According to the latest research report titled ‘Blockchain Technology in Healthcare Market Size By Application (Data Exchange and Interoperability, Claims Adjudication and Billing Management, Drug Supply Chain Integrity, Clinical Trials, Cyber Security and Internet of Medical Things), By End-use (Pharmaceutical Companies, Healthcare Payers, Healthcare Providers) Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Estonia, Switzerland, China, Japan, India, South Korea, Singapore, Australia, Brazil, Mexico, Israel, South Africa, UAE), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’ available at MarketStudyReport.com, the global blockchain technology in healthcare market is anticipated to surpass US $1.6 billion by the year 2025.
 

Adoption of centralized platform for secure medical data management is the key parameter favoring the growth of blockchain technology in healthcare market. The technology enables fast and safe exchange of healthcare data using robust coding. Rising number of government backed initiatives and campaigns to create and maintain a database of medical information will promote the incorporation of blockchain technology in healthcare industry.
 

Increasing need for scalable storage and secure exchange of data among healthcare facilities, in tandem with ensuring the data confidentiality through minimum interoperability will fuel the popularity of blockchain technology across healthcare sector as it monitors, records, and analyzes patient information accurately.
 

In addition, adoption of technology for management of clinical trial data to counter the rising risk of counterfeit drugs will augment the market outlook. However, lack of knowledge regarding the blockchain technology and its benefits, along with heavy implementation & maintenance cost are assumed to hamper the growth of blockchain technology in healthcare market.
 

As per the application scope, claims adjudication and billing management segment is presumed to grow with a CAGR of 66.5% during 2019-2025, owing to rising threat of claim filing and duplication process. The technology offers a reliable identification system for effective billing management. It maintains service vendor data by managing functions like claim appeals, follow-ups, and provider submissions.
 

Speaking of the end-use spectrum, pharmaceutical companies segment was worth US $21.5 million in 2018 and is presumed to register constant growth in the upcoming years. Pharmaceutical companies are implementing blockchain technology to improve drug verification reports and to enhance trackability & transparency of clinical trials. The technology enables the companies to maintain R&D outcomes of pipeline drugs, ensure supply chain compliances, and enhance financial outcomes.
 

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Considering the regional outlook, the UK market is projected to expand with 61% CAGR through the year 2025, on account of high presence of R&D centers and laboratories across the region which are focusing on implementing centralized solution to ensure transparency and immutability of data. Moreover, adoption of ‘Proof of Concept’ and the need for interoperability across research centers will stimulate the UK blockchain technology in healthcare market.
 

Major contenders of blockchain technology in healthcare industry are iSolve LLC, Block Pharma, Guard Time, Microsoft, and IBM among others.