Healthcare can benefit from the use of blockchain in a wide range of ways. Blockchain technology provides the safe management of the medicine supply chain, secure transfer of patient medical records, and helps healthcare researchers unlock genetic code. As of now, Ethereum is one of the most widely used technologies in healthcare and is also known as “permissionless” blockchain technology. Low cost and access to a larger database are the major factors leading to the growth of this technology in public networks.
The rise in prevalence of data breaches in healthcare, increasing threat of counterfeit drugs, and the rising adoption of blockchain as a service are the prominent factors that are fostering the growth of global blockchain technology in the healthcare market. In addition to this, increasing demand to minimize counterfeit health products and strategic initiatives by the leading players contribute to the growth of the market. Further, the rising need for effective and resourceful data health management systems is the major factor leading to the adoption of blockchain technology. The rising adoption of IoT technology with blockchain technology helps pharmaceutical sectors to facilitate interoperability further fueling the market growth. Furthermore, rising investment in the technological development of maintaining data of healthcare record systems and medical inspection systems are projected to offer new growth opportunities to the blockchain technology in the healthcare market during the forecast period. However, the reluctance to disclose data and lack of a central entity & common set of standards are expected to restrain the growth of blockchain technology in the healthcare market.
The global blockchain technology in the healthcare market is divided based on type, application, end-user, and region. Based on the type, the global market is split into private and public. The application segment consists of supply chain management, claims adjudication & billing, clinical data exchange & interoperability, clinical trials & e-consenting, and other applications. Blockchain technology in healthcare has end-users such as drugs & medical device companies, insurance providers, hospitals, and others.
Europe is anticipated to dominate the global blockchain technology in the healthcare market and is projected to continue its dominance during the forecast period. Factors such as favorable government initiatives to reduce the incidences of data breaches and increasing focus of consumers towards introducing innovative technology in the healthcare industry are boosting the growth of the market in this region. North America is expected to hold the second position in the market and is anticipated to account for a significant share over the forecast period. This is attributed to the rising need for data security in the healthcare sector.
IBM Corporation, Microsoft Corporation, Chronicled, Guardtime Health, Patientory, Pokitdok, Factom, Gem Health Network, Hashed Health, Change Healthcare, and Isolve are some of the major players that are operating in the global blockchain technology in the healthcare market.
In 2021, with the help of Chronicled, Cardinal Health will leverage a new blockchain-based solution and streamline operations throughout the pharmaceutical supply chain. The new blockchain solution offered by Chronicled will allow Cardinal Health to improve the complex process of the pharmaceutical sector and enhance connectivity for its suppliers and customers.