Blockchain In Clinical Trials Market - Forecasts from 2023 to 2028

The blockchain in clinical trials market was valued at US$103.054 million in 2021.

In the healthcare and pharmaceutical industries, the blockchain in clinical trials market has emerged as a transformational force. This novel strategy promises to improve openness, security, and efficiency in the clinical trial process by leveraging blockchain technology's decentralised and irreversible nature. Blockchain provides a distributed ledger technology that allows for the real-time exchange and verification of trial data across stakeholders while maintaining data integrity. Blockchain reduces data manipulation threats and assures regulatory compliance by streamlining data management, authentication, and consent procedures. This technology increases participant trust, shortens trial times, and lowers costs, revolutionising how clinical trials are done. As the desire for more accountability and data integrity develops, blockchain in clinical trials market is poised to revolutionise drug research and push patient care breakthroughs.

Improved Data Transparency and Integrity Enhances the Blockchain in Clinical Trials Market Growth.

Improved data transparency and integrity are critical growth drivers in the blockchain in clinical trials market. Clinical trial data becomes visible, traceable, and tamper-proof thanks to blockchain's decentralised and immutable ledger architecture. Researchers, regulators, and patients may all safely access and verify data in real-time, encouraging confidence and collaboration. This increased transparency aids in the early detection and resolution of data anomalies, assuring the accuracy and dependability of trial outcomes. Furthermore, removing centralised data silos reduces the danger of data modification and unauthorised access, hence improving data integrity. As the requirement for robust data management and trust in clinical trials grows, so does the popularity of blockchain technology, driving market growth.

Streamlined Data Management and Sharing in Blockchain in Clinical Trials Market.

A prominent growth element in the blockchain in clinical trials market is streamlined data management and sharing. The distributed ledger technology of blockchain streamlines data storage, organisation, and sharing among various stakeholders in a safe and efficient manner. Real-time updates on trial progress, patient data, and outcomes are available to researchers, healthcare providers, and regulators, allowing for seamless cooperation and decision-making. Data may be uploaded, updated, and audited in real-time, eliminating the need for manual record-keeping and unnecessary data entry. Blockchain technology improves the whole data management process by removing data silos and maintaining data integrity, shortening clinical trial deadlines and improving overall drug development and patient care efficiency.

Reduction in Fraud and Data Manipulation Boosts the Blockchain in Clinical Trials Market Size.

Reduced fraud and data tampering are critical growth drivers in the blockchain in clinical trials market. The decentralised and unchangeable nature of blockchain assures that data cannot be edited or erased once recorded, removing the danger of data tampering and unauthorised access. Each transaction on the blockchain is securely connected to prior entries, resulting in a data trail that is transparent and auditable. This improved data quality and openness discourages fraudulent practises and safeguards sensitive patient information. Blockchain technology fosters trust among stakeholders, including patients, researchers, and regulatory authorities, by reducing the possibility of data manipulation and ensuring the accuracy of clinical trial results, resulting in widespread adoption of this transformative technology in clinical trials.

North America is the Market Leader in the Blockchain in Clinical Trials Market.

North America was regarded as the market leader in the blockchain in clinical trials market. The popularity of this region may be linked to its well-established healthcare infrastructure, a strong emphasis on R&D, and the presence of numerous important pharmaceutical and biotechnology businesses. Furthermore, North America has been in the forefront of adopting and integrating cutting-edge technology such as blockchain into healthcare systems. The region's favourable regulatory framework, as well as alliances between research institutes and technology suppliers, have advanced the use of blockchain in clinical trials. However, market dynamics may have changed, in the top region in the blockchain in clinical trials market.

Increased Patient Recruitment and Engagement in Blockchain in Clinical Trials Market.

Patient recruitment and engagement are important growth drivers in the blockchain in clinical trials market. Blockchain technology gives individuals more control over their health data and allows them to participate directly in clinical studies. Patients may safely exchange their health information with researchers and consent to participate in trials, which improves recruitment. Furthermore, the open and decentralised nature of blockchain increases patient confidence by offering a clear knowledge of how their data will be utilised and protecting data protection. Clinical trials can access a broader pool of varied participants with enhanced patient participation and empowerment, resulting in more representative and robust research outputs, eventually promoting improvements in medical treatments and cures.

Key Developments:

• In May 2023, Medidata, a Dassault Systemes business, is expanding its Patient Insights Programme through a collaboration with Canary Advisors, a consulting firm specialising in patient-centred medication and device development. The Patient Insights Programme at Medidata incorporates a patient-centred approach into the design and development of clinical trial protocols and technology. Medidata creates unique workshops to assist the development of patient-facing solutions to enhance clinical trial experiences, accelerate clinical trial delivery times, and bring treatments to market more quickly.
• In June 2023, IBM announced a $4.6 billion purchase deal with Vista Equity Partners for Apptio Inc., a pioneer in financial and operational IT management and optimization (FinOps) software. Apptio's purchase will accelerate IBM's IT automation capabilities and empower company executives to achieve greater business value from technology investments.
• In July 2023, Bira 91, an Indian premium beer brand with operations in 24 countries, is engaging with Accenture on an enterprise reinvention programme to boost growth, enhance business agility, and accelerate innovation. Accenture will assist Bira 91 in designing and deploying a digital core, which incorporates data, artificial intelligence, and machine learning, using SAP S/4HANA to allow a holistic reinvention of its organisation through the convergence of different technological platforms, as part of its transformation plan. The scalable technological platform, which is cloud-based, will boost data visibility and accessibility across the organisation, assisting in decision-making and increasing productivity.

Company Products:

• Blockchain Infrastructure Solutions: Intel supplied hardware and software solutions for the development and deployment of blockchain networks. These infrastructure solutions sought to improve the performance, security, and scalability of clinical trial blockchain systems.
• Accenture myConcerto™: Accenture developed myConcerto™, a blockchain-enabled platform meant to improve clinical trial efficiency and transparency. The technology enabled stakeholders to share data in a safe and real-time manner, increasing cooperation and decision-making.
• IBM Clinical Development: The IBM Clinical Development platform, which combined blockchain technology to accelerate clinical trial data administration, was delivered by IBM Watson Health. The platform enabled secure and transparent data exchange among many parties, including researchers, sponsors, and regulatory bodies.
• Medidata Rave Clinical Cloud: Medidata Rave Clinical Cloud was a complete cloud-based platform that utilised blockchain technology for data management and security. The platform permitted the safe and tamper-proof gathering, processing, and storage of clinical trial data.

Segmentation:

By Type Of Blockchain

• Public Blockchain
• Private Blockchain
• Consortium Blockchain
• Hybrid Blockchain

By Application

• Patient Data Management
• Supply Chain Management
• Clinical Data Exchange And Sharing
• Clinical Trial Recordkeeping
• Informed Consent Management
• Drug Traceability And Authenticity
• Others

By End-User

• Pharmaceutical Companies
• Contract Research Organizations (Cros)
• Research Institutes And Academic Centers
• Healthcare Providers
• Others

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Italy
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Taiwan
• Others