Global Blockchain Technology Market in the Healthcare Industry, 2018–2022

Global Blockchain Technology Market in the Healthcare Industry, 2018–2022

Healthcare Industry Assesses Blockchain Potential to Optimize Healthcare Workflows and Improve Outcome-based Care Delivery Models

RELEASE DATE
01-Oct-2019
REGION
Global
Research Code: K31A-01-00-00-00
SKU: HC03226-GL-MR_23662

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Description

As the healthcare market struggles to find a trade-off between the risk and reward of going digital, the potential application of Blockchain technology provides a timely solution to mitigate some of its pressing needs around trust and security with digital workflows. A Blockchain (or DLT) is a new data structure that creates trusted, distributed digital ledgers for assets and other data. It is an immutable record of digital events shared peer to peer between different parties. It can only be updated by the consensus of a majority of the participants in the system and, once entered, the information is very hard to erase.

While relatively immature, Blockchain in healthcare is slowly staring to migrate from pilot Proof of Concept (PoC) to select Business-to-business (B2B) commercial, demonstrating initial Return on Investments (ROIs) across enterprise-level B2B-focused initiatives. This will lure early adopters that have waited, to finally jump on board, creating the much-needed network effect in the healthcare space. Frost & Sullivan estimates the global Blockchain technology market in the healthcare industry to cross $500 million by 2022, growing at a CAGR of 61.4% between 2018 and 2022. Health insurance payers, providers and pharma companies are expected to be the early adopters of Blockchain systems compared to other healthcare industry stakeholders.

Research Scope

This study aims to decipher the hype versus reality for Blockchain technology application in the healthcare space by analyzing the current vendor landscape, funding trends, and commercial adoption by key healthcare stakeholders globally. As a part of this study, Frost & Sullivan’s research team analyzed more than 250 vendors to understand their Blockchain products/solutions/projects’ functional and application focus for the healthcare industry. To estimate the Blockchain market size and future projection, a global analysis of current commercial deployments, major industry collaboration (consortia/working groups) on pilot projects, and funding trends have been undertaken.



Research Benefits

The main purpose of this study is to analyze and call out key growth opportunities for Blockchain technology’s application in the healthcare industry. Select examples of current Blockchain technology’s commercial deployments and major pilot projects across the identified top-5 growth opportunities in the healthcare space have been provided. Frost & Sullivan performed a qualitative factor analysis by evaluating critical attributes to assess the ‘Market Readiness’ and ‘Future Industry Value’ for the identified growth opportunities in the healthcare space. The study also provides an assessment of emerging Blockchain vendor solutions, commercial partnerships/consortia to watch for, and select case studies for the identified top-5 growth opportunities. Finally, it summarizes the key success factors and strategic imperatives for Blockchain’s commercial deployment consideration in the healthcare space.

Key Issues Addressed

  • What are the key growth opportunities for Blockchain technology applications in the healthcare industry?
  • What are the top-5 use cases within healthcare that are ripe for innovation and can be transformed using Blockchain technology?
  • How does the vendor ecosystem for healthcare Blockchain look like? What are the select companies and consortia to action by major Blockchain use cases in healthcare?
  • What are some of the major commercial deployments and pilot projects by top growth opportunities?
  • How big is the Blockchain technology market in healthcare? How it is projected to grow in next few years?
  • What are some of the Blockchain commercial deployment considerations?
  • What are the critical success factors, challenges, and strategic imperatives for considering Blockchain applications in the healthcare space?

Author: Kamaljit Behera

RESEARCH: INFOGRAPHIC

This infographic presents a brief overview of the research, and highlights the key topics discussed in it.
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Table of Contents

Key Findings

Scope and Definition

Key Questions This Study Will Answer

Blockchain in Healthcare—Top 5 Growth Opportunities by Use Case

Top 5 Growth Opportunities—Commercial Deployments and Projects

Market Overview—Sizing the Blockchain Technology in Healthcare Industry

Healthcare Blockchain Opportunity Assessment Framework

Blockchain Technology in Healthcare Industry—Investment Versus Revenue Analysis (Breakeven Analysis)

6 Big Themes for Blockchain Technology in Healthcare

Mapping Healthcare Industry Challenges to Stakeholders Priorities

Global Healthcare Industry Trust Crisis

Healthcare Digital Transformation—Inherent Challenges and Role of Blockchain?

Blockchain Technology Implementation Roadmap in Healthcare Industry

Adoption Timeline—Blockchain Technology for Select Healthcare Applications/Use Cases

Blockchain Technology Life Cycle and Innovation Adoption Roadmap

Blockchain Technology Journey in the Healthcare Industry

Evolving Healthcare Blockchain Ecosystem/Use Cases

Major Healthcare Blockchain Consortiums to Watch

Major Healthcare Blockchain Consortiums to Watch (continued)

Scenario Contingent Revenue Forecast—2018, 2020, and 2022

Blockchain Technology in Healthcare Industry—Revenue Forecast Scenario Analysis

Blockchain Technology in Healthcare Industry—Frost & Sullivan Scenario Revenue Forecast

Forecast Methodology and Assumptions

Revenue Forecast Discussion

Blockchain in Healthcare Market Analysis, 2018

Blockchain in Healthcare Revenue by Regional Market, 2018

Major Regional Market Analysis—Maturity and Major Initiatives

Blockchain in Healthcare Funding Analysis: 2015–2019 (Q1)

Blockchain in Healthcare Funding Analysis: 2015–Q1 2019 (continued)

Blockchain Solutions Revenue Models in the Healthcare Industry

Blockchain Technology in Healthcare—Major Application Areas

Blockchain Technology in Healthcare—Major Application Areas (continued)

Healthcare Blockchain Opportunity Assessment Framework

Research Methodology Discussion—Factor Analysis

Blockchain Application Potential With Multiple Healthcare Stakeholders

Medical Billing Process Inefficiencies and Falsifications—US

Current Medical Billing Process—Inefficiencies and Falsifications

Blockchain-enabled Medical Billing Process

Growth Opportunity—Healthcare Payment and Claim Management

Company to Watch—Change Healthcare

Company to Watch—Change Healthcare (continued)

Company to Watch—HSBlox

Company to Watch—HSBlox (continued)

Company to Watch—Insureum by ZIKTO

Company to Watch— Insureum by ZIKTO (continued)

Company to Watch—Lumedic (Acquired by PSJH Hospital Network)

Consortium to Watch—Health Utility Network

Short Profiles of Select Companies to Watch

Healthcare Professionals Credentialing Challenges

Limitations With Current Healthcare Professional Credentialing Models

Blockchain-based Healthcare Professional Credentialing Process

Growth Opportunity—Healthcare Professional Credentialing

Case Example—Commercial Blockchain Healthcare Professional Credentialing Networks

Case Example—Commercial Blockchain Healthcare Professional Credentialing Networks (continued)

Short Profiles of Select Companies to Watch

Pharma Drug Supply Chain Challenges

Potential Impact of Blockchain Across the Drug Supply Chain

Growth Opportunity—Drug Supply Chain Provenance

Company to Watch— MediLedger project by Chronicled Inc.

MediLedger’s Blockchain Based Returns Product Verification System (PVS) for Saleable Returns US DSCIS Requirement

Case Study—Blockchain for Monitor Temperature Sensitive Medicines

Public-private Blockchain Consortium to Watch

Medical Device Safety and Quality Challenges

Connected Medical Device Cybersecurity Vulnerabilities With Current Systems

Blockchain-based Secure and Trustless Connected Device Ecosystem

Case Example—Role of Blockchain in Atrial Fibrillation (Afib) Device Identify Management and Maintenance Monitoring

Potential Impact of Blockchain Across the IoMT Value Chain

Growth Opportunity—Medical Device Lifecycle Management

Company to Watch— Spiritus Partners Inc.

Company to Watch— Spiritus Partners (continued)

Major Medical Device Manufacturers Exploring Blockchain

Healthcare Data Exchange, Access, and Ownership Challenges

Blockchain Potential Impact across Healthcare Data Exchange and Interoperability Value Chain

Growth Opportunity—PHR and Health Data Exchange

Company to Watch—Guardtime

Company to Watch—Guardtime HSX platform

Company to Watch—MEDIBLOC

MEDIBLOC—Decentralized PHR platform

Medical Research and Clinical Trial Challenges

Blockchain’s Potential Impact on the Drug Development Value Chain

Growth Opportunity—Research and Clinical Trials

Project MELLODDY – AI and Blockchain based Research Consortium to Accelerate Drug Discovery

Select Companies to Watch

Litmus Test for Blockchain Appropriateness for Healthcare Digital Workflows

Seven-step Investment Evaluation for Blockchain Solution

Blockchain Technology Convergence Potential

Blockchain Driving Care Delivery Innovation

Blockchain’s Possible Business Models Across Healthcare Use Cases

Blockchain—A Commercial Journey With a Difference

Strategic Imperatives—Blockchain Application Potential With Multiple Healthcare Stakeholders

Blockchain Implementation Challenges in Healthcare

Blockchain in Healthcare—Implementation Challenges by Use Case

Key Question to Consider

Legal Disclaimer

List of Abbreviations and Acronyms

Drivers Explained

Restraints Explained

Top 3 Platforms for Successful Smart Contract Development

Case Example—Synaptic Health Alliance Governance and Pricing Model

Vendor Universe for Blockchain Technology in Healthcare

Vendor Universe for Blockchain Technology in Healthcare (continued)

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

The Frost & Sullivan Story

Value Proposition—Future of Your Company & Career

Global Perspective

Industry Convergence

360º Research Perspective

Implementation Excellence

Our Blue Ocean Strategy

Related Research
As the healthcare market struggles to find a trade-off between the risk and reward of going digital, the potential application of Blockchain technology provides a timely solution to mitigate some of its pressing needs around trust and security with digital workflows. A Blockchain (or DLT) is a new data structure that creates trusted, distributed digital ledgers for assets and other data. It is an immutable record of digital events shared peer to peer between different parties. It can only be updated by the consensus of a majority of the participants in the system and, once entered, the information is very hard to erase. While relatively immature, Blockchain in healthcare is slowly staring to migrate from pilot Proof of Concept (PoC) to select Business-to-business (B2B) commercial, demonstrating initial Return on Investments (ROIs) across enterprise-level B2B-focused initiatives. This will lure early adopters that have waited, to finally jump on board, creating the much-needed network effect in the healthcare space. Frost & Sullivan estimates the global Blockchain technology market in the healthcare industry to cross $500 million by 2022, growing at a CAGR of 61.4Percentage between 2018 and 2022. Health insurance payers, providers and pharma companies are expected to be the early adopters of Blockchain systems compared to other healthcare industry stakeholders.--BEGIN PROMO--

Research Scope

This study aims to decipher the hype versus reality for Blockchain technology application in the healthcare space by analyzing the current vendor landscape, funding trends, and commercial adoption by key healthcare stakeholders globally. As a part of this study, Frost & Sullivan’s research team analyzed more than 250 vendors to understand their Blockchain products/solutions/projects’ functional and application focus for the healthcare industry. To estimate the Blockchain market size and future projection, a global analysis of current commercial deployments, major industry collaboration (consortia/working groups) on pilot projects, and funding trends have been undertaken.

Research Benefits

The main purpose of this study is to analyze and call out key growth opportunities for Blockchain technology’s application in the healthcare industry. Select examples of current Blockchain technology’s commercial deployments and major pilot projects across the identified top-5 growth opportunities in the healthcare space have been provided. Frost & Sullivan performed a qualitative factor analysis by evaluating critical attributes to assess the ‘Market Readiness’ and ‘Future Industry Value’ for the identified growth opportunities in the healthcare space. The study also provides an assessment of emerging Blockchain vendor solutions, commercial partnerships/consortia to watch for, and select case studies for the identified top-5 growth opportunities. Finally, it summarizes the key success factors and strategic imperatives for Blockchain’s commercial deployment consideration in the healthcare space.

Key Issues Addressed

  • What are the key growth opportunities for Blockchain technology applications in the healthcare industry?
  • What are the top-5 use cases within healthcare that are ripe for innovation and can be transformed using Blockchain technology?
  • How does the vendor ecosystem for healthcare Blockchain look like? What are the select companies and consortia to action by major Blockchain use cases in healthcare?
  • What are some of the major commercial deployments and pilot projects by top growth opportunities?
  • How big is the Blockchain technology market in healthcare? How it is projected to grow in next few years?
  • What are some of the Blockchain commercial deployment considerations?
  • What are the critical success factors, challenges, and strategic imperatives for considering Blockchain applications in the healthcare space?

Author: Kamaljit Behera

More Information
No Index No
Podcast No
Author Kamaljit Behera
Industries Healthcare
WIP Number K31A-01-00-00-00
Is Prebook No
GPS Codes 9600-B1,9612-B1,9AD7-B1,9A4B-B1,9B07-C1,9611-B1,9627-B1