How is Rising Data Theft Incidence Contributing toward Growth of Global Blockchain Technology in Healthcare Market?

One of the key factors fuelling the rise in the demand for the blockchain technology in healthcare is the increasing implementation of stringent regulations by various governments across the world for safeguarding and protecting consumer information against data breach and theft. For instance, the European Union (EU) launched a data protection rule, known as the General Data Protection Regulation (GDPR), in May 2018, which aims to protect EU citizens from data and privacy breaches. Moreover, the numerous advantages offered by the technology, such as enhanced data integrity, security, and trust, make it highly sought-after in the healthcare industry.

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The other important factors responsible for the surging implementation of blockchain in healthcare settings are the mushrooming investments and funding as well as the increasing implementation of this technology in the pharmaceutical supply chain. Powered by these factors, the global blockchain technology in healthcare market is expected to advance at a CAGR of more than 67.1% during the forecast period (2018–2023), to reach $890.5 million by 2023, from $44.6 million in 2017. A blockchain is essentially an increasing directory of records (blocks), which are connected together by cryptography.

The biggest rage currently being witnessed in the blockchain technology in healthcare market is the rising number of collaborations and partnerships between the companies interested in incorporating the technology and the providers of the said technology. For instance, a major Estonian blockchain provider, Guardtime AS, announced a deal with NMC Health, which is a U.A.E.-based private healthcare company, in January 2018, in order to introduce the technology to the healthcare fraternity and pharma firms the Middle Eastern nation.

Globally, the highest demand for the technology in the healthcare industry was observed in North America in 2017. However, the healthcare sector of Europe is predicted to observe the highest demand for the technology in the coming years. This is primarily attributed to the surging implementation of numerous blockchain initiatives by the major private and public healthcare companies in the region. For instance, the European Platform on Changing Healthcare (EPOCH), which is the first group in the European pharmaceutical industry to adopt blockchain, is evaluating its limitations and advantages in the pharmaceutical supply chain.

Hence, due to the mushrooming need for data security across the globe, especially because of the rising data theft incidents, the demand for blockchain implementation in the healthcare industry is expected to record massive growth in the coming years.

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Growing Requirement to Store Healthcare Data to Augment Healthcare Cognitive Computing Market Growth

Technological advancements in the healthcare industry, the increasing burden of chronic diseases, and a spur in the adoption of third computing platforms are driving the healthcare cognitive computing market. It valued at $1,722.0 million in 2017 and it is expected to advance at a 34.0% CAGR during the forecast period (2018–2024). Cognitive computing refers to the creation of human thinking in a computerized model via pattern recognition, data mining, and natural language processing.

The increasing partnerships among leading players are trending in the healthcare cognitive computing market. For research related to chronic diseases, the cognitive computing technology is widely being employed. This has been made possible by the increasing collaborations among manufacturing companies and research institutes. For instance, NVIDIA Corporation and Nuance Communications Inc. announced in November 2017 that they were planning to equip healthcare data scientists and radiologists with machine learning. This partnership was aimed at improving patient care by highlighting key clinical findings.

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The major contributing factor in the growth of the healthcare cognitive computing market is the technological advancements in the healthcare industry. The increase in clinical trials and drug discovery has resulted in the demand for data consolidation and advanced data analytics. The cognitive computing technology has been included to simplify doctors’ task of understanding patients’ conditions and devising a suitable treatment plan. These technologies have already been adopted by many hospitals in developed countries, such as Alder Hey Children’s Hospital, in collaboration with Roald Dahl Foundation, in 2016.

The healthcare cognitive computing market is segmented by geography, technology, end user, and deployment model. Based on end user, the categories are healthcare payers, healthcare providers, medical device companies, and pharmaceutical companies. In 2017, with a contribution of $767.2 million, the largest end user of these technologies was the healthcare providers category. This was mainly due to the implementation of advanced technologies and increasing patient pool across various regions.

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The deployment model segment of the market includes the on-premises and cloud categories. The larger category in the market in 2017 was cloud computing, which is expected to exhibit a 34.5% CAGR during the forecast period. The rapid growth can be attributed to cloud’s ability to store high amounts of data in a cost-effective manner, in turn, becoming accessible to even smaller hospitals to provide the best services possible.

Thus, the market is slated to experience growth during the forecast period as the demand for storing and organizing huge amounts of healthcare data is on the rise.

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How is Internet of Things (IoT) Revolutionizing Healthcare?

The healthcare spending is set to experience a growth of 5.4% between 2018 and 2022, compared to the 2013–2017 growth rate of 2.9%, according to the 2019 Global Health Care Outlook report published by Deloitte. Not only are the number of hospitals, cases of chronic diseases, and geriatric population increasing, but the sector is also going through rapid technological advancements. One of the recently introduced technologies, which is also becoming rapidly popular, is internet of things (IoT). Before delving into its application in healthcare, it is important to first understand its basic concept. IoT involves equipping various electronic devices with some sort of communication technology so that the data exchange among these happens automatically without the requirement for humans. In the medical field, these could range from a simple electronic prescription log to complicated equipment such as ventilators, cardiac monitors, and implantable pacemakers.

As per a study by P&S Intelligence, the IoT healthcare market valued $56.1 billion in 2017, from where it is predicted to ultimately reach $267.6 billion in the coming years at a CAGR of 30.2%. The technology finds many applications in the medical and wellness sector, including clinical operations and workflow management, telemedicine, connected imaging, medication management, and inpatient monitoring. Among these, the heaviest utilization of IoT up till now has been in telemedicine, and the trend is set to continue in the near future. It allows patients and doctors to see and communicate from a distance via audio-visual equipment. Not only can they talk to each other, but the patient data can be also automatically transferred from medical devices straight to the healthcare provider.

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This is of special benefit to patients who live in remote areas, far from a healthcare facility such as a clinic, nursing home, or a full-fledged hospital. IoT-enabled telemedicine saves time by enabling quick data exchange and money by doing away with frequent hospital visits. The elderly or those who are confined to a bed and are unable to travel are also prominent users of telemedicine. Defibrillators, insulin pumps, cardiac monitoring devices, continuous positive airway pressure machines, and oxygen tanks are the most prominent remote patient care devices to be equipped with IoT. As these provide swift medical care and improve patient outcomes, the demand for these devices is rising across the world.

Growing prevalence of lifestyle-related and chronic diseases has created the need for constant self-monitoring of health parameters. Several mHealth apps help people keep a check on their glucose levels, heart rate, blood pressure, and other vitals. These apps and connected medical devices have popularized the use of IoT in personalized healthcare management, as these also record the disease progression, and help patients in scheduling appointments and managing medication. The rising smartphone use has led to an increase in mHealth app downloads, further impacting the IoT healthcare market positively.

Similarly, on the basis of technology, the domain can be divided into BLE, Wi-Fi, ZigBee, NFC, satellite, and cellular. Among these, Wi-Fi led the IoT healthcare market in 2017 with 41.8% revenue contribution. The reason for this is the growing adoption of Wi-Fi tools and gadgets in hospitals for transferring data to and from the cloud. This is also why, as per the study, the Wi-Fi category is expected to advance with the highest CAGR (32.1%) during the forecast period.

Hence, we see that advancements in technology, allowing for remote patient monitoring and real-time disease management, will continue to drive the IoT healthcare market progress.

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Increasing Funding Driving Blockchain Technology in Healthcare Market

The global blockchain technology in healthcare market attained a value of $44.6 million in 2017 and is further expected to witness a CAGR of more than 67.1% during the forecast period (2018–2023­). This growth is due to the implementation of blockchain in pharmaceutical supply, growing funding and investments in the technology, and increasing number of regulations for safeguarding consumer data. A distributed system which stores records of data transactions completed online is called blockchain. In healthcare, it helps bring together clinical data across multiple healthcare organizations, such as clinics and hospitals.

The blockchain technology in healthcare market is divided into claims adjudication & billing management, drug discovery & clinical trials, prescription drug abuse, drug supply chain management, clinical data exchange & interoperability, and others, in terms of application. Among these, clinical data exchange & interoperability held the largest (40.0%) share of the market in 2017 and is predicted to grow at the highest CAGR during the forecast period. This is because the blockchain technology can potentially transform the sharing and storage of clinical information and data across the total care continuum, including healthcare partners, patients, and payers.

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One of the major driving factors of the blockchain technology in healthcare market is the increasing number of regulations for safeguarding consumer data. Governments across the world are implementing stringent regulations to protect consumer information due to the growing incidents of data breach and theft. For instance, a new European Union data protection rule, the “General Data Protection Regulation (GDPR)”, came into effect in May 2018. The GDPR aims to protect EU citizens from data and privacy breaches, and because of the existence of such regulations, companies across the world have to invest in data security.  

The need for better management of medical data is creating great opportunities for the players in the blockchain in healthcare market. The life sciences and healthcare industries generate and work on huge amounts of data, due to which they are facing problems on several fronts including fragmentation, inconsistency, cybersecurity, and interoperability. The blockchain technology has shown great potential in establishing a healthcare ecosystem that can manage the privacy, security, and interoperability of health data in a better way. In addition, it also assists healthcare providers in delivering better care.

Hence, the rising number of regulations for safeguarding consumer data and increasing investments and funding in the blockchain technology are driving the growth of the market.

GLOBAL BLOCKCHAIN IN HEALTHCARE MARKET SEGMENTATION

By Application

·         Clinical Data Exchange and Interoperability

·         Claims Adjudication and Billing Management

·         Drug Supply Chain Management

·         Drug Discovery and Clinical Trials

·         Prescription Drug Abuse

·         Others

By End User

·         Pharmaceutical Companies

·         Healthcare Providers

·         Healthcare Payers

·         Others

By Geography

·         North America Blockchain in Healthcare Market

·         Europe Blockchain in Healthcare Market

·         Asia-Pacific (APAC) Blockchain in Healthcare Market

·         Latin America (LATAM) Blockchain in Healthcare Market

·         Middle East and Africa (MEA) Blockchain in Healthcare Market

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