Blockchain in Healthcare Market Trends, Share, Growth Drivers and Forecast by 2023

Stringent regulations on protecting patients’ medical data, blockchain implementation in the pharmaceutical supply chain industry, and increasing investments and funding in technology are driving the market for blockchain in healthcare. Blockchain refers to a computerized set of records, the data in which is secured via cryptography. As per a P&S Intelligence study, the blockchain in healthcare market generated $44.6 million in revenue in 2017, and it is expected to progress during the forecast period 2018–2023 at a mammoth CAGR of 67.1%. If the prediction comes true, then by 2023, the market size would be $890.5 million!

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Claims adjudication and billing management, clinical data exchange and interoperability, drug discovery and clinical trials, prescription drug abuse, and drug supply chain management are the various applications of the technology in the healthcare sector. Among these, the clinical data exchange and interoperability application contributed the largest revenue share (40.0%) to the blockchain in healthcare market in 2017. The fact that blockchain has the potential to transform clinical data sharing and storing for all industry stakeholders, including patients, healthcare partners and payers, was the reason for its dominance.

On the basis of end user, the domain can be categorized into healthcare providers, pharmaceutical companies, and healthcare payers. Among all these, pharma companies dominated the blockchain in healthcare market in 2017, as these actively implemented the technology in drug discovery and clinical trials, and supply chain. The need for tracing and tracking the supply chain arose because of a growing menace of counterfeit drugs and stringent government regulations. This is why the pharmaceutical companies category is expected to lead the market during the forecast period as well, with over 50.0% revenue share.

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Seeing the rapid progress, market players are actively investing on research and development of advanced blockchain technology. For example, in 2018, in Patientory Inc. launched a free blockchain mobile app, which helps in storing and sharing medical data among patients, healthcare providers, and healthcare firms. The app seamlessly integrates with mHealth apps and wearable devices to monitor vital patient data and gives users a comprehensive overview of their condition.

Thus, it is clear that a serious threat of medical data breach and counterfeit drugs are having a positive effect of the sector progress.

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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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