According to Market Study Report, Blockchain Technology in Healthcare Market provides a comprehensive analysis of the Blockchain Technology in Healthcare market segments, including their dynamics, size, growth, competitive landscape, and emerging opportunities of global industry. This report also provides market landscape and market share information in the Blockchain Technology in Healthcare market.
Estonia blockchain technology in healthcare market will witness a robust growth of 69.4% over the forecast timeframe. In the year 2016, Estonia became the first country to integrate and implement blockchain technology for healthcare at a national scale. The government launched a development project that aimed at securing all the patient health records with the help of blockchain technology. Growing adoption of blockchain in the country for several healthcare applications will enhance the market growth in the near future.
Use of blockchain technology in pharmaceutical companies was valued around USD 21.5 million in the year 2018. As per the Pistoia Alliance, a not-for-profit alliance of life science companies, almost 60% of the life science and pharmaceutical companies are either experimenting or implementing blockchain as compared to only 22% in 2017. Pharmaceuticals industry is worth around USD 466 billion in the U.S. and concerns regarding transparency and privacy of clinical trials will lead to increased adoption of blockchain technology.
Blockchain Technology in Healthcare Market will exceed USD 1,636.7 million by 2025; as per a new research report. Rising need to store as well as secure medical data in healthcare facilities across the globe will enhance the growth of blockchain technology in healthcare market. Medical and health records increase awareness among the healthcare providers by giving in-depth information and history of the patient. Also, medical personnel are able to operate more efficiently when they are able to source healthcare information. The systems used to store patient information are vulnerable to hackers and hence have low interoperability level. Hence, growing need to secure the health data and medical information will spur the business growth in forthcoming years.
China dominated the Asia Pacific blockchain technology in healthcare market in the year 2018 and was valued at around USD 2.6 million. China is actively promoting the applications of blockchain technology in healthcare in order to create smooth and streamlined business operations that will help the country gain competitive edge over other countries across the globe. Hence, rise in awareness, promotion and adoption of blockchain in the country will enhance the business growth.
Some of the notable players in blockchain technology in healthcare market include IBM, Microsoft, Guardtime, PokitDok, Gem Health, iSolve, LLC, FarmaTrust, Medicalchain, EncrypGen, SimplyVitalHealth, Blockpharma, Doc.AI, Nebula Genomics, Embleema and Patientory. The strategy adopted by major players include acquisitions, partnerships and collaborations. Also, product innovations and new product development will help them gain an upper hand among other major market players.