Blockchain Technology in Healthcare Market (Application - Claims Adjudication & Billing Management, Clinical Data Exchange & Interoperability, Supply Chain Management, and Other Applications; End User - Healthcare Providers, Healthcare Payers, Pharmaceutical Companies, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2024. The global blockchain technology in the healthcare market is projected to grow at a CAGR of 69.70% over the forecast period of 2018-2024.
Pune, India -- (SBWIRE) -- 05/09/2019 -- Our latest research report entitled Blockchain Technology in Healthcare Market (by application (claims adjudication & billing management, clinical data exchange & interoperability, supply chain management, other applications), end user (healthcare providers, payers, pharmaceutical companies)) provides complete and deep insights into the market dynamics and growth of blockchain technology in healthcare. Latest information on market risks, industry chain structure blockchain technology in healthcare cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential blockchain technology in healthcare growth factors. The global blockchain technology in the healthcare market is projected to grow at a CAGR of 69.70% over the forecast period of 2018-2024.
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Blockchain Technology in Healthcare Market: Insights
The blockchain is an emerging technology. Blockchain technology came into limelight with the introduction of cryptocurrencies. The blockchain is a peer-to-peer distributed ledger technology that works through 3 major components namely distributed network, shared ledger, and digital transaction. Blockchain technology offers several benefits such as increased transaction speed, reduces data duplication, fewer chances of failure and high governance & trust. Blockchain technology is currently disrupting several industries with incredible improvements in the existing business models. Currently, blockchain technology is making a considerable impact in the healthcare sector. In healthcare systems, information on the patient's database is stored in bits and pieces. Healthcare system lacks a centralized information network system through which patient's data can be easily accessed at the times of need. Besides this, is information stored on the physical memory of a particular system of hospitals can get corrupt within or the information can be altered through anyone who has access to that system. Blockchain in healthcare offers security, scalability and data privacy.
Blockchain Technology in Healthcare Market: Drivers and Restraints
Healthcare industry generates a vast amount of critical such as health records of patients, medicine and hospital billings, information on procurement and utilization of drugs and information on clinical trials. This several critical information is always unorganized and scattered across various systems. Blockchain technology is used to compile disease registries, inpatient records, and information on supply and demand on drugs. Thus, this can help governments as well as hospitals to make necessary and precautionary arrangements for the future. Electronic health records are one of the one growing trends owing to increased use of cloud-based EHR software, the rapid surge in aging population, and subsequent rise in the number of chronic diseases and instant availability of real-time patients' records. Here, blockchain can be utilized to make the EHR more reliable. Besides this, blockchain can transform revenue cycle management, drug supply management, and clinical trials to prevent frauds. Going further, claims and reimbursement policies can be automatically verified and there would be fewer frauds or manipulations. These above-mentioned factors are driving the adoption of blockchain in healthcare. However, difficulty in integration with the existing system and the high cost of deployment can slow down the adoption of blockchain in technology.
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Blockchain Technology in Healthcare Market: Regional Analysis
Among the regions, North America holds the maximum market shares in the blockchain market. The high adoption of advanced technology and the growing application of blockchain in healthcare are expected to contribute to the growth of the blockchain technology market across North America. Besides this, the presence of blockchain technology offers several benefits to healthcare institutions. In addition, investments made by healthcare institutions to upgrade and modernize their infrastructure and information system boost the growth of the blockchain technology across the healthcare segment. In addition, Asia Pacific is expected to be the fastest growing region in the Blockchain technology market owing to the growing adoption of the blockchain across various industries owing to growing healthcare infrastructure.
Blockchain Technology in Healthcare Market: Segmentation
The report on global blockchain technology in the healthcare market covers segments such as application, and end user. On the basis of application, the sub-markets include claims adjudication & billing management, clinical data exchange & interoperability, supply chain management, and other applications. On the basis of the end user, the sub-markets include healthcare providers, healthcare payers, pharmaceutical companies, and others.
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Blockchain Technology in Healthcare Market: Competitive Landscape
The report provides profiles of the companies in the market such as Medicalchain SA, Factom Inc, Patientory Inc, ISOLVE TECHNOLOGIES, Hashed Health, PokitDok, Inc., Guardtime Federal, Microsoft Corporation, IBM Corporation, and iSolve LLC.
- Growing Incidence of Data Breach in the Health Care Industry.
- Growing Acceptance of Blockchain Technology as A Service.
- Cost-effective & Secured Data Interoperability Through Blockchain.
- High Initial Investment and Issues Related to Integration of Legacy Processes.
- Lack of Global Standard for Operation.
- Government Initiative for Modernization of Healthcare Industry.
- The Entry of Counterfeit Medicines in the Healthcare Supply Chain.