Medical Blockchain Applications Market

Medical Blockchain Applications Market - Global Industry Analysis 2015 - 2019 and Opportunity Assessment 2020 – 2030

Medical Blockchain Applications Market

Industry: IT and Telecommunication

Format: PPT*, PDF, EXCEL

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Report Type: Ongoing

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Report ID: PMRREP32186

Medical Blockchain Applications Market: - An Overview

Blockchain technology has a wide range of uses and applications in healthcare field. The ledger technology securely transfer the medical record of patients, manages the medicine supply chain and help healthcare researchers unlock genetic code. Blockchain technology transform healthcare by increasing the privacy, security and interoperability of health data. Blockchain provide a health information exchanges model by making electronic medical records more efficient and secure.

Currently healthcare sector is facing major challenge associated with drug counterfeiting where dosages and ingredients included in medicine vary and this leads to unexpected death incidents. Deploying blockchain technology eliminates the major drawback of counterfeit drugs.

Impact of COVID-19 Pandemic Outbreak on Medical Blockchain Applications Market

COVID-19 pandemic has impacted countries, communities in various ways, from school closure to healthcare insurance issues. As governments of various countries are finding solutions to address these problems, different solutions based on blockchain technologies have come up to help in dealing with the pandemic.  The demand for blockchain technology in healthcare has increased as it is used for tracking the public health data surveillance. With increasing transparency in blockchain technology it gives more accurate reporting and efficient responses. Blockchain based platform are being used for recording, reviewing and tracking of demand, supplies, and logistics of epidemic prevention materials and helps to streamline medical supply chain. Hence, the medical blockchain application market is estimated to witness growth by 1.5X from 2019 to 2020. 

Medical Blockchain Applications Market: - Market Dynamics

Increasing Adoption of Blockchain Technology for Drug Traceability

Side-effects, tampering and supplier related information are some of the primary concerns of a healthcare supply chain. This supply chain refers to the link between the pharmaceutical laboratory and the marketplace. Blockchain technology showcases a great potential when integrated with pharmaceutical supply chain management. Decentralized nature of blockchain technology facilitates full transparency in the overall shipping process.

Blockchain marks the point of origin (that is, a laboratory), once the ledge for a particular drug shipment is created. This digital ledger continues to accumulate and record data every step of the way. The recorded data includes the details of shipment handling personnel and location, until the shipment finally reaches the consumer. Blockchain technology can also be used to monitor waste emissions and labor expenses.

Demand is Increasing for Streamlining Care

The healthcare industry incurs costs of more than US$ 10 Bn a year due to miscommunication among healthcare professionals. The time intensive process of gaining access to patient records delays patient care and exhausts staff resources.

Blockchain technology-based patient records offer a solution to these challenges. Decentralized nature of blockchain technology creates an ecosystem of patient data records that can be efficiently and quickly accessed and referenced by healthcare professionals and pharmacists, among anyone else involved in the patient’s treatment. This way, blockchain technology leads to quicker diagnostics and personalized healthcare plans.

Medical Blockchain Applications Market: - Segmentation

By Application
  • Supply Chain Management
  • Claims Adjudication & Billing Management
  • Clinical Data Exchange & Interoperability
  • Others
By End user
  • Healthcare Payers
  • Healthcare Providers
  • Pharmaceutical Companies

 

Medical Blockchain Applications Market: - Regional Analysis

Currently, Medical blockchain application market is dominated by North America followed by Europe in terms of revenue. This growth is attributed due to increasing implementation and adherence to regulatory acts such as Falsified Medicines Directive in European countries and Drug Quality and Security Act in U.S. for counterfeiting drugs in medical supply chain management. South Asia & Pacific is estimated to witness highest growth rate throughout the forecast period due to growing fraudulent billing and data breaches taking place in the healthcare sector.

Medical Blockchain Applications Market: - Key Players

The key players in the Medical Blockchain Applications market IBM Corporation, Microsoft, Hashed Health, Medicalchain, Blockpharma, iSolve, Guardtime, among others.

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain of the global Medical Blockchain Applications market. The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with Medical Blockchain Applications market attractiveness as per segments. The report on Medical Blockchain Applications market also maps the qualitative impact of various factors on Medical Blockchain Applications market segments and geographies.

Regional analysis includes:

  • North America (U.S., Canada)
  • Latin America (Mexico, Brazil, Rest of Latin America)
  • Europe (Germany, Italy, U.K, Spain, France, BENELUX, Russia, Rest of Europe)
  • East Asia (China, Japan, & South Korea)
  • South Asia & Pacific (India, ASEAN, Australia & New Zealand, Rest of South Asia Pacific)
  • Middle East and Africa (GCC Countries, Turkey, South Africa, Rest of MEA)

Medical Blockchain Applications Market- Report Highlights:

  • A detailed overview of parent market of Medical Blockchain Applications market
  • Changing Medical Blockchain Applications market dynamics in the industry
  • In-depth segmentation of the Medical Blockchain Applications market
  • Historical, current, and projected Medical Blockchain Applications market size by value
  • Recent industry trends and developments in Medical Blockchain Applications market
  • Competitive landscape of the Medical Blockchain Applications market
  • Strategies for key players in Medical Blockchain Applications and solutions and services offered
  • Potential and niche segments, geographical regions exhibiting promising growth
  • A neutral perspective on Medical Blockchain Applications market performance
  • Must-have information for Medical Blockchain Applications market players to sustain and enhance their market footprint

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Companies Covered in This Report

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