New York, NY -- (SBWire) -- 04/19/2019 --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 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!
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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.
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 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.
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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 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.
