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.
Full Research Report On Blockchain Technology in Healthcare Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/blockchain-technology-healthcare-market
Blockchain Technology
in Healthcare Market Report Highlights
- 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.
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Blockchain
Technology in Healthcare Market Segmentation
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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