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Medical Blockchain Applications Market
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.
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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.
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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.
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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.
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.
