Blockchain technology is used to collect and track information about transactions on a real-time basis. It works as a digital ledger and tracks all the activities carried out within the network. Increasing cases of data theft in healthcare, rising demand of easy to use and inexpensive data management tools, and rising adoption of blockchain technology are expected to drive the growth of the market. According to the Insurance Information Institute, in 2016 more than 16.7 million cases of identity fraud were registered in the US and it caused USD 16.8 billion loss to the victims.
The Global Blockchain Technology in Healthcare Market accounts for USD 42.06 million and expected to register healthy CAGR 71.8% during the forecast period.
The lack of significant entity and universal standards and a lack of awareness about blockchain technology may hamper the growth of the market during the assessment period.
The Global Blockchain Technology in Healthcare Market has been segmented on the basis of application, type, and end-user.
On the basis of application, the market has been classified into supply chain management, patient data management, drug traceability, clinical trials & data security, claims adjudication, billing, and others.
Blockchain technology in healthcare on the basis of type has been segmented into permission blockchains and permissionless blockchains.
The market, by the end user, has been segmented into pharmaceutical companies, healthcare service providers, healthcare consumers, and others
The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The blockchain technology in the healthcare market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European blockchain technology in the healthcare market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The blockchain technology in the healthcare market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The blockchain technology in the healthcare market in the Middle East & Africa has been segmented into the Middle East and Africa.
Regional Market Summary:
Global Blockchain Technology in Healthcare Market Share, by Region , 2017 (%)
The Americas are expected to dominate the global blockchain technology in healthcare market owing to the high adoption rate of advance technology, the presence of well-established healthcare management systems, and availability of large patient pool and insurance holders. According to The United States Census Bureau, more than 91.2 million Americans were covered by healthcare insurance, out of which Medicaid provided insurance coverage to the 19.4% and Medicare accounted for 16.7% and 16.2% availed insurance services by direct-purchase. To maintain the real time record of the insurance holder’s insurance companies can prefer blockchain technology in the future.
The European market is expected to be the second-largest blockchain technology in the healthcare market. The market growth in this region can be attributed to the increasing number of clinical trials with increasing research and development expenditure in the pharmaceutical industry, increasing awareness about blockchain technology in the region, and rising healthcare expenditure is expected to drive the growth of the market. According to the European commission, in 2016 European nations invested 16.2% of its total expenditure on healthcare.
Asia-Pacific is expected to be the fastest-growing blockchain technology in healthcare market during the forecast period owing to the increasing generic pharmaceutical industry in the region, continuously increasing investment in healthcare, and adoption of technology in healthcare. For instance, in September 2017, orbiMed, a leading investment firm invested USD 550 million in Asian healthcare sector, the majority of the investment was done in India and china.
The market in the Middle East & Africa is expected to account for the smallest share of the global blockchain technology in healthcare market due to an underdeveloped healthcare sector, lack of technical knowledge, and poor medical facilities.
Some of the key players in the global blockchain technology in
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