Healthcare Blockchain Technology Market to hit $1.6 bn by 2025
The Estonia healthcare blockchain technology market will register a robust growth of 69% 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.
Germany dominated the Europe healthcare blockchain technology market and was valued at over USD 2.9 million in the year 2018. Various companies and cities in the country are turning into development hub for blockchain technology. Several German firms are planning to integrate and implement blockchain technology due to increased automation, efficiency and speed. Pharma giant Merck is currently investigating the use of blockchain technology in healthcare for setting up registries of vaccines and transactional histories for patients.
China healthcare blockchain technology market dominated the Asia Pacific region in the year 2018 and valued at more than 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.
Application of claims adjudication and billing management segment of healthcare blockchain technology market is projected to witness a growth of 66.5% over the forecast time period. Healthcare billing faces various problems such as incorrect billings, errors and duplication issues. Use of blockchain can help reduce the amount of errors caused in billing. In the year 2017, around 400 individuals consisting doctors were found guilty of USD 1.3 billion fraud in the U.S.
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.
Major companies operating in the healthcare blockchain technology market are IBM, Microsoft, Guardtime, PokitDok, Gem Health, Patientory, iSolve, FarmaTrust and Medicalchain. The industry players’ major strategies include launching technologically advanced new and innovative products along with high investment on research and development.
Global Blockchain Technology in Healthcare Market will cross USD 1,636 million by 2025; according to a new research study published by Global Market Insights, Inc. Increase in cost savings for several healthcare applications with the help of blockchain technology will drive the business growth in the forthcoming years. Blockchain is a recognized technology that is helping healthcare facilities save huge amount of money from frauds, counterfeit drugs and hence, positively impact the outcomes of healthcare.
Growing application of Internet of Things (IoT) in healthcare will result in huge demand and adoption rate of blockchain technology. Most of the leading players are using blockchain and IoT to improve patient results and optimize internal operations. Several benefits such as real-time information and location of digital X-ray equipment in healthcare facilities will augment the healthcare blockchain technology market demand across the globe.
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