GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET 2019-2028

Lifesciences | Healthcare IT

GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET 2019-2028

Market By Application, Organization Size, Blockchain Type, And Geography | Forecast 2019-2028

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After a detailed analysis, Triton has concluded that the blockchain in healthcare market is expected to display an upward trend in terms of revenue. In addition, it is estimated to grow at a CAGR of 51.70% during the forecasting years 2019 to 2028. The market accounted for $166.31 million in 2019 and is expected to reach $7076.92 million by 2028.

Blockchain, also known as Distributed Ledger Technology (DLT), was originally created to track the Bitcoin transactions. It enabled individuals and organizations to do transactions without the need for any intermediary. It relied on consensus among the peer-to-peer network of computers based on complex algorithms. The elimination of intermediary allowed processes like cross-border payments to process faster with more reliability and less cost.



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A blockchain is an increasing list of records, called blocks, connected through cryptography. Every block includes the previous block's cryptographic hash, a timestamp and transaction data. In the healthcare market, there are various applications of blockchain technology. Blockchain technology has the potential to change healthcare, place the patient at the center of the healthcare ecosystem, and improve health data protection, privacy, and interoperability.

The blockchain in healthcare market report from Triton gives a detailed analysis of market definition, key insight, evolution & transition of blockchain, Porter’s five force analysis, key impact analysis, market attractiveness index, vendor scorecard, and industry components.

Blockchain can be used to make smart contracts that offer the ability to automate approval workflows. Due to this, counterparty risk is reduced or even eliminated. Also, the costs associated with resolution of conflicts & with third-party payments are eliminated using blockchain technology. Thus the cost to maintain the data in a centralized location is eliminated

Secondly, blockchain allows reliable records that are capable of documenting each member's transactions, ownership, rights, and evidence of each member. Changes to blockchain are viewable by all parties to establish mutual accountability, and all transactions are indelible, ensuring that they cannot be changed or removed. These two are very important factors of cost security, which help in the adoption of blockchain in the healthcare industry.

The key market opportunity is from the segment ‘identity and authentication.’ Clinicians are currently facing problems due to consistent logging in and out of the system. Frequently doing this takes a lot of valuable time, which otherwise can be used to interact with the patient. Using identity management blockchain solution, one may not need to log in individually to each application in each separate instance by eliminating the clinicians’ need to identify themselves separately for each digital tool. Healthcare blockchain can also give patients control over their own health information, especially where payments are concerned. This solution has many possible uses, and using it to classify patients and clinicians positively will streamline logins and reduce security errors in identification.

 

A dearth of skilled professionals, lack of common standards, and the trade-off between cost and security are the restraints to the market’s growth. Of these, the lack of skilled professionals is the major one. The sudden advent of blockchain-based technologies has also contributed to a rapid increase in the demand for blockchain-based expertise, leading to talent shortages as businesses struggle to satisfy their need for awareness of blockchain. Blockchain development requires an extremely far-reaching skill set, which includes a combination of app development and security & engineering expertise. Organizations are looking at different ways to reduce the talent gap, such as in-house recruitment, project outsourcing, and others.




Geographies covered for the blockchain in healthcare market are:

           North America: United States and Canada

           Europe: United Kingdom, Germany, France, Italy, Spain, Russia, and Rest of Europe

           Asia-Pacific: China, Japan, India, South Korea, ASEAN countries, Australia & New Zealand, and Rest of Asia-Pacific

           Latin America: Brazil, Mexico, and Rest of Latin America

          The Middle East and Africa: United Arab Emirates, Turkey, Saudi Arabia, South Africa, and Rest of Middle East & Africa

The blockchain in healthcare market, in this report, is segmented as follows:

           Application is sub-segmented into:

O         Healthcare Data Exchange

O         Pharmaceuticals Supply Chain

O         Health Insurance

O         Drug Discovery

O         Identity & Authentication

O         Other Application

           Organisation Size is sub-segmented into:

O         Large Enterprises

O         Small & Medium-Sized Enterprises

           Blockchain type is sub-segmented into:

O         Public

O         Private

O         Hybrid

Major key players engaged in the blockchain in healthcare market are International Business Machines Corporation, Hashed Health, Factom, Blockchain AI Solutions Ltd (Trading as FarmaTrust), iSolve Technologies, Chronicled, Patientory, SkyCell AG, Healthereum LLC, Medicalchain SA, PokitDok Inc, Change Healthcare, Proof.Works, and Microsoft.

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Table of Content

1.    GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET - SUMMARY

2.    INDUSTRY OUTLOOK

2.1. MARKET DEFINITION

2.2. KEY INSIGHTS

2.2.1. BLOCKCHAIN ADOPTION TO FIGHT COVID-19 PANDEMIC CRISIS

2.2.2. BLOCKCHAIN SOLVING PATIENT MATCHING PROBLEMS

2.2.3. COST-EFFICIENCY ACHIEVED BY BLOCKCHAIN

2.2.4. REDUCTION OF MEDICAL ERROR USING BLOCKCHAIN TECHNOLOGY

2.2.5. IDENTITY AND AUTHENTICATION IS FASTEST-GROWING SEGMENT BY APPLICATION

2.3. EVOLUTION & TRANSITION OF BLOCKCHAIN TECHNOLOGY

2.4. PORTER’S FIVE FORCE ANALYSIS

2.4.1. THREAT OF NEW ENTRANTS

2.4.2. THREAT OF SUBSTITUTE

2.4.3. BARGAINING POWER OF SUPPLIERS

2.4.4. BARGAINING POWER OF BUYERS

2.4.5. THREAT OF COMPETITIVE RIVALRY

2.5. KEY IMPACT ANALYSIS

2.5.1. SECURITY

2.5.2. COST

2.5.3. TRADE-OFFS

2.5.4. REGULATORY APPROVAL

2.6. MARKET ATTRACTIVENESS INDEX

2.7. VENDOR SCORECARD

2.8. TOP 5 STARTUPS

2.8.1. BLOCKPHARMA

2.8.2. IRYO

2.8.3. ENCRYPGEN

2.8.4. DENTACOIN

2.9. INDUSTRY COMPONENTS

2.10. MARKET DRIVERS

2.10.1. COST SAVINGS & SECURITY ACHIEVED BY BLOCKCHAIN HELPS IN ITS ADOPTION

2.10.2. DEVELOPMENT OF CONSORTIUMS

2.10.3. GOVERNMENT PARTNERSHIPS

2.11. MARKET RESTRAINTS

2.11.1. DEARTH OF SKILLED PROFESSIONALS

2.11.2. LACK OF COMMON STANDARDS

2.11.3. TRADE-OFF BETWEEN COST AND SECURITY

2.12. MARKET OPPORTUNITIES

2.12.1. IDENTITY AND AUTHENTICATION SEGMENT PROVIDES OPPORTUNITY TO MARKET PLAYERS

2.12.2. DEMAND FOR SMART CONTRACTS

2.13. MARKET CHALLENGES

2.13.1. LOW AWARENESS AMONG THE PUBLIC

2.13.2. NEED FOR MORE STORAGE CAPABILITY

3.    GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET OUTLOOK – BY APPLICATION

3.1. HEALTHCARE DATA EXCHANGE

3.2. PHARMACEUTICALS SUPPLY CHAIN

3.3. HEALTH INSURANCE

3.4. DRUG DISCOVERY

3.5. IDENTITY & AUTHENTICATION

3.6. OTHER APPLICATION

4.    GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET OUTLOOK - BY ORGANISATION SIZE

4.1. LARGE ENTERPRISES

4.2. SMALL- & MEDIUM-SIZED ENTERPRISES

5.    GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET OUTLOOK - BY BLOCKCHAIN TYPE

5.1. PUBLIC

5.2. PRIVATE

5.3. HYBRID

6.    GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET – REGIONAL OUTLOOK

6.1. NORTH AMERICA

6.1.1. MARKET BY APPLICATION

6.1.2. MARKET BY ORGANISATION SIZE

6.1.3. MARKET BY BLOCKCHAIN TYPE

6.1.4. COUNTRY ANALYSIS

6.1.4.1. UNITED STATES

6.1.4.2. CANADA

6.2. EUROPE

6.2.1. MARKET BY APPLICATION

6.2.2. MARKET BY ORGANISATION SIZE

6.2.3. MARKET BY BLOCKCHAIN TYPE

6.2.4. COUNTRY ANALYSIS

6.2.4.1. UNITED KINGDOM

6.2.4.2. GERMANY

6.2.4.3. FRANCE

6.2.4.4. SPAIN

6.2.4.5. ITALY

6.2.4.6. RUSSIA

6.2.4.7. REST OF EUROPE

6.3. ASIA-PACIFIC

6.3.1. MARKET BY APPLICATION

6.3.2. MARKET BY ORGANISATION SIZE

6.3.3. MARKET BY BLOCKCHAIN TYPE

6.3.4. COUNTRY ANALYSIS

6.3.4.1. CHINA

6.3.4.2. JAPAN

6.3.4.3. INDIA

6.3.4.4. SOUTH KOREA

6.3.4.5. ASEAN COUNTRIES

6.3.4.6. AUSTRALIA & NEW ZEALAND

6.3.4.7. REST OF ASIA-PACIFIC

6.4. LATIN AMERICA

6.4.1. MARKET BY APPLICATION

6.4.2. MARKET BY ORGANISATION SIZE

6.4.3. MARKET BY BLOCKCHAIN TYPE

6.4.4. COUNTRY ANALYSIS

6.4.4.1. BRAZIL

6.4.4.2. MEXICO

6.4.4.3. REST OF LATIN AMERICA

6.5. MIDDLE EAST AND AFRICA

6.5.1. MARKET BY APPLICATION

6.5.2. MARKET BY ORGANISATION SIZE

6.5.3. MARKET BY BLOCKCHAIN TYPE

6.5.4. COUNTRY ANALYSIS

6.5.4.1. UNITED ARAB EMIRATES

6.5.4.2. TURKEY

6.5.4.3. SAUDI ARABIA

6.5.4.4. SOUTH AFRICA

6.5.4.5. REST OF MIDDLE EAST & AFRICA

7.    COMPETITIVE LANDSCAPE

7.1. CHANGE HEALTHCARE

7.2. CHRONICLED

7.3. FACTOM

7.4. BLOCKCHAIN AI SOLUTIONS LTD (TRADING AS FARMATRUST)

7.5. HASHED HEALTH

7.6. HEALTHEREUM LLC

7.7. INTERNATIONAL BUSINESS MACHINES CORPORATION

7.8. ISOLVE TECHNOLOGIES

7.9. MICROSOFT

7.10. MEDICALCHAIN SA

7.11. PATIENTORY

7.12. POKITDOK INC

7.13. PROOF.WORKS

7.14. SKYCELL AG

8.    METHODOLOGY & SCOPE

8.1. RESEARCH SCOPE

8.2. SOURCES OF DATA

8.3. RESEARCH METHODOLOGY

List of table

TABLE 1: GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY GEOGRAPHY, 2019-2028 (IN $ MILLION)

TABLE 2: MARKET ATTRACTIVENESS INDEX

TABLE 3: VENDOR SCORECARD

TABLE 4: GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY APPLICATION, 2019-2028 (IN $ MILLION)

TABLE 5: GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY ORGANISATION SIZE, 2019-2028 (IN $ MILLION)

TABLE 6: GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY BLOCKCHAIN TYPE, 2019-2028 (IN $ MILLION)

TABLE 7: GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY GEOGRAPHY, 2019-2028 (IN $ MILLION)

TABLE 8: NORTH AMERICA BLOCKCHAIN IN HEALTHCARE MARKET, BY COUNTRY, 2019-2028 (IN $ MILLION)

TABLE 9: NORTH AMERICA BLOCKCHAIN IN HEALTHCARE MARKET, BY APPLICATION, 2019-2028 (IN $ MILLION)

TABLE 10: NORTH AMERICA BLOCKCHAIN IN HEALTHCARE MARKET, BY ORGANISATION SIZE, 2019-2028 (IN $ MILLION)

TABLE 11: NORTH AMERICA BLOCKCHAIN IN HEALTHCARE MARKET, BY BLOCKCHAIN TYPE, 2019-2028 (IN $ MILLION)

TABLE 12: EUROPE BLOCKCHAIN IN HEALTHCARE MARKET, BY COUNTRY, 2019-2028 (IN $ MILLION)

TABLE 13: EUROPE BLOCKCHAIN IN HEALTHCARE MARKET, BY APPLICATION, 2019-2028 (IN $ MILLION)

TABLE 14: EUROPE BLOCKCHAIN IN HEALTHCARE MARKET, BY ORGANISATION SIZE, 2019-2028 (IN $ MILLION)

TABLE 15: EUROPE BLOCKCHAIN IN HEALTHCARE MARKET, BY BLOCKCHAIN TYPE, 2019-2028 (IN $ MILLION)

TABLE 16: ASIA-PACIFIC BLOCKCHAIN IN HEALTHCARE MARKET, BY COUNTRY, 2019-2028 (IN $ MILLION)

TABLE 17: ASIA-PACIFIC BLOCKCHAIN IN HEALTHCARE MARKET, BY APPLICATION, 2019-2028 (IN $ MILLION)

TABLE 18: ASIA-PACIFIC BLOCKCHAIN IN HEALTHCARE MARKET, BY ORGANISATION SIZE, 2019-2028 (IN $ MILLION)

TABLE 19: ASIA-PACIFIC BLOCKCHAIN IN HEALTHCARE MARKET, BY BLOCKCHAIN TYPE, 2019-2028 (IN $ MILLION)

TABLE 20: LATIN AMERICA BLOCKCHAIN IN HEALTHCARE MARKET, BY COUNTRY, 2019-2028 (IN $ MILLION)

TABLE 21: LATIN AMERICA BLOCKCHAIN IN HEALTHCARE MARKET, BY APPLICATION, 2019-2028 (IN $ MILLION)

TABLE 22: LATIN AMERICA BLOCKCHAIN IN HEALTHCARE MARKET, BY ORGANISATION SIZE, 2019-2028 (IN $ MILLION)

TABLE 23: LATIN AMERICA BLOCKCHAIN IN HEALTHCARE MARKET, BY BLOCKCHAIN TYPE, 2019-2028 (IN $ MILLION)

TABLE 24: MIDDLE EAST AND AFRICA BLOCKCHAIN IN HEALTHCARE MARKET, BY COUNTRY, 2019-2028 (IN $ MILLION)

TABLE 25: MIDDLE EAST AND AFRICA BLOCKCHAIN IN HEALTHCARE MARKET, BY APPLICATION, 2019-2028 (IN $ MILLION)

TABLE 26: MIDDLE EAST AND AFRICA BLOCKCHAIN IN HEALTHCARE MARKET, BY ORGANISATION SIZE, 2019-2028 (IN $ MILLION)

TABLE 27: MIDDLE EAST AND AFRICA BLOCKCHAIN IN HEALTHCARE MARKET, BY BLOCKCHAIN TYPE, 2019-2028 (IN $ MILLION)

List of Figures

FIGURE 1: FOUNDATION ELEMENTS OF BLOCKCHAIN

FIGURE 2: PORTER’S FIVE FORCE ANALYSIS

FIGURE 3: KEY BUYING IMPACT ANALYSIS

FIGURE 4: INDUSTRY COMPONENTS

FIGURE 5: HEALTHCARE ECOSYSTEM.

FIGURE 6: HEALTHCARE BLOCKCHAIN: SMART CONTRACTS

FIGURE 7: GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY HEALTHCARE DATA EXCHANGE, 2019-2028 (IN $ MILLION)

FIGURE 8: GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY PHARMACEUTICALS SUPPLY CHAIN, 2019-2028 (IN $ MILLION)

FIGURE 9: GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY HEALTH INSURANCE, 2019-2028 (IN $ MILLION)

FIGURE 10: GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY DRUG DISCOVERY, 2019-2028 (IN $ MILLION)

FIGURE 11: GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY IDENTITY & AUTHENTICATION, 2019-2028 (IN $ MILLION)

FIGURE 12: GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY OTHER APPLICATION, 2019-2028 (IN $ MILLION)

FIGURE 13: GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY LARGE ENTERPRISES, 2019-2028 (IN $ MILLION)

FIGURE 14: GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY SMALL- & MEDIUM-SIZED ENTERPRISES, 2019-2028 (IN $ MILLION)

FIGURE 15: GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY PUBLIC, 2019-2028 (IN $ MILLION)

FIGURE 16: GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY PRIVATE, 2019-2028 (IN $ MILLION)

FIGURE 17: GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, BY HYBRID, 2019-2028 (IN $ MILLION)

FIGURE 18: GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET, REGIONAL OUTLOOK, 2019 & 2028 (IN %)

FIGURE 19: UNITED STATES BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2028 (IN $ MILLION)

FIGURE 20: CANADA BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2028 (IN $ MILLION)

FIGURE 21: UNITED KINGDOM BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2028 (IN $ MILLION)

FIGURE 22: GERMANY BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2028 (IN $ MILLION)

FIGURE 23: FRANCE BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2028 (IN $ MILLION)

FIGURE 24: SPAIN BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2028 (IN $ MILLION)

FIGURE 25: ITALY BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2028 (IN $ MILLION)

FIGURE 26: RUSSIA BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2028 (IN $ MILLION)

FIGURE 27: REST OF EUROPE BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2028 (IN $ MILLION)

FIGURE 28: CHINA BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2028 (IN $ MILLION)

FIGURE 29: JAPAN BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2028 (IN $ MILLION)

FIGURE 30: INDIA BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2028 (IN $ MILLION)

FIGURE 31: SOUTH KOREA BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2028 (IN $ MILLION)

FIGURE 32: ASEAN COUNTRIES BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2028 (IN $ MILLION)

FIGURE 33: AUSTRALIA & NEW ZEALAND BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2028 (IN $ MILLION)

FIGURE 34: REST OF ASIA-PACIFIC BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2028 (IN $ MILLION)

FIGURE 35: BRAZIL BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2028 (IN $ MILLION)

FIGURE 36: MEXICO BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2028 (IN $ MILLION)

FIGURE 37: REST OF LATIN AMERICA BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2028 (IN $ MILLION)

FIGURE 38: UNITED ARAB EMIRATES BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2028 (IN $ MILLION)

FIGURE 39: TURKEY BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2028 (IN $ MILLION)

FIGURE 40: SAUDI ARABIA BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2028 (IN $ MILLION)

FIGURE 41: SOUTH AFRICA BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2028 (IN $ MILLION)

FIGURE 42: REST OF MIDDLE EAST & AFRICA BLOCKCHAIN IN HEALTHCARE MARKET, 2019-2028 (IN $ MILLION)

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