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Pulished Date April, 2021
ID: 8650
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Global Blockchain in Healthcare Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Application, End User and Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Industry Forecast (2021 to 2026)

Pulished: April, 2021
ID: 8650
Pages: 170

Blockchain in Healthcare Market Size (2020 to 2025)

The size of the global blockchain in the healthcare market is predicted to grow at a remarkable CAGR of 72.98% from 2020 to 2025. North America holds the most significant shares in the global market, followed by Europe.

Blockchain technology is used to collect and track information about transactions on a real-time basis. It is broadly defined as a decentralized, distributed ledger that records and tracks all the activities carried out within the network. Blockchain technology offers healthcare services globally. Blockchain technology aims to resolve the two major issues related to drug traceability. First, blockchain technology ensures end-users track down the product supply chain by creating an impenetrable circuit. Secondly, the blockchain allows stakeholders, particularly production facilities, to lay down responsive actions by identifying the drug's exact location.

In recent times, various start-up companies are working on technology to enhance the medical industry and blockchain gap. In September 2018, ALLIVE, a China-based project, announced building a healthcare network using technology that addresses the medical sector's significant issues. In 2018, IBM launched a low-cost platform for start-ups to build blockchain projects; this initiative encourages innovations and new healthcare organizations to embrace technology. As per the reports, on Aug 19, 2020, it is estimated that 1,322,211 healthcare records were exposed or stolen. The average breach size was estimated at 36,728, and the median breach size was 6,537 records. However, the industry players focus on building more blockchain technologies to secure the patient's confidential data in the coming years.

MARKET DRIVERS:

The hospitals and the healthcare professionals are concerned about confidential patient information. Blockchain technology enhances healthcare professionals to secure the data, which is one of the primary factors accelerating the growth of the global blockchain in the Healthcare market. With an increase in data leaks and rising requirements to overcome such issues, growing developments ineffective healthcare data systems and medical examination systems propel market growth. Primarily raising awareness about the importance of blockchain technology for collecting medical reports and confidential patient data creates the demand for the blockchain market in the Healthcare industry.

Moreover, various start-up companies are working on technology to bridge the gap between the healthcare industry and blockchain will further propel the market growth. Market players are investing in technology to build better blockchain technology.

Increasing threats of counterfeit drugs and the adoption of blockchain as a service, and transparency of distributed ledger are anticipated to expand the market growth.

MARKET RESTRAINTS:

However, people in emerging countries are unaware of the technologies' benefits, and stringent regulatory rules and regulations associated with blockchain technology are expected to impede the market growth. Lack of skilled workforce and higher cost for installation for star-ups and small & medium range organizations decline blockchain technology implementation.

MARKET OPPORTUNITIES:

Blockchain technology has brought an emerging valid solution in the healthcare industry. Various start-ups are working to address the major pain points in the healthcare industry, data security, and preventing counterfeit drugs with blockchain technology. In recent times it has drawn the attention of stakeholders in the healthcare industry due to the demand for technology. Different government bodies across the globe are investing in blockchain technology.

MARKET CHALLENGES:

The primary challenge to the growth of blockchain technology is expected to be the lack of awareness about blockchain technology and its applications in the healthcare industry. It is seen that the end-users in the healthcare industry are unaware of the advantages of blockchain and how it works; this will impede the companies from investing in the technology.

Impact of COVID-19 on the global blockchain market in the Healthcare industry:

During the covid-19, the demand for the blockchain in healthcare has been increased. The covid-19 patient’s test information to be recorded, analyzed, and monitored for accurate test results. The hospitals and the governments have utilized blockchain technology in healthcare to know the patient rates. In the COVID-19 period, the blockchain ensured that healthcare professionals and hospitals could record symptoms, location, and historical health records with high accuracy. Blockchain technology is brought as an emerging valid solution in the healthcare industry. However, the market is anticipated to witness the largest market share in the coming years.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2019 to 2025

Base Year

2019

Forecast Period

2020 to 2025

Segments Covered

By Application, End User, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

 

This research report on the Global Blockchain in Healthcare Market has been segmented and sub-segmented based on the application, end-user, and region.

Blockchain in Healthcare Market - By Application:

  • Supply Chain Management
  • Clinical Data Exchange & Interoperability
  • Claims Adjudication and Billing

Based on the application, the supply chain management segment is likely to account for the largest share over the forecast period. The blockchain application helps to maintain data integrity. The technology assists the company's facilities interoperability with the internet of things. Moreover, technologies also help them recruit candidates for clinical trials and regulation of the supply chain. Blockchain transforms the healthcare sector by minimizing operational cost, data corruption, and healthcare process optimization.

The rise of numerous counterfeit drugs in circulation and the implementation of harsh regulations in the circulation of drug quality and security Act (DQSA) in countries like the USA promotes this segment growth.

Blockchain in Healthcare Market - By End User:

  • Pharmaceutical Companies
  • Healthcare Payers
  • Providers

Based on the end-user, the pharmaceutical companies segment contributes to the significant growth-share by end-users in blockchain in the healthcare market. It is foreseen to progress with the high compound annual growth rate in the future. The growth of healthcare payers due to the rise of neediness for secure health information exchange between providers and payers increases the business demand. The increase in insurance fraud, the needy for improvement in healthcare organizations' operational efficiency, and the rise of medical tourism are also acting positively to adopt new technologies in the healthcare sector.

Based on the end-user, the healthcare payer segment is forecasted to witness a 59.8 percent CAGR between 2020 to 2025. The usage of blockchain technology by healthcare professionals will eliminate the concern of duplicate data acquired from third-party suppliers and increase data efficiency. Also, technology encourages building better skills, expertise and increases the operational efficiency in its overall functioning. Thus, the implementation of blockchain by medical providers is expected to witness immense growth in the coming years.

Blockchain in Healthcare Market - By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • The Middle East and Africa

Regionally, the North American market is estimated to hold the most significant share in the global blockchain technology in the healthcare market, followed by Europe during the forecast period. Breach of medical data, strict policies to improve the medicine supply chain & increasing healthcare expenditure are likely to boost its growth. North American region is dominating the market with a high revenue rate due to attributing factors such as the rise of spending in healthcare and the well-development of technology with the increase in awareness among people about blockchain in the healthcare sector. The promotion of numerous mid-sized and small enterprises was inclined towards advancing technology and the growth of IT infrastructure in Canada and the US in this continent. The development of expenditure spending on healthcare technology and the rise of investments are also supporting factors in the North American region.

The United States Blockchain in Healthcare Market is predicted to register a remarkable CAGR from 2020 to 2025. The growth in the market is attributed to the factors such as implementing regulations in the region for the safety of confidential patient data and improving the quality of the data. There has been an increase in the fraudulent activities on healthcare in this region, creating the demand for blockchain technology to overcome these problems. Increasing demand for minimizing the healthcare operational cost and the rising need for medical data protection is further expected to increase the growth of the blockchain market in the coming years.

After the North American region, the second-largest revenue-generating part was Europe due to the high acceptance of blockchain technology, the rise of the IT population, funds availability, and continuous rise in healthcare infrastructure in this locale. However, the market growth is anticipated to be driven by factors, including initiatives taken by the European government to secure confidential patient data breaches. For example, the European nation implemented the general data protection regulation (GDPR). Europe is expected to provide multiple business opportunities for the population of this region by the implementation of GDPR.

The Asia Pacific is also expected to show rapid growth due to improved economic conditions, increasing consumer services, and economic countries such as China and India. The rise in the adoption of blockchain technology in healthcare will also support market growth and rapid modifications in regulatory policies, and the need for advanced technology analytics solutions in the healthcare industry. India is accounting for a significant share due to the rise of governments' supportiveness by initiative steps like funds and approvals. The Middle East and African region are also offering growth potential to the blockchain in the healthcare market, owing to some reasoning factors such as the presence of poor economies. The development of the Middle East region is attributed to well-developed economies such as Qatar, Oman, Kuwait, and others and high expenditure spending by these nations. Nonetheless, the African region is also providing lucrative opportunities for key market players.

KEY MARKET PLAYERS:

Some of the key companies like Guardtime (Estonia), PokitDok (United States of America), IBM (United States of America), Microsoft (United States of America), Gem (United States of America), Chronicled (United States of America), iSolve (United States of America), Hashed Health (United States of America), Patientory (United States of America), Proof. Work (UK), SimplyVital Health (United States of America), FarmaTrust (UK), Blockpharma (France), Medical chain (UK), & Factom (United States of America) are playing a leading role in the Global Blockchain in Healthcare Market.

In 2018, a partnership agreement was made between Chronicled and Qtum Foundation to integrate smart devices with secure distributions due to ledger back end due to the combination of IoT with Blockchain technology in the market.

In 2018, a partnership had been between Hashed health with Global Healthcare Exchange by aiming solutions to issues related to product tracks by using blockchain technology across the supply chain of healthcare.

  1. Introduction
    1. Market Definition
    2. Study Deliverables
    3. Base Currency, Base Year and Forecast Periods
    4. General Study Assumptions
  2. Research Methodology
    1. Introduction
    2. Research Phases
      1. Secondary Research
      2. Primary Research
      3. Econometric Modelling
      4. Expert Validation
    3. Analysis Design
    4. Study Timeline
  3. Overview
    1. Executive Summary
    2. Key Inferences
    3. New Developments
  4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
    1. Market Drivers
    2. Market Restraints
    3. Key Challenges
    4. Current Opportunities in the Market
  5. Market Segmentation
    1. Application      
      1.     Introduction
      2.     Supply Chain Management
      3.     Clinical Data Exchange & Interoperability
      4.     Claims Adjudication and Billing
      5.     Y-o-Y Growth Analysis, By Application
      6.     Market Attractiveness Analysis, By Application
      7.     Market Share Analysis, By Application
    2. End User          
      1.     Introduction
      2.     Pharmaceutical Companies
      3.     Healthcare Payers
      4.     Providers
      5.     Y-o-Y Growth Analysis, By End user
      6.     Market Attractiveness Analysis, By End user
      7.     Market Share Analysis, By End user
  6. Geographical Analysis
    1. Introduction    
    2. North America
      1. Introduction
      2. US
      3. Canada
    3. Europe
      1. Introduction
      2. UK
      3. France
      4. Spain
      5. Germany
      6. Italy
    4. Asia-Pacific
      1. Introduction
      2. India
      3. China
      4. Japan
      5. South Korea
      6. Australia
    5. Latin America
      1. Introduction
      2. Brazil
      3. Argentina
      4. Mexico
    6. Middle East & Africa
      1. Introduction
      2. Middle East
      3. Africa
  7. Strategic Analysis
    1. PESTLE analysis
      1. Political
      2. Economic
      3. Social
      4. Technological
      5. Legal
      6. Environmental
    2. Porter’s Five analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Consumers
      3. Threat of New Entrants
      4. Threat of Substitute Products and Services
      5. Competitive Rivalry within the Industry
  8. Market Leaders' Analysis
    1. Guardtime (Estonia)    
      1.     Overview
      2.     Product Analysis
      3.     Financial analysis
      4.     Recent Developments
      5.     SWOT analysis
      6.     Analyst View
    2. PokitDok (United States of America)     
    3. IBM (United States of America)
    4. Microsoft (United States of America)    
    5. Gem (United States of America)             
    6. Chronicled (United States of America)  
    7. iSolve (United States of America)          
    8. Hashed Health (United States of America)         
    9. Patientory (United States of America)  
    10. Proof. Work (UK)            
    11. SimplyVital Health (United States of America)    
    12. FarmaTrust (UK)             
    13. Blockpharma (France)   
    14. Medical chain (UK)         
    15. Factom (United States of America)         
  9. Competitive Landscape
    1. Market share analysis
    2. Merger and Acquisition Analysis
    3. Agreements, Collaborations and Joint Ventures
    4. New Product Launches
  10. Market Outlook and Investment Opportunities
  11. Appendix
    1. List of Tables
    2. List of Figures  
  • Global,Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of by application by end user,along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Blockchain in Healthcare Market By Region, From 2020-2025 ( USD Million )
  2. Global Blockchain in Healthcare Market By Application, From 2020-2025 ( USD Million )
  3. Global Supply Chain Management Market By Region, From 2020-2025 ( USD Million )
  4. Global Clinical Data Exchange & Interoperability Market By Region, From 2020-2025 ( USD Million )
  5. Global Claims Adjudication and Billing Market By Region, From 2020-2025 ( USD Million )
  6. Global Blockchain in Healthcare Market By End User, From 2020-2025 ( USD Million )
  7. Global Pharmaceutical Companies Market By Region, From 2020-2025 ( USD Million )
  8. Global Healthcare Payers Market By Region, From 2020-2025 ( USD Million )
  9. Global Providers Market By Region, From 2020-2025 ( USD Million )
  10. North America Blockchain in Healthcare Market By Application, From 2020-2025 ( USD Million )
  11. North America Supply Chain Management Market By Region, From 2020-2025 ( USD Million )
  12. North America Clinical Data Exchange & Interoperability Market By Region, From 2020-2025 ( USD Million )
  13. North America Claims Adjudication and Billing Market By Region, From 2020-2025 ( USD Million )
  14. North America Blockchain in Healthcare Market By End User, From 2020-2025 ( USD Million )
  15. North America Pharmaceutical Companies Market By Region, From 2020-2025 ( USD Million )
  16. North America Healthcare Payers Market By Region, From 2020-2025 ( USD Million )
  17. North America Providers Market By Region, From 2020-2025 ( USD Million )
  18. United States Blockchain in Healthcare Market By Application, From 2020-2025 ( USD Million )
  19. United States Blockchain in Healthcare Market By End User, From 2020-2025 ( USD Million )
  20. Canada Blockchain in Healthcare Market By Application, From 2020-2025 ( USD Million )
  21. Canada Blockchain in Healthcare Market By End User, From 2020-2025 ( USD Million )
  22. Europe Blockchain in Healthcare Market By Application, From 2020-2025 ( USD Million )
  23. Europe Supply Chain Management Market By Region, From 2020-2025 ( USD Million )
  24. Europe Clinical Data Exchange & Interoperability Market By Region, From 2020-2025 ( USD Million )
  25. Europe Claims Adjudication and Billing Market By Region, From 2020-2025 ( USD Million )
  26. Europe Blockchain in Healthcare Market By End User, From 2020-2025 ( USD Million )
  27. Europe Pharmaceutical Companies Market By Region, From 2020-2025 ( USD Million )
  28. Europe Healthcare Payers Market By Region, From 2020-2025 ( USD Million )
  29. Europe Providers Market By Region, From 2020-2025 ( USD Million )
  30. U.K. Blockchain in Healthcare Market By Application, From 2020-2025 ( USD Million )
  31. U.K. Blockchain in Healthcare Market By End User, From 2020-2025 ( USD Million )
  32. Germany Blockchain in Healthcare Market By Application, From 2020-2025 ( USD Million )
  33. Germany Blockchain in Healthcare Market By End User, From 2020-2025 ( USD Million )
  34. France Blockchain in Healthcare Market By Application, From 2020-2025 ( USD Million )
  35. France Blockchain in Healthcare Market By End User, From 2020-2025 ( USD Million )
  36. Italy Blockchain in Healthcare Market By Application, From 2020-2025 ( USD Million )
  37. Italy Blockchain in Healthcare Market By End User, From 2020-2025 ( USD Million )
  38. Spain Blockchain in Healthcare Market By Application, From 2020-2025 ( USD Million )
  39. Spain Blockchain in Healthcare Market By End User, From 2020-2025 ( USD Million )
  40. Asia Pacific Blockchain in Healthcare Market By Application, From 2020-2025 ( USD Million )
  41. Asia Pacific Supply Chain Management Market By Region, From 2020-2025 ( USD Million )
  42. Asia Pacific Clinical Data Exchange & Interoperability Market By Region, From 2020-2025 ( USD Million )
  43. Asia Pacific Claims Adjudication and Billing Market By Region, From 2020-2025 ( USD Million )
  44. Asia Pacific Blockchain in Healthcare Market By End User, From 2020-2025 ( USD Million )
  45. Asia Pacific Pharmaceutical Companies Market By Region, From 2020-2025 ( USD Million )
  46. Asia Pacific Healthcare Payers Market By Region, From 2020-2025 ( USD Million )
  47. Asia Pacific Providers Market By Region, From 2020-2025 ( USD Million )
  48. Japan Blockchain in Healthcare Market By Application, From 2020-2025 ( USD Million )
  49. Japan Blockchain in Healthcare Market By End User, From 2020-2025 ( USD Million )
  50. China Blockchain in Healthcare Market By Application, From 2020-2025 ( USD Million )
  51. China Blockchain in Healthcare Market By End User, From 2020-2025 ( USD Million )
  52. India Blockchain in Healthcare Market By Application, From 2020-2025 ( USD Million )
  53. India Blockchain in Healthcare Market By End User, From 2020-2025 ( USD Million )
  54. Australia Blockchain in Healthcare Market By Application, From 2020-2025 ( USD Million )
  55. Australia Blockchain in Healthcare Market By End User, From 2020-2025 ( USD Million )
  56. South Korea Blockchain in Healthcare Market By Application, From 2020-2025 ( USD Million )
  57. South Korea Blockchain in Healthcare Market By End User, From 2020-2025 ( USD Million )
  58. Latin America Blockchain in Healthcare Market By Application, From 2020-2025 ( USD Million )
  59. Latin America Supply Chain Management Market By Region, From 2020-2025 ( USD Million )
  60. Latin America Clinical Data Exchange & Interoperability Market By Region, From 2020-2025 ( USD Million )
  61. Latin America Claims Adjudication and Billing Market By Region, From 2020-2025 ( USD Million )
  62. Latin America Blockchain in Healthcare Market By End User, From 2020-2025 ( USD Million )
  63. Latin America Pharmaceutical Companies Market By Region, From 2020-2025 ( USD Million )
  64. Latin America Healthcare Payers Market By Region, From 2020-2025 ( USD Million )
  65. Latin America Providers Market By Region, From 2020-2025 ( USD Million )
  66. Brazil Blockchain in Healthcare Market By Application, From 2020-2025 ( USD Million )
  67. Brazil Blockchain in Healthcare Market By End User, From 2020-2025 ( USD Million )
  68. Argentina Blockchain in Healthcare Market By Application, From 2020-2025 ( USD Million )
  69. Argentina Blockchain in Healthcare Market By End User, From 2020-2025 ( USD Million )
  70. Mexico Blockchain in Healthcare Market By Application, From 2020-2025 ( USD Million )
  71. Mexico Blockchain in Healthcare Market By End User, From 2020-2025 ( USD Million )
  72. Rest of Latin America Blockchain in Healthcare Market By Application, From 2020-2025 ( USD Million )
  73. Rest of Latin America Blockchain in Healthcare Market By End User, From 2020-2025 ( USD Million )
  74. Middle East and Africa Blockchain in Healthcare Market By Application, From 2020-2025 ( USD Million )
  75. Middle East and Africa Supply Chain Management Market By Region, From 2020-2025 ( USD Million )
  76. Middle East and Africa Clinical Data Exchange & Interoperability Market By Region, From 2020-2025 ( USD Million )
  77. Middle East and Africa Claims Adjudication and Billing Market By Region, From 2020-2025 ( USD Million )
  78. Middle East and Africa Blockchain in Healthcare Market By End User, From 2020-2025 ( USD Million )
  79. Middle East and Africa Pharmaceutical Companies Market By Region, From 2020-2025 ( USD Million )
  80. Middle East and Africa Healthcare Payers Market By Region, From 2020-2025 ( USD Million )
  81. Middle East and Africa Providers Market By Region, From 2020-2025 ( USD Million )
  82. Middle East Blockchain in Healthcare Market By Application, From 2020-2025 ( USD Million )
  83. Middle East Blockchain in Healthcare Market By End User, From 2020-2025 ( USD Million )
  84. Africa Blockchain in Healthcare Market By Application, From 2020-2025 ( USD Million )
  85. Africa Blockchain in Healthcare Market By End User, From 2020-2025 ( USD Million )

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