Forecast: Global Blockchain In Healthcare Market Expected To Grow At A CAGR of 70% during 2020-2027
Global blockchain in the healthcare market is forecast to grow at a CAGR more than 70% during 2020-2027, on account of increasing instances of data breaches and surging adoption of blockchain technology in healthcare and pharma industries. Blockchain is an open and distributed ledger that can record transactions in an efficient, verifiable and permanent way.
With the increasing proliferation of digital technologies, cases of data breaches in the healthcare industry are also increasing at a significant pace, thus aiding the global blockchain in the healthcare market. Moreover, the number of patients is increasing across the globe, and consequently, leveraging blockchain technology in healthcare to solve the problem of managing healthcare data has become vital.
Blockchain in the healthcare market can be segmented based on type, application, end-user, and region. The integration of blockchain in healthcare finds application in drug supply chain management, clinical data exchange & interoperability, claims adjudication & billing management, and others.
In 2019, the drug supply chain management segment accounted for the largest market share and is expected to register robust growth during the forecast period, backed by the growing circulation of counterfeit drugs and strict rules & regulations by authorities such as DQSA and FMD in the US and Europe, respectively.
The market for blockchain in healthcare is gaining traction and expanding to various regions including Asia-Pacific, North America, Europe, South America, and the Middle East & Africa. In 2019, North America dominated global blockchain in the healthcare market, as the countries present in the region are adopting advanced technologies.
Moreover, the presence of leading players is further anticipated to positively influence the region’s blockchain in the healthcare market during the forecast period.
Major players operating in the global blockchain in the healthcare market include IBM Corporation, Microsoft Corp., Accenture Plc, Pokitdok, Factom Inc., Healthereum, LLC, Guardtime, Proof.Work, Simplyvital Health, Farmatrust, etc. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. Furthermore, various start-ups are coming up, so as to bridge the gap between blockchain and healthcare industry and ease its implementation in solving the crucial problems of lack of transparency in complex transactions existing in the clinical supply chain.
