The global blockchain technology in healthcare market size is
expected to reach USD 11.5 billion by 2026, according to a new report by Grand
View Research, Inc. 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.
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.
Browse full research report on Blockchain Technology in Healthcare Market: https://www.grandviewresearch.com/industry-analysis/blockchain-technology-healthcare-market
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.
Browse
request sample of this report by Grand View Research: https://www.grandviewresearch.com/industry-analysis/blockchain-technology-healthcare-market/request/rs1
Grand View Research has segmented the global
blockchain technology in healthcare market on the basis of the type,
application, end use, and region:
Blockchain Technology in Healthcare Type
Outlook (Revenue, USD Million, 2016 - 2026)
- Private
- Public
Blockchain Technology in Healthcare
Application Outlook (Revenue, USD Million, 2016 - 2026)
- Clinical
Data Exchange & Interoperability
- Claims
Adjudication & Billing
- Supply
Chain Management
- Clinical
Trials and e-Consenting
- Others
Blockchain Technology in Healthcare End
Use Outlook (Revenue, USD Million, 2016 - 2026)
- Hospitals
- Insurance
Providers
- Drug
and Medical Device Companies
- Others
Blockchain Technology in Healthcare
Regional Outlook (Revenue, USD Million, 2016 - 2026)
- North
America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Switzerland
- Asia
Pacific
- Japan
- China
- Australia
- India
- Singapore
- Latin
America
- Mexico
- Brazil
- MEA
- South
Africa
- UAE
About
Grand View Research
Grand View Research, Inc.
is a U.S. based market research and consulting company, registered in the State
of California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For
more info visit @ https://www.grandviewresearch.com
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