Blockchain is defined as a distributed system that has the potential to transform health care system by recording and storing transaction data. Blockchain technology provides security, privacy, and interoperability to health care data. It relies on established cryptographic techniques to allow every individual in a network to interact without preexisting trust between partners. The blockchain technology is designed in such a way that there is no involvement of central authority, instead, records are kept and distributed across all the participants of the network. Blockchain technology acts as a health information exchange system that helps to eliminate the friction and cost of current intermediated. Blockchain technology works as a decentralized controller that eliminates the risk of main controller. With a centralized database, anyone can access the system and destroy or corrupt the data.
Limited access to population health data and increase in number of deaths due to consumption of counterfeit medicines in the world every year are the major factors propelling the blockchain technology application in health care systems market. Moreover, increase in privacy and security to protect health information from hacking and attacks drives the blockchain technology application in health care systems market.
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However, immature infrastructures where most blockchain technology is untested and high setup costs of technology are likely to restrain the blockchain technology application in health care systems market in the next few years.
Based on application, the global blockchain technology application in health care systems market can be segmented into drug traceability, clinical trials, precision medicine, genomics research, electronic health records, and others. The drug traceability segment is likely to expand at a rapid pace during the forecast period. This can be attributed to increase in transaction between drug manufacturers, wholesalers, pharmacists, and patients, as it is necessary to track each transaction to verify and secure drug product information for tackling issues such as counterfeit drugs. In term of end-user, the global blockchain technology application in health care systems market can be classified into pharmaceuticals companies, hospitals, and health care research institutes. The hospitals segment is likely to expand at a rapid pace during the forecast period, attributed to increase in adoption of technical advancements in the patient care system to provide effective treatment.
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In terms of region, the global blockchain in health care systems market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Technological advancements in the health care systems and increase in pharmaceutical crime in North America are the major factors driving the blockchain technology application in health care systems market in the region. Various government initiatives for securing medical records of patients are likely to propel the blockchain technology application in health care systems market in Europe. Rapid growth of Internet commerce has led to an explosion of counterfeit drugs sold, especially in China. This is likely to drive the blockchain technology application in health care systems market in Asia Pacific.
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Rise in awareness about having medical records can have a positive effect on disease management and minimize expenditure in the health care system in countries in Africa. These factors are expected to boost the blockchain technology application in health care systems market in Middle East & Africa during the forecast period.
Key players operating in the global blockchain technology application in health care systems market are Blockpharma, Guardtime, Blockchain Health, BLOCK M.D., Hong Kong Applied Science and Technology Research Institute Company Limited, HASHED Health, and HealthCombix, among others.
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