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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
01-Oct-2019
Global
Market Research
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.Click image to view it in full size
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)
Market Drivers
Market Restraints
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
Growth dialog™
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Popular Topics
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
| Deliverable Type | Market Research |
|---|---|
| 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 |