by the people and company in
the healthcare ecosystem.
Clinical data exchange and interoperability segment
of the blockchain technology in healthcare market is expected to expand at the
considerable CAGR during the forecast period. Clinical data exchange and
interoperability are currently the most vulnerable processes affected by a huge
data breach and drug counterfeit. For Instance, according to the Health
Research Funding Organization (HRFO), in 2017, nearly 10% to 30% of the drugs
in emerging countries were not original, which represent a huge market of drug
counterfeit. The U.S. healthcare industry, in 2017, bore a loss of about $200
billion annually, due to counterfeit issues.
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Further
key findings from the study suggest:
• Drug and medical device companies accounted for
the largest market share in the end use segment in 2018
• Clinical data and e-consenting segment held over
26.0% market share in 2018.
• Private blockchain type segment is anticipated to
witness the fastest growth due to supportive legislative policies in developed
countries
• Europe held the leading market share of over 35.0%
in 2018, attributed to increase in incidence of data breaches, supportive
government policies, favorable reimbursement schemes, rise in awareness, and
increase in number of training programs
• Key players operating in the blockchain in
healthcare market include IBM Corporation; Microsoft; PokitDok, Inc.;
Patientory, Inc.; GuardTime; Blockpharma; MedRec; iSolve, LLC; DeepMind Health;
and Stratumn; among others.
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Michelle Thoras
201 Spear Street 1100,
Suite 3036, San Francisco,
CA 94105, United States
Tel: 1-415-349-0054
Toll Free: 1-888-928-9744
Mail: sales@radiantinsights.com
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