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Blockchain in Healthcare Market Size and Future Scope

Stringent regulations on protecting patients’ medical data, blockchain implementation in the pharmaceutical supply chain industry, and increasing investments and funding in technology are driving the market for blockchain in healthcare.

As per a P&S Intelligence study, the blockchain in healthcare market generated $ 44.6 million in revenue in 2017, and it is expected to progress during the forecast period 2018–2023 at a mammoth CAGR of 67.1%. If the prediction comes true, then by 2023, the market size would be $ 890.5 million!

Claims adjudication and billing management, clinical data exchange and interoperability, drug discovery and clinical trials, prescription drug abuse, and drug supply chain management are the various applications of the technology in the healthcare sector. Among these, the clinical data exchange and interoperability application contributed the largest revenue share (40.0%) to the blockchain in healthcare market in 2017. The fact that blockchain has the potential to transform clinical data sharing and storing for all industry stakeholders, including patients, healthcare partners and payers, was the reason for its dominance.

Healthcare providers, which historically came second in revenue contribution to the blockchain in healthcare market, are expected to witness healthy CAGR in the future. This will be because of strict regulations regarding the protection of patients' medical data. For instance, the General Data Protection Regulation came into effect in Europe in 2018. Under it, companies that process citizens' data without their consent are required to pay heavy penalties. This is why organizations, including healthcare providers, are implementing blockchain to secure consumer data, thereby, driving the market growth.

Seeing the rapid progress, market players are actively investing on research and development of advanced blockchain technology. For example, in 2018, in Patientory Inc. launched a free blockchain mobile app, which helps in storing and sharing medical data among patients, healthcare providers, and healthcare firms. The app seamlessly integrates with mHealth apps and wearable devices to monitor vital patient data and gives users a comprehensive overview of their condition.

Thus, it is clear that a serious threat of medical data breach and counterfeit drugs are having a positive effect of the sector progress.

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