Blockchain is a method of storing data in such a way that it is difficult or impossible to alter, hack, or cheat the system. As the name suggests, it consists of several blocks linked together by chains. Individual data records are stored as blocks that are connected in a single list known as a chain, hence the term Blockchain.

The data on the blockchain can be viewed by anyone, but it cannot be changed. Usually known as the “technology behind bitcoin”, blockchain technology is one of the most advanced technologies of our times. Any typical blockchain network is a public blockchain. Anyone who has access to the network has access to the blockchain data, but they cannot alter it unless they have a special digital signature. This highly secure technology decentralizes the system, has automation capabilities and offers a plethora of other benefits, that are leading to blockchain technology’s rapid adoption.

Elimination of Intermediaries and Cost Savings are expected to drive the global blockchain technology in healthcare market during the forecast period.

Blockchain technology is one of the most cutting-edge technologies available today. No discussion on blockchain technology can be complete without considering Bitcoin--the best-known cryptocurrency and the catalyst for the development of blockchain technology. Bitcoin is built on the blockchain principle, which implies that while data is immutable, it can be freely recorded and transacted. Bitcoin eliminates intermediaries or third-party participants and presents a secure, transparent, decentralized alternative to fiat currencies worldwide. Blockchain also enables bitcoin or any other cryptocurrency to eliminate certain processing or transaction fees. Additionally, it reduces the dependency on banks and governments to guarantee the value of the cryptocurrency.

Currently, more businesses are embracing blockchain technologies to encrypt transactions and payments. The healthcare industry is one of the biggest industries in the world with millions and billions of transactions done every year. With the integration of blockchain technology, companies operating in the healthcare market are looking to provide a secure and trustworthy mode of payment to their customers without ever worrying about the integrity of the payment. Increasing acceptance and willingness of healthcare companies to integrate blockchain technology for payment is expected to drive the growth of the global blockchain technology in the healthcare sector during the forecast period.

Lack of awareness and understanding is expected to impede the growth of the global blockchain technology in the healthcare market during the forecast period.

The biggest problem with blockchain is a lack of information about the system and a general lack of awareness of how it functions. The integration of blockchain indicates 80% business process change and 20% technology implementation. Many individuals may become perplexed as a result of the high percentage of business process transition. Therefore, a creative approach is needed to understand the workings of blockchain and to see how things can improve.

Supply chain management accounted for the largest share in the global blockchain technology in the healthcare market in 2020

The supply chain management segment held the largest share in the global blockchain technology in the healthcare market in 2020. Healthcare giants like Pfizer and Change Healthcare is already using blockchain technology for various purposes including supply chain management.

Global Blockchain Technology healthcare Market: Regional insights

Global blockchain technology in the healthcare market is divided into the Asia-Pacific (APAC), North America, Europe, Latin America, and the Middle East & Africa regions. North America dominated the market in 2020 as a lot of healthcare companies operating in the North American region are integrating blockchain technology to manage their security, patient data, medicines, vaccine doses, etc. In March 2021, Moderna, a biotechnology and pharmaceutical company based in the United States signed a new agreement with IBM to use blockchain technology to handle its COVID-19 vaccines. Additionally, 3M Pharmaceuticals, another American pharmaceutical giant, uses blockchain technology to curb counterfeit pharmaceuticals, Recently, it has started using Blockchain technology to identify and stop counterfeit face masks. Availability of skilled workforce, awareness, and understanding of the technology, high disposable income, and presence of global healthcare leaders are some of the reasons contributing towards North America’s largest market share in global blockchain technology in the healthcare market.

The Leading Players operating in the Healthcare Market are IBM, Microsoft, Guardtime, Change Healthcare, Gem, Hashed Health, Chronicled, Patientory, Isolve, Factomand others are the key players operating in the global blockchain technology in healthcare market.

Key market players are entering into collaborations, partnerships, and engaging in mergers & acquisitions to capture a greater market share. Furthermore, the market participants are focused on improving their product quality to attain a competitive edge over other players.