MARKET OUTLOOK
Triton Market Research predicts that the global market for blockchain in healthcare would witness a CAGR of 51.70% over the forecast period 2019-2028.
The security provided by blockchain and the cost savings achieved due to it helps in the adoption of this technology. This is a major driving force behind the blockchain in healthcare market growth. The development of blockchain consortiums, as well as government partnerships, are adding further growth to the market.
Moreover, the identity and authentication segment offers opportunities for growth to the market players. Further, the demand for smart contracts will help the market reached its desired growth.
The scarcity of skilled professionals and the lack of common standards, along with the trade-off between cost and security, are some restraining factors to market growth. Also, the low public awareness and the need for more storage capacity create hurdles in the growth of the studied market.
REGIONAL OUTLOOK
The market for blockchain in healthcare encompasses the regions of North America, Latin America, Europe, the Asia-Pacific, and the Middle East and Africa.
The Asia-Pacific is set to be the fastest-growing region in the market during the forecast period. It has the highest population, and the healthcare data that will be generated in this market will be humongous. Controlling this data is a huge task. Blockchain will be the next disruptive technology. North America is set to be the largest market for blockchain in healthcare over the forecast period. It is a technologically advanced region with an upgraded IT infrastructure in place. Also, the healthcare industry is on the rise, with the increasing amount of data in the system. Recording, updating, and securing such data is a complicated task. Many of the problems faced by the industry can be solved by blockchain technology.
COMPETITIVE OUTLOOK
The top companies that have been studied in this market include Healthereum LLC, Blockchain AI Solutions Ltd (Trading as FarmaTrust), Microsoft, Change Healthcare, Hashed Health, PokitDok Inc, iSolve Technologies, Medicalchain SA, SkyCell AG, Proof.Works, Patientory, Factom, Chronicled, and International Business Machines Corporation.
iSolve Technologies provides blockchain solutions to the healthcare and bio-pharma industries. It aims to provide innovative solutions to these industries for advancing the drug development and patient care initiatives. iSolve currently offers two distinct solutions, Advanced Digital Ledger Technology (ADLT) and Smart Marketplace. ADLT provides transparent, secure supply chain solutions for the global bio-pharma industry. It ensures prompt communication to trusted partners, improved inventory management, medication recalls, processes, and global compliance, thereby preventing counterfeiting of medications.