New York, NY -- (SBWIRE) -- 08/31/2020 -- According to a report by P&S Intelligence, the global blockchain in healthcare market is predicted to reach a value of $890.5 million by 2023, from $44.6 million in 2017, and is expected to advance at a 67.1% CAGR during the forecast period (2018–2023). The market is growing due to the increasing investments and funding in the blockchain technology, rising number of regulations for safeguarding consumer data, and implementation of blockchain in pharmaceutical supply chain.

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On the basis of application, the market is divided into prescription drug abuse, drug discovery and clinical trials, drug supply chain management, claims adjunction and billing management, clinical data exchange and interoperability, and others. Out of these, the clinical data exchange and interoperability application held the major share of 40.0% of the market in 2017, due to the fact that the blockchain technology can transform the way clinical information and data are stored and shared across the total care continuum, such as patients, payers, and healthcare partners.

The objective of this research includes;
- Major factors driving the blockchain in healthcare market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the blockchain in healthcare market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the blockchain in healthcare market players make informed decisions on the sales of their offerings
- Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
- Major players operating in the market and their service offerings

When end user is taken into consideration, the blockchain in healthcare market is categorized into healthcare payers, pharmaceutical companies, healthcare providers, and others. Among all these, the pharmaceutical companies' category is expected to account for over 50.0% share of the market in 2023. These companies are widely exploring and adopting the blockchain technology, majorly in the areas of drug discovery and clinical trials and supply chain management. In addition to this, the adoption of this technology is projected to rise in the pharmaceutical industry, owing to its advantages, including data security.

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Geographically, the blockchain in healthcare market was dominated by North America in 2017, however, the European region is projected to emerge as the largest market by 2023. The major reasons for this is the implementation of various blockchain initiatives by private and public sector players in the region. The Asia-Pacific region is expected to progress at the fastest pace during the forecast period, which can be ascribed to the increasing focus on the blockchain technology in the region for catering to the unmet needs in areas of drug supply chain management and clinical data exchange and interoperability.

In conclusion, the market is being driven by the rising implementation of regulations for safeguarding consumer data and rising number of collaborations and partnerships.

The research includes detailed analysis of;

Based on Application

- Clinical Data Exchange and Interoperability
- Claims Adjudication and Billing Management
- Drug Supply Chain Management
- Drug Discovery and Clinical Trials
- Prescription Drug Abuse

Based on End User
- Pharmaceutical Companies
- Healthcare Providers
- Healthcare Payers

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