Blockchain Technology in Healthcare Market Trends, Growth and Future Scope

Healthcare IT
Blockchain Technology in Healthcare
Market to Reach $890.5 Million by 2023
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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 technology 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.
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.
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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
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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.
Healthcare providers, which historically came second in revenue
contribution to the blockchain in healthcare market, are expected
to witness healthy CAGR in the future. This will be because of strict
regulations regarding the protection of patients’ medical data. For
instance, the General Data Protection Regulation came into effect
in Europe in 2018. Under it, companies that process citizens’ data
without their consent are required to pay heavy penalties. This is
why organizations, including healthcare providers, are
implementing blockchain to secure consumer data, thereby, driving
the market growth.
Another important factor in the domain prosperity is the growing
investments in blockchain technology. For instance, in 2018,
Health2047, an American Medical Association-funded company,
invested $10 million in Akiri, a start-up in the blockchain health
field. With increasing threat of medical data breach, more stringent
regulations are expected to be put in place. This is predicted to
result in heavier investments in the technology, driving the
blockchain in healthcare market further.
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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
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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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