According to Global Market Insights, a global market research and consulting firm, the value of blockchain technology in the healthcare market is expected to surpass $1.6 billion over the next six years.
Before we take a look at how the market will evolve over the coming years, let’s see how things were in 2018 in some of the main European markets. Data exchange and interoperability component of blockchain technology dominated the market with 40% revenue share in 2018. Data exchange and interoperability encompasses collection and analysis of data, related to regulatory, patient digital identities and existing health segments for reuse and maintaining the information flow securely.
In addition, flexibility of management of vast data points regarding drug store management and uniform movement of data from one system to another offers momentous growth opportunity for data exchange and interoperability technology in coming years.
UK, Switzerland and Germany
Last year, UK’s blockchain technology in healthcare held $2.8 million market size. The growing use of blockchain for healthcare market and implementation of several government initiatives will serve to be high impacting factors for blockchain technology market growth in the country. For instance, the UK government collaborated with the University of Surry for implementation of Archangel program.
Archangel program is government initiative for implementation of blockchain in healthcare and other sectors. Such initiatives for implementation of blockchain technology in UK healthcare sector will positively impact the UK blockchain technology for healthcare industry growth in the forthcoming years.
Switzerland’s market will witness significant growth at 73.3% in forthcoming years. Robust growth is attributed to presence of leading pharmaceutical companies in the country that are rapidly implementing blockchain technology for improved clinical outcomes.
Moreover, increasing government initiatives for implementation of blockchain technology among pharmaceuticals manufacturing and product development companies will increase the demand for blockchain technology, thereby boosting the Switzerland blockchain technology in healthcare industry growth over the upcoming years. Germany’s market, too, is set to register lucrative CAGR from 2019 to 2025, driven by growing demand of Internet of Things and interoperability in research and development centers.
Market set to grow even further
In its press release published on September 9th, Global Market Insights believes the market will grow thanks to a number of factors like the implementation of government initiatives and increasing investment in the field. Rising adoption of blockchain technology for precision medicine and patient care and outcomes research (PCOR) for reducing operational cost and maintaining data privacy will increase the adoption of blockchain technology in upcoming years.
Blockchain technology in healthcare is enabled with different application program interface for maintaining data privacy and accuracy in health information exchange data. Moreover, blockchain helps in enhancing access to distribution of data and distributed computing power to verify financial transactions and operation work. Thus, growing use of blockchain technology in healthcare sector will augment the market growth in upcoming years.
Blockchain technology will significantly reduce cost components
Increasing investment in healthcare economics, examination of medical outcomes and interoperability of health data will offer lucrative industry growth in upcoming years. Access to many users simultaneously eliminates redundant processes, and reduced operational costs make the software feasible to handle.
Rising prevalence of significant advancements in technology owing to increased work efficiency in academic research and start-up companies will drive the consumer preference for blockchain technology. Moreover, blockchain technology will significantly reduce cost components, further impelling the blockchain technology in healthcare market growth in future years.
Growing awareness about implementation of blockchain technology and government initiative for data standardization and operational scalability constraint in data management will spur industry growth in upcoming years. Healthcare payers segment of blockchain technology in healthcare market is forecast to 65.7% CAGR during the estimation period.
High segment growth is due to widespread usage of blockchain technology across healthcare network to improve patient emergency care and clinical outcomes. As healthcare payers are involved in more complex processes, the technology helps to improve financial aspects, insurance provider data and clinical outcomes of patients by accelerating the work efficiency. Organizations present in healthcare payers blockchain technology are increasingly adopting blockchain to improve operational aspects of business, thereby augmenting the industry size.
Blockchain, reshaping the healthcare industry
It’s not the first time we’re speaking about blockchain and the healthcare industry here, on Modex Blog. Back in November 2018, we wrote about how blockchain can cure this industry. This June, we’ve published another interesting use case article about blockchain as a barrier against ransomware. If you’ve been wondering which industries/sectors are currently using blockchain in Europe and how much, an infographic from the European Commission has all the answers. Amongst them is also healthcare, with a 2.53 percentage.
As a reminder, blockchain can improve our daily lives when it comes to the keeping of medical records, as this article published on Modex Blog shows. Electronic health records (EHRs) contain a patient’s entire health history. They can be accessed by medical providers on any platform and updated in real-time for the most current patient information.
This inevitably creates cause for concern when it comes to keeping that data private and safe. Integrating blockchain has offered a higher level of confidence in the security of such sensitive information. The technology can be used to store and track patient data in a time-stamped, unalterable record that can only be accessed by permitted parties. This allows healthcare professionals and patients to have access to the most updated information.
About Global Market Insights
Headquartered in Delaware, United States, Global Market Insights, Inc. is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. The company’s business intelligence and industry research reports offer clients with insights and market data presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Blockchain company Modex is promoting the adoption of blockchain technology and strongly believes in a future built around blockchain. Modex offers fully integrated services designed to solve the last mile adoption problem of the blockchain and aims to make blockchain user-friendly for every single device or person.
At Modex, we can innovate thanks to our incredible team of experts and we offer services for the entire blockchain technology ecosystem: Marketplace for Smart Contracts, community tools for developers and blockchain as database services for enterprises. In over two years, using cutting-edge technologies and with a clear strategy, Modex has evolved from the world’s first app store for blockchain into a complex ecosystem designed for developers’ needs and enterprises looking for blockchain solutions. Our mission is to spread and facilitate the adoption of blockchain into society and to solve real-world problems using this revolutionary technology.