DUBLIN–(BUSINESS WIRE)–Feb 3, 2021–
The blockchain market in healthcare was valued at USD 2.12 billion in 2020, and is expected to reach USD 3.49 billion by 2026, with a CAGR of 8.7% during the forecast period, 2021 – 2026.
In 2018, the Illinois Blockchain Initiative (IBI) launched several pilots, including a birth registration pilot to develop secure identity solutions and a pilot to develop blockchain health provider credentialing solutions. Proposals like these are expected to improve the market conditions.
- IBM Corporation
- Microsoft Corporation
- Gem
- Patientory Inc.
- Guardtime Federal
- Hashed Health
- Factom Inc.
- iSolve LLC
- PokitDok Inc.
- Chronicled Inc.
Managing Healthcare Supply Chain Using Blockchain to Dominate the Market
- The WHO estimates that many countries in Africa and parts of Asia and Latin America have areas where more than 30% of the medicines on sale can be counterfeit.
- Pharmaceutical supply chain surveillance has shown that incidents of substandard or counterfeit medicines continue to increase, which are perceived to be legitimate supply chains around the world. Several factors have contributed to these incidents, such as pharmaceutical supply chains, which are very complex and are at risk due to the involvement of under-regulated wholesalers, illicit distributors, non-legitimate internet pharmacies, and multiple routes for importation around the world.
- Advancements in technology have made it easier for pharmaceutical counterfeiting, to copy both product packaging and the pharmaceutical itself, so that there is a little distinction.
- When a recall happens, manufacturers must communicate clearly and swiftly with the entire supply chain, from wholesale to retail pharmacies, and collect the faulty item. This demands an increased need of collaboration which can be attained by Blockchain.
North America to Witness the Highest Growth
- In the United States, the FDA’s Drug Supply Chain Security Act outlines requirement to develop and enhance the drug supply chain security by 2023. These developments are good news for the blockchain industry, as the companies try to manage product quality and security.
- Major US healthcare companies have formed an alliance called Synaptic Health Alliance, which consists Humana, Multiplan, UnitedHealth Group’s Optum, UnitedHealthcare, and Quest Diagnostics and Ascension to try blockchain solutions, in order to improve data quality and reduce costs.
- According to the Centers for Medicare & Medicaid Services, at least half of the information on the Medicare Advantage Organizations had errors, which affects the customers by causing delay in medical services and can make them subject to fines.
- In Boston, medical offices use more than two dozen systems for maintaining electronic health records. This makes them prone to fraud and hacking.
- Ageing population and rising healthcare costs indicate higher healthcare spending in the United States. Thus, blockchain offers a potential solution to safeguard patient and clinical data.
4.2 Introduction to Market Drivers and Restraints
4.3.1 Increasing Data Breaches in Healthcare Industry is Driving the Market Growth
4.3.2 Government Mandates Regarding Maintaining Medicine Quality is Increasing the Market Demand
4.4.1 Lack of Awareness Regarding Blockchain Functionality is Hindering the Market Growth
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness – Porter’s Five Forces Analysis
5.1.1 Clinical Data Exchange
5.1.2 Billing Management and Claims Adjudication
5.1.3 Supply Chain Management
5.2.5 Middle East & Africa
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
Laura Wood, Senior Press Manager
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INDUSTRY KEYWORD: GENERAL HEALTH FINANCE OTHER HEALTH HEALTH PROFESSIONAL SERVICES
SOURCE: Research and Markets
Copyright Business Wire 2021.
PUB: 02/03/2021 11:54 AM/DISC: 02/03/2021 11:55 AM
Copyright Business Wire 2021.