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Market Research Report

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

Published by Frost & Sullivan Product code 913956
Published Content info 138 Pages
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Global Blockchain Technology Market in the Healthcare Industry, 2018-2022
Published: October 1, 2019 Content info: 138 Pages
Description

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

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?
Table of Contents
Product Code: K31A-52

Table of Contents

Executive Summary

  • 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)

Introduction and Market Overview

  • 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 and DLTs Journey in Healthcare Space

  • 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)

Drivers and Restraints-Blockchain Technology in Healthcare Industry

  • Market Drivers
  • Market Restraints

Growth Environment-Market Forecast

  • 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

Growth Opportunity Analysis

  • 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

Use Cases 1-Healthcare Payment and Claim Management

  • 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

Use Cases 2-Healthcare Professional Credentialing

  • 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

Use Cases 3.1-Drug Supply Chain

  • 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

Use Cases 3.2-Medical Device Supply Chain

  • 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

Use Cases 4-PHR and Health Data Exchange

  • 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

Use Case 5-Research and Clinical Trials

  • 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

Key ConclusionBlockchain Commercial Deployment Consideration and Strategic Imperatives

  • 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

Appendix

  • 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)

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