A recent study by Triton Market Research titled ‘Global Blockchain in Healthcare Market,’ covers the Global Analysis and Forecast for 2019-2028 by Organization Size (Large Enterprises, Small- & Medium-sized Enterprises), Application (Pharmaceuticals Supply Chain, Healthcare Data Exchange, Health Insurance, Identity & Authentication, Drug Discovery, Other Application), Blockchain Type (Public, Hybrid, Private), and by Geographical Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa).
A blockchain is an increasing list of records, known as blocks, which are linked with the help of cryptography. Each of these blocks consists of a cryptographic hash of the preceding block, a timestamp, and transaction data. The blockchain in healthcare market is basically the application of blockchain technology in the healthcare industry.
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The Triton report on the global blockchain in healthcare market shows that the industry will garner a revenue of $7076.92 million by 2028, growing at a CAGR of 51.70% over the forecast years from 2019 to 2028.
The security provided by blockchain and the cost savings incurred as a result, helps in the adoption of this technology. This is majorly driving the market growth. Furthermore, the development of consortiums and collaborative initiatives by the government are further enhancing the growth of the blockchain in healthcare market. However, in this industry, there is a dearth of a skilled workforce, which is hampering its growth. Besides, the lack of common guidelines & standards and the trade-off between security and cost on blockchain-run applications further hinder this growth process.
The market for blockchain in healthcare is mainly categorized into organization size, application, and components. According to organization size, it is bifurcated into large enterprises and small- & medium-sized enterprises. Whereas, based on application, it is classified into pharmaceuticals supply chain, healthcare data exchange, health insurance, identity & authentication, drug discovery, and other application. And on the basis of blockchain type, the market is classified into public, hybrid, and private.
North America is expected to be the largest blockchain in healthcare market globally, over the coming years. This growth is primarily driven by the growing number of electronic healthcare records (EHRs) in the region. Nearly 80% of the hospitals in the US use EHRs in some form. Even in Canada, there is a rise in the adoption of these healthcare records. Furthermore, companies in North America are making further strides in the field of blockchain in healthare. For instance, University Health Network, a Toronto-based research hospital, partnered with IBM and the Blockchain Research Institute to develop a blockchain health records platform in order to make the sharing of patient data safe and easy. All these factors are leading to the growth of the North American market.
Microsoft, Medicalchain SA, Hashed Health, Patientory, Change Healthcare, Healthereum LLC, iSolve Technologies, Chronicled, International Business Machines Corporation, Proof.Works, Factom, PokitDok Inc, Blockchain AI Solutions Ltd (Trading as FarmaTrust), and SkyCell AG are some of the well-known players in this market.
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Question & Answer: Blockchain in Healthcare Market
Question 1: What factors are driving the blockchain in healthcare market growth?
Answer: The security provided by blockchain and the cost savings incurred as a result, helps in the adoption of this technology. This is majorly driving the market growth. Furthermore, the development of consortiums and collaborative initiatives by the government are further enhancing the growth of the blockchain in healthcare market.
Question 2: What factor is hindering the blockchain in healthcare market growth?
Answer: In this industry, there is a dearth of a skilled workforce, which is hampering its growth. Besides, the lack of common guidelines & standards and the trade-off between security and cost on blockchain-run applications further hinder this growth process.
Question 3: How is North America influencing the growth of the blockchain in healthcare market?
Answer: North America is expected to be the largest blockchain in healthcare market globally, over the coming years. This growth is primarily driven by the growing number of electronic healthcare records (EHRs) in the region. Nearly 80% of the hospitals in the US use EHRs in some form. Even in Canada, there is a rise in the adoption of these healthcare records.
Furthermore, companies in North America are making further strides in the field of blockchain in healthare. For instance, University Health Network, a Toronto-based research hospital, partnered with IBM and the Blockchain Research Institute to develop a blockchain health records platform in order to make the sharing of patient data safe and easy. All these factors are leading to the growth of the North American market.
Question 4: Which are some of the well-known players in the blockchain in healthare market?
Answer: Microsoft, Medicalchain SA, Hashed Health, Patientory, Change Healthcare, Healthereum LLC, iSolve Technologies, Chronicled, International Business Machines Corporation, Proof.Works, Factom, PokitDok Inc, Blockchain AI Solutions Ltd (Trading as FarmaTrust), and SkyCell AG are some of the well-known players in this market.
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Global Big Data Analytics in Healthcare Market
The global big data analytics in healthcare market is expected to register a 23.35% of CAGR in the projected period 2019-2028. It will generate revenues worth $148.34 billion by 2028.
As the coronavirus outbreak continues to impact the world, data and analytics technologies are expected to better understand the level of patient immunity. Numerous organizations have started utilizing big data analytics to accelerate COVID-19 drug discovery and better comprehend how the immune system fights against the virus.
Further, big data analytics provides faster treatment time, reduced re-admissions, and improved physician performance. Thus, it helps healthcare organizations gain insight on the data at lower costs and help the patients save money. All these factors are increasing the adoption of big data analytics in healthcare. Also, analytics plays a critical role in eliminating the challenges of interoperability in healthcare during data exchange and also enhances data security for health information exchanges (HIE).
Besides, these days, it has become easier to track Patient behaviors and key patient information using a multitude of sensors and real-time tracking devices at one’s fingertips. The growing penetration of wearable devices is helping create dataflows to be harnessed for medical applications using big data analytics. All these factors are accelerating the growth of the big data analytics in healthcare market.
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