Transparency and the rise of stringent regulations for safeguarding consumer data are advancing the adoption of blockchain technology in the healthcare sector, which is anticipated to reach a market value of US$890.5 million by 2023.
According to P&S Intelligence’s latest report, Blockchain in the Healthcare Market, the global blockchain in healthcare market generated US$44.6 million in revenue in 2017 and is predicted to grow at a CAGR of more than 67.1 per cent during 2018-2023.
Application of blockchain to clinical data exchange was the largest driver of this growth, predicted to account for more than US$400 million of the global blockchain healthcare market.
The report noted that this was largely due to investors already recognising the significant potential of blockchain’s transparent distributed ledger technology to transform the way clinical data and information was shared and stored across the total care continuum; providers and patients.
Blockchain also offered increased protection against cyber attacks for patient data.
Pharmaceutical was identified as an emerging growth area in the global blockchain healthcare market, estimated to account for more than 50 per cent of the market by 2023.
Companies have started to explore and adopt blockchain technology in pharmaceutical applications, such as drug discovery and clinical trials. For example, American pharmaceutical corporation Pfizer Inc. is part of the MediLedger Project, an open and decentralised network for pharmaceutical supply chain management.
Geographically North America held the largest share of blockchain in the healthcare market, followed by Europe, which is expected to emerge as the market leader by 2023. Europe has a number of blockchain healthcare initiatives already in the works, including the establishment of its first pharmaceutical blockchain working group, the European Platform on Changing Healthcare (EPOCH).
Other key players exploring this space include IBM, Microsoft and FarmaTrust.