A blockchain referred to as a time-stamped series of permanent data records managed by a group of computers that are not posed by any single entity. Each of these data blocks is protected and bound to each other using encryption principles. Blockchain technology has the potential to change healthcare, can place patients at the center of the healthcare ecosystem, and can improve the security, privacy, and interoperability of medical data. By making electronic medical records more effective, safe, and disintermediated, it can provide a new model for health information exchange (HIE).
The global blockchain in the healthcare market to bolster market growth at the most significant CAGR in the forecast period from 2020-2027. Due to the singularity of the medical field, poor data flow and asymmetric information have caused many problems such as inadequate medical experience, contradictions between doctors and patients, fake and poor medicines.
In the face of various problems or pain points in the medical and health industry, blockchain technology, with its distributed, stable, and traceable features, can open the flow of medical data and improve the mutual behavior of institutions on the premise of ensuring the privacy of patient data. The status of data silos, rebuilding trust between doctors and patients and improving industry efficiency. With its inherent characteristics, the blockchain can make significant contributions to the healthcare industry in many aspects such as data sharing and circulation, establishing trust mechanisms, and circulation traceability.
The emergence of blockchain technology expected to promote the development of the medical and health industry. In the future, blockchain combined with AI big data, using the real and high-quality data precipitated by the blockchain for algorithm optimization and deep learning, will promote the development of medical science. Also, regulatory agencies and industry associations may become the construction of therapeutic alliance pushing hands.
Moreover, a wide range of industries and a long industrial chain, including pharmaceutical preparations, medical devices, health supplies, health food, and fitness supplies, will also grow in the future. With the increasing demand for residents’ pension and health management, it not only promotes the continuous development of the medical field and makes breakthroughs, but also encourages the constant acceleration of business model innovation and industrial integration. In the future, people’s spending on old-age care and medical care will increase day by day. Thus, blockchain in the healthcare industry will promote its growth and market share in the forecast period.
With the development of Internet technology, medical services have gradually transformed the traditional medical infrastructure and medical consultation. The treatment of a patient process through informatization and digitalization will improve the healthcare industry. Moreover, accelerating the transfer of medical resources across institutions will enhance the efficiency of the sector.
With the continuous improvement of residents’ health awareness, and the constant increase of disposable income, the willingness to purchase health insurance to reduce the burden of medical expenses is increasing. Insurance will inevitably benefit from this and develop rapidly, occupying a more prominent position in the overall health payment structure, and becoming a powerful supplement to social basic medical insurance.
Based on the type outlook, the global blockchain in the healthcare market bifurcated into Public, Private. The public type segment has dominated the largest share in the global blockchain in the blockchain market. They are entirely open ecosystems, and anyone can participate in the ecosystem. The network also has a built-in incentive mechanism to reward participants for better participation in the system. It is owing to the benefit public blockchain system, which provides privacy, fact transaction, efficiency, high security, and helps in bolstering the growth of blockchain in the public sector. Moreover, the general industry is leading in the blockchain system as it is lower in cost, has less permission system, and provides access to the vast database as well. Technological advancement in the hybrid type of blockchain expected to lead the market in the future.
Based on the Application, the global blockchain in the healthcare market classified into Clinical Data Exchange & Interoperability, Claims Adjudication & Billing, Supply Chain Management, Clinical Trials & e-Consenting, Other Applications. Clinical trials and e-consenting hold the largest market share in the global blockchain in the healthcare market. The Internet of things and the adoption of smartphones are the two significant factors of the growth of blockchain in the healthcare industry. Blockchain technology can help establish a data-sharing platform, which can strictly control the acquisition and use of data, to a large extent, to avoid the commercialization of patient data and protect the patient’s data privacy. Therefore, the quality of standard and quantity of clinical data has been improved, which is beneficial to the drug research and development process. On the other hand, patients can also use their data through authorized institutions in exchange for related benefits, which are mutually beneficial.
Based on End-use, the global blockchain in healthcare market segmented into Hospitals, Insurance Providers, Drug and Medical Device Companies, Others. The hospital’s segment holds the largest market share in the global blockchain in the healthcare market. The distributed, non-tamper able, traceable, and other characteristics of the blockchain, ensures the privacy of patient data, has solved the problem of inadequate medical information circulation in the past. It has improved the transparency of all links, and established trust relationships between all parties and ease the tension between doctor and patient. The embedding of blockchain technology has solved many current pain points in the medical industry and greatly improved the operating efficiency of the medical system.
Based on geography, the global blockchain in the healthcare market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific will be expecting to witness the highest growth during the forecast period from 2020-2027. Due to the region’s fastest economic growth and related opportunities. In the region, Japan has a mature market, a vast population, and a highly skilled workforce, making it an essential blockchain in the medical market.
Companies such as IBM, Microsoft, Guardtime, PokitDok, Gem Health, Patientory, iSolve, LLC, FarmaTrust, Medicalchain, EncrypGen, SimplyVitalHealth, Blockpharma, Doc.AI, Nebula Genomics, Embleema among others are key players in the global blockchain in the healthcare market.
By Type Outlook
By Application Outlook
Middle East & Africa