GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET FORECAST 2019-2027

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GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET FORECAST 2019-2027

A blockchain, originally block chain, is a growing list of records, called blocks, which are interconnected through cryptographic functions. Each block contains a cryptographic hash of the previous block, a timestamp and transaction data. Blockchain in the healthcare market is the application of this particular technology in the healthcare sector.

GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET FORECAST 2019-2027

Global Blockchain in Healthcare Market by Organization Size (Large Enterprises, Small & Medium-sized Enterprises (Sme’s) by Blockchain Type (Public, Private, Hybrid) by Application (Healthcare Data Exchange, Pharmaceuticals Supply Chain, Health Insurance, Drug Discovery, Identity & Authentication, Other Application) & by Geography.

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A blockchain, originally block chain, is a growing list of records, called blocks, which are interconnected through cryptographic functions. Each block contains a cryptographic hash of the previous block, a timestamp and transaction data. Blockchain in the healthcare market is the application of this particular technology in the healthcare sector. Global blockchain in the healthcare market is estimated to grow with 47.23% CAGR during the year 2019 – 2027.  The base year considered for the study is 2018 and the estimated period is between 2019 and 2027. The following factors drive the growth of this market:

  • Cost savings
  • Protection from cyber-attacks and transparency
  • Consortiums and blockchain working groups
  • Government partnerships

Blockchain in Healthcare Market

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The most important driver is the protection from cyber-attacks and transparency. By allowing an even flow of information and data over a shared database, blockchain wipes out information asymmetry and levels the knowledge of all parties involved.

Moreover, each time exchange of information or money occurs over a blockchain, the entire history of the transactions is encrypted and stored in the blockchain database and can later be followed through the blockchain. The technology completely puts an end to the costs involved with tracking down transaction history, ownership disputes and fraudulent activities involved via transactions. Blockchain makes it possible to have accurate records which are capable of identifying transfers, ownership, rights of each member and evidence for each respective transaction. Changes made to blockchain are viewable by all parties creating collective transparency, and all transactions are ineradicable, which means they cannot be altered or deleted. Thus, the blockchain technology properties do not allow cyber-attacks and ensure transparency, which is the major reason why the healthcare industry is adopting the technology.

The largest segment by blockchain type is public. The public blockchain is an open source platform where anyone on the platform can read, write, make transactions or participate in the consensus process (the process of determining whether the transaction can be added to the block or not). The public blockchain is fully decentralized. This type of blockchain is preferred when different companies or business division have similar priorities. The fastest growing segment by blockchain type is hybrid. It is a mix of both public and private blockchain. In this type, the institutions create their network, but the right to read and write is extended to a certain number of nodes only. It combines the advantages of both public and private blockchains. It has better performance results as compared to public blockchains as it controls the number of nodes on the chain, maintaining the computational efficiency of the chain.

The lack of skilled professionals, the absence of common standards, the tradeoff between cost and security, minimal public awareness, lack of storage capability and the most important limitation- lack of skilled professionals, are some of the challenges and restraints which are withholding the market growth. The sudden emergence of blockchain based solutions has an abrupt surge in demand for blockchain based skills, but due to a shortage of talent, companies struggle to meet their need for blockchain knowledge. Blockchain development requires an exceedingly far-reaching skill set that includes a combination of expertise in app development, security and engineering. Companies are looking at various ways to reduce the talent gap such as in-house training, outsourcing projects and others. IBM, for instance, offers in-house training and personalized online training for employees who work in the blockchain, or for those employees who are inclined to work in this domain.

The report on global blockchain in healthcare includes segmentation on the basis of organization size, blockchain type and application.

Organization Size is sub-segmented into:

  • Large enterprises
  • Small & medium-sized enterprises

Blockchain Type is sub-segmented into:

  • Public
  • Private
  • Hybrid

Application is sub-segmented into:

  • Healthcare data exchange
  • Pharmaceuticals supply chain
  • Health insurance
  • Drug discovery
  • Identity & authentication
  • Other application

 

Geographically, the global blockchain in the healthcare market has been segmented by four major regions, which are:

North America is the largest as well as the fastest growing market for blockchain in the healthcare market. The North American region has two main countries the United States and Canada. North America has a comparatively huge market for the blockchain in the healthcare market. The region is technologically advanced with upgraded IT infrastructure in its place. Also, the healthcare industry is growing with an increasing amount of data in their system. The complicated task of recording, updating and securing such big data is resolved by using the blockchain technology. Nevertheless, there are regulatory concerns while implementing such technology in this region.

The major market players of the global blockchain in healthcare market are:

  • International Business Machines
  • Microsoft Corporation
  • Change Healthcare
  • Chronicled, Inc.
  • Farmatrust
  • Others

Company Profiles covers analysis of important players. These companies are using organic and inorganic strategies for growth. For instance, in November 2018, IBM and VMware, Inc. announced new offerings to help accelerate enterprise hybrid cloud adoption. In February 2018, Hashed Health collaborated with ODH Inc. to develop blockchain and distributed ledger technologies for payers and providers with the goal of improving patient care. In January 2018, Change Healthcare launched its blockchain based Intelligent Healthcare Network which is providing transparency in the claims management process. In February 2017, Factom, Inc. received $199,980 from the Department of Homeland Security (DHS) Science and Technology Directorate (S&T) as part of phase 2 of the Silicon Valley Innovation Program (SVIP).

Key Findings of the global Industrial salts market.

  • The surge in the investments in blockchain technology
  • The market is observing a high number of startups
  • Identity and authentication is the fastest growing segment by application
  • Blockchain can solve patient matching problems
  • Blockchain can reduce the cost of healthcare
  • The third largest cause of death in the United States is the prevalence of medical errors which can be avoided by blockchain technology
  1. RESEARCH SCOPE
    • STUDY GOALS
    • SCOPE OF THE MARKET STUDY
    • WHO WILL FIND THIS REPORT USEFUL?
    • STUDY AND FORECASTING YEARS
  2. RESEARCH METHODOLOGY
    • SOURCES OF DATA
      • SECONDARY DATA
      • PRIMARY DATA
    • TOP-DOWN APPROACH
    • BOTTOM-UP APPROACH
    • DATA TRIANGULATION
  3. EXECUTIVE SUMMARY
    • MARKET SUMMARY
    • KEY FINDINGS
      • SURGE IN THE INVESTMENTS IN BLOCKCHAIN TECHNOLOGY
      • MARKET IS OBSERVING A HIGH NUMBER OF STARTUPS
      • IDENTITY AND AUTHENTICATION IS THE FASTEST GROWING SEGMENT BY APPLICATION
      • BLOCKCHAIN CAN SOLVE PATIENT MATCHING PROBLEMS
      • BLOCKCHAIN CAN REDUCE THE COST OF HEALTHCARE
  1. MARKET DYNAMICS
    • DEVELOPMENT OF BLOCKCHAIN MARKET
    • PARENT MARKET ANALYSIS: BLOCKCHAIN MARKET
    • MARKET SCOPE & DEFINITION
    • MARKET DRIVERS
      • COST SAVINGS
      • PROTECTION FROM CYBER-ATTACKS AND TRANSPARENCY
      • CONSORTIUMS AND BLOCKCHAIN WORKING GROUPS
      • GOVERNMENT PARTNERSHIPS
    • MARKET RESTRAINTS
      • LACK OF SKILLED PROFESSIONALS
      • ABSENCE OF COMMON STANDARDS
      • TRADEOFF BETWEEN COST AND SECURITY
    • MARKET OPPORTUNITIES
      • IDENTITY AND AUTHENTICATION SEGMENT PROVIDES OPPORTUNITY FOR THE MARKET PLAYERS
      • SMART CONTRACTS
    • MARKET CHALLENGES
      • AWARENESS AMONG THE PUBLIC IS LESS
      • LACK OF STORAGE CAPABILITY
  1. MARKET BY ORGANIZATION SIZE
    • LARGE ENTERPRISES
    • SMALL & MEDIUM-SIZED ENTERPRISES (SME’S)
  2. MARKET BY BLOCKCHAIN TYPE
    • PUBLIC
    • PRIVATE
    • HYBRID
  3. MARKET BY APPLICATION
    • HEALTHCARE DATA EXCHANGE
    • PHARMACEUTICALS SUPPLY CHAIN
    • HEALTH INSURANCE
    • DRUG DISCOVERY
    • IDENTITY & AUTHENTICATION
    • OTHER APPLICATION
  4. KEY ANALYTICS
    • PORTERS FIVE FORCE MODEL
      • THREAT OF NEW ENTRANTS
      • THREAT OF SUBSTITUTE
      • BARGAINING POWER OF SUPPLIERS
      • BARGAINING POWER OF BUYERS
      • THREAT OF COMPETITIVE RIVALRY
    • KEY BUYING CRITERIA
      • SECURITY
      • COST
      • TRADE-OFFS
      • REGULATORY APPROVAL
    • OPPORTUNITY MATRIX
    • VENDOR LANDSCAPE
    • VALUE CHAIN ANALYSIS
  5. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • UNITED STATES
      • CANADA
    • EUROPE
      • UNITED KINGDOM
      • GERMANY
      • FRANCE
      • SPAIN
      • ITALY
      • REST OF EUROPE
    • ASIA PACIFIC
      • CHINA
      • INDIA
      • JAPAN
      • AUSTRALIA
      • SOUTH KOREA
      • REST OF ASIA PACIFIC
    • REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST & AFRICA
  1. COMPANY PROFILES
    • CHANGE HEALTHCARE
    • CHRONICLED, INC.
    • FACTOM INC.
    • FARMATRUST
    • HASHED HEALTH
    • HEALTHEREUM, LLC
    • INTERNATIONAL BUSINESS MACHINES CORPORATION
    • ISOLVE
    • MICROSOFT CORPORATION
    • MEDICALCHAIN SA
    • PATIENTORY, INC.
    • POKITDOK, INC.
    • WORK
    • SIMPLYVITAL HEALTH INC.
    • SKYCELL AG

LIST OF TABLES

TABLE 1:      GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY GEOGRAPHY, 2019-2027 (IN $ MILLION)

TABLE 2:      PROMISING INVESTMENTS MADE IN BLOCKCHAIN TECHNOLOGY IN RECENT YEARS

TABLE 3:      GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY ORGANIZATION SIZE, 2019-2027, (IN $ MILLION)

TABLE 4:      GLOBAL LARGE ENTERPRISES MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 5:      GLOBAL SMALL & MEDIUM-SIZED ENTERPRISES MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 6:      GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY BLOCKCHAIN TYPE, 2019-2027, (IN $ MILLION)

TABLE 7:      GLOBAL PUBLIC MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 8:      GLOBAL PRIVATE MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 9:      GLOBAL HYBRID MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 10:    GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY APPLICATION, 2019-2027, (IN $ MILLION)

TABLE 11:    GLOBAL HEALTHCARE DATA EXCHANGE MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 12:    GLOBAL PHARMACEUTICALS SUPPLY CHAIN MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 13:    GLOBAL HEALTH INSURANCE MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 14:    GLOBAL DRUG DISCOVERY MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 15:    GLOBAL IDENTITY AND AUTHENTICATION MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 16:    GLOBAL OTHER APPLICATION MARKET, BY REGION, 2019-2027 (IN $ MILLION)

TABLE 17:    OPPORTUNITY MATRIX

TABLE 18:    VENDOR LANDSCAPE

TABLE 19:    GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY GEOGRAPHY, 2019-2027, (IN $ MILLION)

TABLE 20:    NORTH AMERICA BLOCKCHAIN IN HEALTHCARE MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)

TABLE 21:    EUROPE BLOCKCHAIN IN HEALTHCARE MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)

TABLE 22:    ASIA PACIFIC BLOCKCHAIN IN HEALTHCARE MARKET, BY COUNTRY, 2019-2027 (IN $ MILLION)

TABLE 23:    REST OF WORLD BLOCKCHAIN IN HEALTHCARE MARKET, BY REGION, 2019-2027 (IN $ MILLION)

LIST OF FIGURES

FIGURE 1:    GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY BLOCKCHAIN TYPE, 2018 & 2027 (IN %)

FIGURE 2:    HEALTHCARE ECOSYSTEM

FIGURE 3:    HEALTHCARE BLOCKCHAIN: SMART CONTRACTS

FIGURE 4:    GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY LARGE ENTERPRISES, 2019-2027 (IN $ MILLION)

FIGURE 5:    GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY SMALL & MEDIUM-SIZED ENTERPRISES, 2019-2027 (IN $ MILLION)

FIGURE 6:    GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY PUBLIC, 2019-2027 (IN $ MILLION)

FIGURE 7:    GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY PRIVATE, 2019-2027 (IN $ MILLION)

FIGURE 8:    GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY HYBRID, 2019-2027 (IN $ MILLION)

FIGURE 9:    GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY HEALTHCARE DATA EXCHANGE, 2019-2027 (IN $ MILLION)

FIGURE 10:  GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY PHARMACEUTICALS SUPPLY CHAIN, 2019-2027 (IN $ MILLION)

FIGURE 11:  GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY HEALTH INSURANCE, 2019-2027 (IN $ MILLION)

FIGURE 12:  GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY DRUG DISCOVERY, 2019-2027 (IN $ MILLION)

FIGURE 13:  GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY IDENTITY & AUTHENTICATION, 2019-2027 (IN $ MILLION)

FIGURE 14:  GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY HARDWARE, 2019-2027 (IN $ MILLION)

FIGURE 15:  PORTER’S FIVE FORCE ANALYSIS

FIGURE 16:  KEY BUYING IMPACT ANALYSIS

FIGURE 17:  VALUE CHAIN ANALYSIS

FIGURE 18:  GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, REGIONAL OUTLOOK, 2018 & 2027 (IN %)

FIGURE 19:  UNITED STATES BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 20:  CANADA BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 21:  UNITED KINGDOM BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 22:  GERMANY BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 23:  FRANCE BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 24:  SPAIN BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 25:  ITALY BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 26:  REST OF EUROPE BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 27:  CHINA BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 28:  INDIA BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 29:  JAPAN BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 30:  AUSTRALIA BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 31:  SOUTH KOREA BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 32:  REST OF ASIA PACIFIC BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 33:  LATIN AMERICA BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

FIGURE 34:  MIDDLE EAST & AFRICA BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2027 (IN $ MILLION)

  1. MARKET BY ORGANIZATION SIZE
    • LARGE ENTERPRISES
    • SMALL & MEDIUM-SIZED ENTERPRISES (SME’S)
  2. MARKET BY BLOCKCHAIN TYPE
    • PUBLIC
    • PRIVATE
    • HYBRID
  3. MARKET BY APPLICATION
    • HEALTHCARE DATA EXCHANGE
    • PHARMACEUTICALS SUPPLY CHAIN
    • HEALTH INSURANCE
    • DRUG DISCOVERY
    • IDENTITY & AUTHENTICATION
    • OTHER APPLICATION
  4. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • UNITED STATES
      • CANADA
    • EUROPE
      • UNITED KINGDOM
      • GERMANY
      • FRANCE
      • SPAIN
      • ITALY
      • REST OF EUROPE
    • ASIA PACIFIC
      • CHINA
      • INDIA
      • JAPAN
      • AUSTRALIA
      • SOUTH KOREA
      • REST OF ASIA PACIFIC
    • REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST & AFRICA

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