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Blockchain Technology in the Healthcare Market - Global Opportunity Analysis and Industry Forecast 2019–2027

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Jun 2021 | 159 Views
 
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Blockchain Technology in the Healthcare Market Outlook - 2027

Blockchains are public ledgers that are used to record transactions and also used to track assets, which is connected by a network of computers and are unchangeable but unknown sources. Assets included in this blockchain patents, copyrights, cash, etc.

Immutability of the data stored in a blockchain is the major reason they can be used in healthcare. Blockchain technologies are capable of upgrading the medical record management and improving the insurance claim process. They can also raise the clinical and biomedical research, and bring advances in the biomedical and healthcare data ledger.

Blockchain Technology in the Healthcare Market

Decentralized management, improved security and privacy data provenance, and immutable audit trail, are the major factors of blockchain which are proving to be a boon for the healthcare sector.

Data of the medical sector needs to be operated carefully and this data should be shared with other hospitals, ASCs, and other healthcare services which can be made possible by the right use of blockchain technology. Blockchain technology is capable of changing the conventional institution-driven interoperability to patient-centered interoperability.

Blockchain Technology in the Healthcare Marketscope and structure analysis:

Report Metric

Details

Market size available for years

2019–2027

Base year considered

2019

Forecast period

2020–2027

Forecast units

Value (USD)

Segments covered

Type, Application, End- User and Region

Geographies covered

North America (US and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia Pacific (China, Japan, India, and the Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of LATAM) and The Middle East and Africa

Companies covered

Major players analyzed include IBM, Microsoft, Guardtime, PokitDok, Gem, Chronicled, iSolve, Hashed Health, Patientory, Factom, Proof.Work, SimplyVital Health, FarmaTrust, Blockpharma, and Medicalchain.

 

COVID-19 scenario analysis:

With the outbreak of COVID-19 globally and the stipulated lockout, there is an ongoing downturn in the healthcare market. Aside from communities, COVID-19 was equally disastrous for major world economies, especially the healthcare sector. Prominent stakeholders are continuing to adapt their strategy to the rapidly changing situation. COVID-19 is projected to have significant long-term impacts on the healthcare industry. Countries and major players would have to undertake critical healthcare changes until the crisis takes a back seat.

Technological progress, cost containment, and increased access will shortly be an integral part of healthcare reforms. Digital health and telehealth have taken a front seat in the ongoing outbreak. COVID-19 re-emphasized the importance of remote diagnosis, care, and consultation. Over the past few years, regulatory and behavioral barriers have slowed Telehealth growth. However, since many healthcare providers are currently working on video conferencing and telephone calls, this segment's growth will increase several folds over the next two years. The social distancing measures also mandated online consultation of patients with moderate symptoms. Besides, it greatly reduces the burden on hospitals already swamped by counts of COVID-19 patients. Medical IoT devices that live at home with patients are now being used for optimizing outpatient treatment and minimizing repeat visits, and these devices can be further used in a crisis. The pandemic led to severe resource constraints. This is expected to result in the development of competitive pricing and value-based pricing models, which will accelerate the market growth in the future.

Owing to such factors, COVID 19 is expected to have a significant impact on the Blockchain technology in the healthcare market.

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis:

Nowadays healthcare professionals are adapting to the new technology like blockchain to some extent due to the increasing awareness and the importance of such technology for the preservation of medical records and patient data which is the key factor for the growth of the blockchain technology market in healthcare. Many hospitals and healthcare facilities are introducing blockchain technology in their faculty which is helping them in analyzing and keeping a watch over the patient information accurately and recording all the changes. Moreover, counterfeit drugs risk factors are expected to increase the use of blockchain technology due to their side effects. Advances in technology like blockchain across the healthcare sector will accelerate the demand in the healthcare market.

Strict regulations along with the recent incidences of theft on medical data increasing are forcing the faculties to move towards blockchain technology.

On the other hand, there has been an evident lack of skilled work professional in the healthcare sectors that are comfortable with the blockchain technology and cost for the installation of blockchain in small & medium size hospitals and clinics are affecting the blockchain technology market negatively.

New product launches and acquisitions to flourish the market:

On March 23rd, 2018, IBM started a new low-cost platform which will help the startups in building their blockchain projects.

In September 2018, ALLIVE promised that they will introduce a new intelligent healthcare bionetwork which will be based on the blockchain technology, and will address all the significant issues faced in the healthcare sector.

On April 2nd, 2018, the United Health Group collaborated with MultiPlan, Quest Diagnostics, and Humana which helped them enter the blockchain market and exchange their financial and other healthcare information securely.

On March 5th, 2019, Embleema, Inc. And Gustave Roussy Institute came into an agreement of partnership which helped in building a blockchain platform for the secure exchange of healthcare outcomes and patient data for the study on oncology which will, therefore, help in the healthcare sector.

On April 27th, 2018, SimplyVital Health, Inc. and Shivom Ventures Limited entered into a partnership to form the Global Healthcare blockchain Alliance.

Surge in usage in healthcare providers and pharmaceutical companiesapplications:

Healthcare providers have started using the blockchain technology and are adapting to it at a higher rate which are helping in increasing the demand for the blockchain technologies.

In the case of pharmaceutical companies, there has been a rising concern in regards to the storage of data, accessed to the data and automation of the data which are forcing them to use the blockchain technology in pharmaceutical companies.

Additionally, hospitals and clinics are also using blockchain technology for storing the data and for safety purposes.

Key segments covered:

Segments

Sub-segments

Type

  • Public
  • Private

Application

  • Clinical Data Exchange & Interoperability
  • Claims Adjudication & Billing
  • Supply Chain Management
  • Clinical Trials & e-Consenting
  • Other Applications

End User

  • Hospitals
  • Insurance Providers
  • Drug and Medical Device Companies
  • Others

Regions

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

Key benefits of the report:

  • This study presents the analytical depiction of the global Blockchain technology in the healthcare industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Blockchain technology in the healthcare market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global Blockchain technology in the healthcare market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global Blockchain technology in the healthcare market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the Blockchain technology in the healthcare Market research report:

  • What are the leading market players active in the Blockchain technology in the healthcare market?
  • What the current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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