APAC is Anticipated to be the Fastest Growing Blockchain in Healthcare Market, with at a CAGR of over 70.0% During the Forecast Period


Blockchain in healthcare market is expected to reach $890.5 million by 2023. This growth is primarily attributed to stringent regulations for safeguarding consumer data, increasing funding and investments in the blockchain arena, and rising adoption of blockchain technology in the healthcare and pharmaceutical industries.


On the basis of application, the blockchain in healthcare market is categorized into clinical data exchange and interoperability, claims adjudication and billing management, drug supply chain management, drug discovery and clinical trials, prescription drug abuse, and others. Among these applications, the market for clinical data exchange and interoperability is expected to reach more than $400.0 million by 2023, registering a CAGR of over 70.0%. This can be ascribed to the fact that the blockchain technology can potentially transform the way of clinical information, and data storage and sharing across healthcare partners, payers, and patients.

Geographically, Asia-Pacific (APAC) is anticipated to be the fastest growing blockchain in healthcare market, with at a CAGR of over 70.0% during the forecast period. This fastest growth is primarily attributed to the growing focus on blockchain technology in this region as well as unmet need in areas of clinical data exchange and interoperability, and drug supply chain management. For example, in July 2018, Singapore Innovate Pte. Ltd. (SGInnovate), Singapore’s government-owned technology development firm, invested in MediLOT Technologies, a blockchain and healthcare analytics start-up.


Some of the key players operating in the global blockchain in healthcare market are International Business Machines (IBM) Corporation, Microsoft Corporation, Guardtime AS, PokitDok Inc., Hashed Health, iSolve LLC, Patientory Inc., Factom Inc., Chronicled Inc., and Accenture PLC. Other prominent players operating in the market are Blockverify, FarmaTrust, Blockpharma, DeepMind Technologies Limited, Proof.Works, IRYO.NETWORK, Doc.ai Inc., and Coral Health Research & Discovery Inc.

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