Introduction: Market Overview
The “Global Blockchain In Healthcare Market – Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028″ report by TechSci Research indicates that the Global Blockchain In Healthcare Market was valued at USD 550.02 Million in 2022, and it is projected to experience a compound annual growth rate (CAGR) of 45.5% during the forecast period of 2024-2028.
Driver 1: Addressing Data Breaches and Counterfeit Drugs
The escalating instances of data breaches make blockchain technology an imperative for the healthcare sector. Blockchain’s role as a frontrunner in healthcare trends is evident. Cybercriminals target medical databases to exploit or trade healthcare data for financial gain. Furthermore, the proliferation of counterfeit drugs underscores the urgency for blockchain in securing the supply chain against fraudulent products. The adoption of blockchain in healthcare also contributes to the market’s growth. Nevertheless, the absence of common standards and technology complexity hinder its growth, while continuous technological advancements present investment opportunities for key players.
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Driver 2: Combating Information Leaks and Drug Counterfeiting
The need to counteract information leaks and data breaches, coupled with efforts to address these issues, propels market growth. Strategic initiatives by industry leaders, the fight against counterfeit drugs, and the need for efficient health data management systems are the primary catalysts for blockchain technology adoption.
Use Cases: Accelerated Adoption Amidst the Pandemic
The COVID-19 pandemic has expedited the demand for blockchain solutions in healthcare. Initiatives like MDS Mexico’s blockchain-based COVID-19 testing service, IBM’s Rapid Supplier Connect for combating COVID-19, and China’s use of blockchain for medication tracking underscore the technology’s value in crisis management and healthcare innovation.
Blockchain Applications for Healthcare Research
The OECD highlights Research Foundry, a blockchain application facilitating permission and consent management for sharing and accessing health data, software code, and more related to healthcare research and development. Increasing investments in efficient healthcare record systems, wearable devices cryptography, and medical examination systems promise lucrative opportunities.
Data Management and Blockchain’s Role
As disease prevalence generates substantial data, the demand for effective data management grows. Leveraging Blockchain In Healthcare ensures data integrity by preventing unauthorized alterations. Major market players’ investments bolster this trend. For instance, IBM’s low-cost platform for blockchain projects encourages innovation and adoption among new healthcare organizations.
Industry Collaborations and Alliances
Entities like the Synaptic Health Alliance, consisting of Humana, Quest Diagnostics, and Optum, focus on enhancing data sharing in healthcare through blockchain. HMS Holdings and other technology providers also recognize blockchain’s potential in reshaping healthcare operations.
Types of Blockchains and their Role
The healthcare industry utilizes permission-based and permissionless blockchains. Private blockchains offer customization, access control, scalability, governance, and performance for authorized users.
Emerging Trends and Challenges
Growing acceptance of Blockchain as a Service (BaaS) and its creative applications in addressing healthcare challenges, including supply chain management and privacy, are expected to drive the market. However, challenges arise from a lack of understanding and negative perceptions due to media portrayals of bitcoin.
COVID-19’s Impact and Future Prospects
The pandemic’s impact on accelerating blockchain adoption in healthcare is noted. Numerous businesses actively support blockchain-based initiatives to enhance operational efficiency.
Market Segmentation
The Global Blockchain In Healthcare Market is segmented by type, application, end user, regional distribution, and company.
- End User Segmentation:
- Pharmaceutical and Medical Device Companies
- Healthcare Payers
- Healthcare Providers
- Regional Distribution:
- North America (Expected growth in this region)
- Other Regions
Shaping Healthcare through Blockchain Innovation
Blockchain’s role in healthcare is pivotal, driven by the imperative to address data breaches, counterfeit drugs, and other industry challenges. With a range of applications and collaborations, the technology is poised to reshape healthcare and contribute to operational efficiency.
Major companies operating in Global Blockchain In Healthcare Market are:
- IBM
- PATIENTORY INC.
- Guardtime
- iSolve, LLC
- Solve.Care
- Oracle
- Change Healthcare
- BurstIQ
- Medicalchain SA
- Blockpharma
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“In recent years, there has been a significant uptick in the utilization of blockchain technology. This surge can be attributed to advancements in technology and the increasing need for secure methods of patient recruitment, retention, and data management in drug discovery and clinical trials. It is important to note that the integration of blockchain technology in drug discovery operations is anticipated to enhance the overall drug development process by enabling traceability in the drug supply chain and identification of counterfeit drugs and medications.
The popularity of blockchain technology has experienced exponential growth in recent years. It has the potential to revolutionize the healthcare sector by providing a viable option for storing and exchanging data within the industry. Furthermore, it offers a faster solution for tracking and authenticating medical shipments and drugs throughout the supply chain and logistics operations. Additionally, it facilitates the compilation of longitudinal patient records, including disease registries, laboratory results, and treatment-related data.
The use of Blockchain In Healthcare, particularly in drug discovery and clinical trial management, has witnessed a surge in recent years. This can be attributed to the advantages it offers, such as expedited tracking and authentication of pharmaceutical products throughout the supply chain. Moreover, blockchain platforms and portals ensure secure storage of clinical trial data. Furthermore, the technology empowers patients by granting them access to their medical data and ensuring that it is shared only with their permission. As the adoption of blockchain technology in drug development applications continues to grow among innovators in the pharmaceutical and biopharmaceutical industries, lucrative opportunities are expected to emerge for companies engaged in the blockchain for drug discovery and clinical trials market.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Global Blockchain In Healthcare Market By Type (Public, Private), By Application (Supply Chain Management, Data Exchange and Interoperability, Claims Adjudication and Billing, Others), By End User (Pharmaceutical and Medical Device Companies, Healthcare Payers, Healthcare Providers), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Blockchain In Healthcare Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Blockchain In Healthcare Market.
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TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
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