Blockchain Technology in Healthcare Market Insights
The global market for
blockchain technology in healthcare is expected to grow at a high CAGR over the
forecast period. The market is expected to be influenced by its increased
potential to eliminate major challenges pertaining to the global healthcare industry,
without tampering patient data privacy and security. Implementation of
blockchain technology is also likely to have a positive impact on medical
tourism.
Blockchain technology
is anticipated to see an immense growth potential in the healthcare industry
over the coming years. Increasing demand for healthcare services along with an
enhanced patient care delivery system and growing emphasis on patient health
management is likely to accentuate the demand for blockchain technology in the
overall healthcare industry.
The slow adoption of technology among the healthcare centers is
likely to hinder the growth of blockchain technology in the healthcare
industry. The market is also likely to be hampered by the high initial cost of
adopting blockchain and its integration with the existing technology. However,
Healthcare providers are incorporating blockchain technology to manage
electronic medical records and clinical trials data while adhering to
regulations, thereby driving the market growth.
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Blockchain Technology in
Healthcare Market: Organization-Size Insights
The blockchain
technology in the healthcare market is divided into Small & Medium
Enterprises and Large Enterprises, based on organization size. SMEs are more
likely to incorporate blockchain solutions as it reduces transaction costs and
ensures smooth workflow of the system. The demand for blockchain solutions
among the organizations is likely to grow over the forecast period attributing
to its cost-effective and time-efficient features.
Blockchain Technology in
Healthcare Market: Application Insights
The market is
segmented into medical case management, drug development & supply chain
integrity, claims & billing management, and data interoperability among
others, based on application.
Blockchain finds huge
application in medical case management as it provides enhanced electronic
medical records which allow providers to securely access patients’ data, hence
avoiding the complexity associated with the procedure.
The technology also
simplifies claims and billing management by eliminating the need for intermediaries
between hospitals, physicians, insurers, and patients. Blockchain also
increases transparency and accountability as it allows retailers, wholesalers,
distributors, and manufacturers to track the transfer of materials across the
globe.
Blockchain Technology in
Healthcare Market: Regional Insights
North America
accounted for the largest revenue share of the overall market in 2016. This
regional growth is attributed to the rapid adoption of advanced technologies in
countries such as the U.S., and Canada. The U.S. has been one of the largest
contributors to the overall regional growth.Also, the increased number of geriatric population in North
American countries created a demand for faster diagnosis & treatment,
digital health systems, and complete care delivery system which is anticipated
to propel the regional growth.
Blockchain Technology in Healthcare Market: End-Us.e Landscape
The end-use landscape
entails a list of current and prospective consumers prevailing across the
regions. This section provides company addresses, contact details, products,
and regional presence of companies who are purchasing or are likely to purchase
blockchain technology in healthcare over the coming years. Some of leading
consumers of blockchain technology in the healthcare industry are Mayo Clinic,
Cleveland Clinic, and Mount Sinai Hospital among others.
Blockchain Technology in
Healthcare Market: Vendor Landscape
The report contains a
chapter dedicated to vendors operating in the market, covering raw material
manufactures, equipment developers, manufacturers, and distributors. The report
provides these insights on a regional level. This section of the report entails
contact details, experience, products manufactured/supplied, and geographical
presence of companies.
Blockchain Technology in
Healthcare Market Share & Competitor Analysis
Some of the players
operating in the global blockchain technology in healthcare market include
Accenture, IBM Corporation, Deloitte, Capgemini, Microsoft Corporation,
Blockchain Health, Blockpharma, Bowhead Health Inc., Brontech, BurstIQ, and
Chemonics, among others.
In June 2017,
Microsoft collaborated with Accenture to create blockchain ID prototype for
healthcare and other industries. This partnership was aimed to provide a
digital identity for the population who does not have any formal ID.
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