Major blockchain technology in healthcare market players include IBM Corporation, Microsoft Corporation, Guardtime, Change Healthcare, Gem Health, Patientory, and iSolve, LLC.
Selbyville, Delaware, Dec. 01, 2021 (GLOBE NEWSWIRE) —
The blockchain technology in healthcare market size is anticipated to record a valuation of USD 6.1 billion by 2027, according to the most recent study by Global Market Insights Inc. Blockchain technology is improving ongoing innovations in the medical field, modern businesses, as well as everyday life practices in the healthcare sector. Blockchain technology is now supporting healthcare providers in numerous areas of administrative management and patient care procedures. It has extensive applications in reducing the risk of counterfeit drugs, decreasing therapeutic errors, improving patient safety, decision support, etc. that is contributing in augmenting the adoption of blockchain technology in healthcare. The significant development in healthcare technology to address identified gaps in healthcare facilities is leading to business growth.
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The public segment in the blockchain technology in healthcare market is poised to witness 48.6% growth rate through 2027 led by the recent technological advancements in public blockchain systems that enable the implementation of significantly reliable technology in healthcare. This technology is decentralized and does not have a single entity that controls the network. Medical data on a public blockchain system are secure as it prevents the modification or alteration of data once they have been authorized on the blockchain. Ethereum is one of the widely used public blockchains that allows the deployment of smart contracts and decentralized applications. Further, this network is more secure owing to active participation, decentralization, and higher number of nodes in the network.
The blockchain technology in healthcare market for data exchange and interoperability segment is estimated to attain a CAGR of 53.1% till 2027. Blockchain technology holds a lot of promising features that allows trusted, compliant, secure, auditable, and usable medical data exchange. It has proved beneficial for data exchange in healthcare and life-science applications. Blockchain interoperability is allowing to observe and access data across numerous systems in a healthcare setting. Interoperability in healthcare has recently been focused around patient-driven interoperability where the health data exchange is patient-driven and patient-mediated. Blockchain technology facilitates this transition through different mechanisms comprising data liquidity, patient identity, data aggregation, etc. Thus, the rising demand for reliable data exchange and interoperability is predicted to promote the market growth during the forecast timeframe.
The healthcare payers segment in the blockchain technology in healthcare market is set to reach more than USD 1.21 billion by 2027. This is primarily attributed to several benefits of blockchain technology for healthcare payers such as maintaining privacy, transparency and confidentiality of patient records in the system. Blockchain provides a solution to healthcare payers to ease the problem of managing credentials, ensuring correct licensure, and keeping up with employment changes. Administrative tasks comprising underwriting and claims processing may also benefit from blockchain technology. This is primarily possible due to managed permissions that make it simpler for healthcare payers to use the validity of a claim and manage pre-authorizations.
China dominated the Asia Pacific blockchain technology in healthcare market in 2020 and will exceed USD 621 million by 2027. The high market share is primarily credited to the increasing elderly population, growing health expenditure, and advanced healthcare infrastructure in the country. As per the 2020 census data, around 264 million people were aged 60 and above in China. China is one of the topmost nations with the most blockchain technology hubs and experiencing national digitalization across healthcare facilities. In 2018, China’s per capita health expenditure was around USD 501 that was an increase of14.6% from 2017. These variables would spur the penetration of blockchain technology in the healthcare industry growth in the country. Similarly, the advent of health-tech startups and the acceptance of blockchain technology in healthcare will further amplify the industry expansion.
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Some of the major companies operating in the blockchain technology in healthcare market are IBM Corporation, Microsoft Corporation, Guardtime, Change Healthcare, Gem Health, Patientory, and iSolve, LLC among others. These leaders adopt numerous strategic initiatives such as agreements, partnerships, new product launches and commercial expansion to improve their product portfolio and market presence.
Table of Contents (ToC) of the report:
Chapter 3 Blockchain Technology in Healthcare Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027 (USD Million)
3.3 Industry impact factors
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By type
3.4.2 By application
3.4.3 By end-use
3.5 COVID-19 impact analysis
3.6 Types of Blockchain
3.7 Start-up scenario
3.8 Regulatory landscape
3.9 Innovative landscape
3.10 Investment landscape
3.11 Pros/Cons of Blockchain Technology in Healthcare
3.12 Leading blockchain solution providers
3.13 Blockchain technology healthcare projects
3.14 Blockchain technology applications for healthcare
3.15 SWOT analysis of blockchain technology in healthcare
3.16 Blockchain technology adoption timeline in healthcare applications
3.17 Porter’s analysis
3.18 Competitive landscape, 2020
3.19 PESTEL analysis
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