The blockchain in healthcare market is expected to reach $890.5 million by 2023. A growth that is primarily attributed to stringent regulations for safeguarding consumer data, increasing funding and investments in the blockchain arena. The adoption of blockchain technology in the healthcare and pharmaceutical industries is also attributing to the growth.
The blockchain in healthcare market is categorized into clinical data applications. Among these applications, the market for clinical data exchange and interoperability is expected to reach more than $400.0 million by 2023. Blockchain technology can potentially transform the way of clinical information, data storage and sharing across healthcare partners, payers, and patients.
The blockchain in healthcare market is classified into pharmaceutical companies, healthcare providers, healthcare payers, and others. Healthcare providers, as an end-user category, are dominating the market and this trend is expected to maintain throughout the forecast period. This can be attributed to the fact that the blockchain technology is globally gaining acceptance among healthcare providers. Technology such as data security and integrity can be credited for this global acceptance, and the general adoption of blockchain in healthcare is only expected to further increase in the coming years.
Geographically, Asia-Pacific (APAC) is anticipated to be the fastest growing blockchain in healthcare market, with at a CAGR of over 70.0% during the forecast period. This fastest growth is primarily attributed to the growing focus on blockchain technology in this region as well as unmet need in areas of clinical data exchange and interoperability, and drug supply chain management. For example, in July 2018, Singapore Innovate Pte. Ltd. (SGInnovate), Singapore’s government-owned technology development firm, invested in MediLOT Technologies, a blockchain and healthcare analytics start-up.
Given the fact that the technology in its nascent stage of development, the companies interested in adopting blockchain technology are partnering and collaborating with various technology providers to exploring the potential applications of the blockchain technology, so that they can streamline their operational processes.