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Blockchain in Healthcare Market Analysis, Industry Trends, Drivers, Competitive Landscape and Forecast to 2023

Industry Outlook and Trend Analysis

The Blockchain in Healthcare Market was worth USD 56.34 million in 2014 and is expected to reach approximately USD 4706.69 million by 2023, while registering itself at a compound annual growth rate (CAGR) of 63.51% during the forecast period. To promote quality care and control the increasing healthcare expenses, exchange of health information is vital. Nonetheless, the amount of data shared among physicians, hospitals, institutions, and other providers stay minimal as presently, even the world’s most progressive healthcare systems are profoundly divided. The absence of interoperability and constrained linkage between healthcare storage systems, makes it hard to retrieve, transmit, analyze and clean information, hence the vast majority of the information is contained in silos. Additionally, there are various concerns in regards to security and protection concerns relating to capacity and trade of information as medicinal services associations have been subjected to developing number of information breaches and malicious attacks.

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Drivers and Restraints

The improvement in giving effective health-care services administrations is widely subject to various advances in data innovation, and especially in the capacity to record and store data economically and easily, and share it safely among dissimilar applications and frameworks. Blockchain plays a vital part in defeating the glitches and difficulties related with legacy systems. A portion of the main benefits of using blockchain are the advent of a more straightforward procedure, finish disposal of third party, streamlining of operational procedures, and huge expenses. Also, blockchain paves a way for the switch to a more value-based healthcare framework from the current fee-based human healthcare systems, enhance quiet commitment and even bring about opportunities for the advent of more consumer centric product segments and income streams.

Market Segmentation

The Blockchain in Healthcare Market is segmented on the basis of application and end user. Based on application the market is segmented into clinical trials, electronic health records, precision medicine, drug traceability, genomics research and others. On the basis of end user the market is segmented into health care research institutes, hospitals and pharmaceuticals companies. Nonetheless, move to blockchain based arrangements will require major investments and endeavors incorporating seamless integration with the present framework, and blockchain suppliers may encounter obstruction from human services players for changing from heritage frameworks and procedures to blockchain.

Regional Outlook and Trend Analysis

Geographically, the Blockchain in Healthcare Market is segmented into Asia Pacific, Europe, North America, South America and Rest of the world. The market has received traction for across the globe owing to several benefits along with the developing awareness regarding the importance of the technology in healthcare in developed as well as developing economies.

Competitive Insights

The leading players in the market are Humana, DokChain, MultiPlan Inc, Healthcare Blockchain Consortiums, Optum, MediLedger and Quest Diagnostics. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.

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The Blockchain in Healthcare Market is segmented based on regions as follows-

By Region:

  • North America
  1. US
  2. Canada
  3. Mexico
  • Europe
  1. Germany
  2. UK
  3. France
  4. Russia
  5. Italy
  6. Rest of Europe
  • Asia-Pacific
  1. China
  2. Japan
  3. South Korea
  4. India
  5. Southeast Asia
  6. Rest of Asia-Pacific
  • South America
  1. Brazil
  2. Argentina
  3. Columbia
  4. South Africa
  5. Rest of South America
  • Middle East and Africa
  1. Saudi Arabia
  2. UAE
  3. Egypt
  4. Nigeria
  5. South Africa
  6. Rest of MEA

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Some of the key questions answered by the report are:

  • What was the market size in 2014 and forecast from 2015 to 2023?
  • What will be the industry market growth from 2015 to 2023?
  • What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
  • What are the major segments leading the market growth and why?
  • Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?

 

About the author

Nehal Chinoy

Much like her co-founder, Nehal gets her entrepreneurial spirit from her family. However being the independent person she is, she started a business venture of her own early on since college. She opened a studio where she singlehandedly made and sold dreamcatchers, which was quite a raging trend then. Having tasted the success, her motivation for being an entrepreneur grew from there.

Today, as a co-founder and sales director, she oversees several functions including information procurement, sales and operations at Qurate Business Solutions.