Global Blockchain in Healthcare Market - 2022-2029

Global Blockchain in Healthcare Market - 2022-2029
Market Overview

Blockchain In Healthcare Market size was valued US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of 68.1 % during the forecast period (2022-2029).

A blockchain is a distributed method for producing and storing data records. It keeps a digital ledger of connected blocks of information that indicate how data on its peer-to-peer network is exchanged, updated, or accessed. When a linked device is involved in a transaction, all devices on the same blockchain system will generate identical blocks. When data on one computer is accessed, updated, shared, or otherwise transformed, a block is generated to record the information on all local devices. Data modifications can be easily spotted this way. It is a decentralized technology that provides data parity by comparing the blocks of every connected device.

Market Dynamics

Developing an Internet-of-Healthcare System using blockchain is expected to drive market growth.

The Internet-of-Healthcare Systems is a widely dispersed specific emulation of Internet of Things technology. Patient medical data from participating hospitals are integrated with a decentralized storage system based on blockchain technology to provide the highest level of storage and access security possible, overcoming security and data administration issues that may arise at the local hospital level where patient data is stored within the hospital's central server, particularly if that data is vulnerable to external threats. Currently, in use in over 350 hospitals, the Internet-of-Healthcare Systems employs software agents that are accessed via the Message Queueing Telemetry Transport protocol, which efficiently handles potentially thousands of participating local systems without compromising network timeliness.

Furthermore, the system is compatible with the wide range of health information systems used in participating hospitals. This makes the system a viable option for a nationwide integrated health records system, as well as an example of various secure networks that may be collectively referred to as an Internet of Special Things, a network of software agents developed for a specific purpose. Mobile device apps provide safe, direct access to patient data in a central blockchain, with download capabilities to a mobile device, using Amazon Web Services and permissions regulated by the Key Management System. Thus, from the above statements, the market is expected to drive in the forecast period.

Restraint:

The high cost of blockchain creation, the scarcity of experienced personnel to manage blockchain, and the difficulty of querying data within a blockchain limit clinical, statistical, and research uses. Network participants violate data privacy, and data immutability are factors the market is expected to hamper in the forecast period.

Industry Analysis

The blockchain in healthcare market provides in-depth analysis of the market based on various industry factors such as supply chain analysis, pricing analysis etc.

COVID-19 Impact Analysis

The COVID-19 pandemic has positively impacted healthcare systems and the market. Due to increased demand, healthcare systems find it difficult to get medical equipment and supplies to battle COVID-19. The collapse of supply networks with known vendors causes trust difficulties. Concerns about new vendors include standard compliance, customs certification, timely delivery of goods, and fraud. Supplier demands for upfront payment exacerbate these trust concerns. Blockchain is a potential solution for ensuring supplier legitimacy and tracking goods. For instance, In April 2020, IBM announced the launch of IBM Rapid Supplier Connect, a blockchain-enabled network connecting governments and health care organizations with non-traditional equipment, devices, and supplies suppliers to address COVID-19.

Moreover, equitable distribution of a COVID-19 vaccine would necessitate global agreement on its distribution and an open, verifiable, and timely supply management system. Blockchain technology may be appropriate for such a tough undertaking, allowing all countries and collaborating organizations to be nodes in a network that can examine immutable and real-time records. The system could track crucial elements such as vaccine manufacturing, distribution, and stock (needles, glass vials, refrigeration units) within and across nations, as well as vaccine quality, such as batch number, producer, expiry date, and temperature control. Furthermore, the system should support measuring loss and waste to reduce them. Thus, from the above statements, the market is expected to boost in the forecast period.

Segment Analysis

Drug Supply Chain Management segment is expected to hold the largest market share in blockchain in healthcare market

The drug supply chain management segment is expected to dominate in 2021. Blockchains are becoming more popular in the pharmaceutical business because they combine data storage, encryption, and distribution to protect user data, patient health information, and transaction records. Moreover, critical medical equipment and supplies shortages during the COVID-19 pandemic showed healthcare professionals' vulnerability to supply chain disruptions. Managing supply chains to lower a facility's operational expenses is a good use of blockchain in healthcare. Healthcare supply chains necessitate the integration of numerous functions, including planning, inter- and intra-organizational processes, information flows, market development, and methodology.

Additionally, the distributed architecture, built-in security, and decentralized blockchain storage make it ideal for managing and monitoring the transfer of medications and medical supplies. Because all transactions are recorded in the blockchain ledger, and all nodes keep a transaction record, it is simple to confirm the provenance of pharmaceuticals. This aids in the detection of counterfeit drugs and other medical products. Blockchain technology improves demand forecasting, data provenance, and fraud prevention by integrating all production, packaging, distribution, transportation, and warehousing information into a single immutable record that is securely stored and easily accessible. Thus, from the above statements, the market segment is expected to hold the largest market share in the forecast period.

Geographical Analysis

North America region holds the largest market share in the global blockchain in healthcare market

In 2021, North America accounted for the highest revenue share. The rising data breaches and counterfeit pharmaceuticals, improved implementation and adherence to regulatory acts in the United States, such as the Drug Security and Safety Act, increasing summits and product launches by market key players for blockchain-based healthcare applications, advancement in blockchain technology by the key market players in the region are some of the factors the market is expected to boost in the forecast period. For instance, according to Constella, the number of data breaches affecting pharma businesses increased from 1,930 in 2018 to 2,165 in 2019 and 3,619 in 2020. The overall number of breaches from January to September 2021 is 9,830. The amount of records exposed due to the breaches is around 4.5 million.

Moreover, according to cybersecurity firm vpnMentor, the U.S. pharma major Pfizer accidentally released private data of the country's prescription medicine consumers in a data breach caused by insecure cloud storage. The folder titled 'escalations' comprised transcripts of interactions between drug users and the company's customer service software. The company's inquiry revealed hundreds of transcripts, with more being uploaded. Each transcript contained personal information such as full names, addresses, phone numbers, and health and medical status information. Furthermore, the transcripts contained information about Pfizer's drugs, including many medicines used to treat various types of cancer.

Additionally, On March 30, 2022, IBM stated that it is collaborating with Discover Financial Services, a renowned digital bank and payments provider, to improve the digital transformation of apps and update existing systems to a hybrid cloud architecture utilizing Red Hat Openshift. This coordinated effort aims to safeguard user data while addressing customer requests for speedier access to integrated digital banking and payments. The former is also employing IBM Garage and agile technologies to update existing applications and co-create new solutions, which is expected to assist DFS in developing more business and technical benefits. Thus, from the above statements, the North American region is expected to hold the largest market share in the forecast period.

Competitive Landscape

Major key players in the blockchain in healthcare market are IBM, BurstIQ, Guardtime, Akiri, MedicalChain, ProCredEx, Avaneer, Embleema, Chronicled, PokitDok.

Guardtime:

Overview:

Guardtime is a network security company that validates the correctness of data, networks, systems, and processes. Its technology enables applications to be built with truth inherent in their design, delivering value wherever there is digital. Guardtime is helping healthcare companies and governments implement blockchain into their cybersecurity methods. The company was vital in helping implement blockchain in Estonia's healthcare systems. It recently signed a deal with a private healthcare provider in the United Arab Emirates to bring blockchain to its data privacy systems. Moreover, the company aims to build partnerships with companies in every industry, build a product, and go to market.

Product Portfolio:

Guardtime HSX platform: Guardtime HSX offers real-time blockchain audit trails for drug development, manufacturing, and distribution, including last-mile delivery. It is a platform that bridges the security gap between patients and pharmaceutical companies. As a result, Big Pharma, with its profound grasp of medicine, can now interact directly with people and improve healthcare results and efficiency.

The global blockchain in healthcare market report would provide an access to an approx. 45+market data table, 40+figures and 170pages.