As the adoption of new technologies is increasing, along with swift digitalization, the cases of cyber-attacks have also been growing across the globe. Owing to the surging incidence of data theft and breach, governments across the globe are focusing on implementing strict regulations for safeguarding consumers’ information. For instance, in May 2018, the General Data Protection Regulation, a new European Union data protection rule, came into effect and aims to protect the citizens of EU from data and privacy breaches.
Due to the implementation of such regulations, enterprises need for invest heavily in data security. Since the blockchain technology offers a number of advantages, such as data security, integrity and trust, its demand is widely rising in the healthcare industry for strengthening their data network and for dealing with data security issues. Owing to such factors, the global blockchain in healthcare market is projected to grow at a significant pace during the forecast period.
The global blockchain in healthcare market is projected to attain a revenue of $890.5 million by 2023, increasing from $44.6 million in 2017, advancing at a 67.1% CAGR during the forecast period (2018–2023). In terms of application, the market is divided into clinical data exchange and interoperability, claims adjunction and billing management, prescription drug abuse, drug discovery & clinical trials, drug supply chain management, and others. The clinical data exchange and interoperability division accounted for the major share of the market in the past.
Blockchain technology has the potential to transform the way clinical information and data are being stored and shared across the whole care continuum, such as patients, payers, and partners. On the basis of end user, the market is categorized into healthcare payers, healthcare providers, pharmaceutical companies, and others. Pharmaceutical companies are projected to account for over 50.0% share of the market by 2023, as these companies are adopting and exploring the technology in fields of drug discovery and clinical trials and supply chain management.
Geographically, the blockchain in healthcare market was dominated by North America in 2017, however, the European region is projected to account for the largest share of the market by 2023. A number of private and public sector players are implementing various blockchain initiatives in the region. Apart from this, the Asia-Pacific region is projected to emerge as the fastest-growing market during the forecast period, due to the increasing focus on the technology and unmet needs in the field of clinical data exchange and interoperability.
In conclusion, the market is growing due to the surging number of data breaches and realization of potential of the blockchain technology.
Browse In-depth Competitive Landscape of the Blockchain in Healthcare Market Size
