Top 5 Companies in Blockchain Technology in Healthcare Market: Key Trends, Challenge and Growth Prospects
RELEASE DATE: Nov 2024 Author: Spherical Insights Request Free Sample
What is Blockchain Technology in Healthcare?
The use of blockchain technology in healthcare refers to the safe management, sharing, and storing of medical data. It creates an immutable, decentralized ledger to enhance data security, interoperability, and transparency. Blockchain reduces the danger of fraud and data breaches by making it possible to access and communicate patient data, medical records, and pharmaceutical data more effectively and privately. Additionally, the goal of enhancing pharmaceutical supply chain security, guaranteeing authenticity, and lowering the number of counterfeit medications is driving the adoption of blockchain technology.
Growth Prospects in the Blockchain Technology in Healthcare Market
1. Blockchain improves medical procedures
Blockchain technology solves the vital problem of healthcare data security. Maintaining the security and immutability of patient data is crucial given the increase in data breaches and cyberattacks. Strong encryption is provided by the decentralized ledger of blockchain technology, improving privacy and satisfying legal obligations such as GDPR and HIPAA. Because blockchain provides real-time, end-to-end supply chain visibility, it also enhances the legitimacy and integrity of medications and medical devices. This openness increases regulatory compliance, lowers the risk of counterfeit goods, and lessens fraud, particularly in the biopharmaceutical and medical device industries.
2. Reducing expenses and improving operational effectiveness
Blockchain adoption is primarily driven by the potential to lower healthcare costs and improve operational efficiency. Blockchain significantly reduces the costs associated with human record-keeping, billing problems, and fraud by doing away with middlemen, automating administrative chores, and improving data accuracy. Additionally, it simplifies procedures like clinical trial administration, patient data interchange, and claims processing, which results in significant cost savings for payers and healthcare providers.
Global Expansion of the Blockchain Technology in Healthcare Market
The global blockchain technology in healthcare market size was valued at USD 2.84 billion in 2023 and is projected to USD 90.52 billion by 2033, exhibiting a CAGR of 41.37% during the forecast period 2023-2033. The top companies in the global blockchain technology in healthcare market include Akiri, BurstIQ, PokitDok, Guardtime, Medicalchain, Patientory, BurstIQ, Chronicled, Avaneer Health, and Embleema.
Challenge in Blockchain Technology in the Healthcare Industry
1. Reluctance to share information
The absence of legislation pertaining to medical data exchange makes most healthcare providers and payers hesitant to provide data, particularly in developing countries. Healthcare providers might gain a competitive edge by keeping data private because sharing it with payers may result in lower compensation because different patients may have varying rates.
Trends in the Blockchain Technology in Healthcare Industry
1. The expanding use of blockchain in clinical research and telehealth
The need for safe data-sharing solutions has grown as telemedicine and digital health platforms have expanded quickly. Blockchain facilitates data interoperability, privacy, and trust between patients and healthcare providers by guaranteeing the safe transfer of patient health information across digital platforms. With its improved data integrity, transparency, and patient consent management capabilities, blockchain is playing an increasingly important role in clinical trials. Projects such as the Mayo Clinic's use of blockchain for multicenter studies show how the technology is increasingly influencing clinical trial administration and pharmaceutical research.
2. Growing patient numbers worldwide and greater use of technology in healthcare
The increasing use of technology to give patients better care may increase demand for blockchain in the medical field. The increasing number of patients with various medical ailments has led to a sharp increase in global medical spending. Lung illnesses, respiratory disorders, cancer, cardiovascular diseases (CVDs), inflammation, stress and anxiety, excessive cholesterol, and other conditions are among the most prevalent medical issues recorded globally. Furthermore, the rise of uncommon cases has raised concerns across the globe. Modern technologies can help provide medical care more accurately and efficiently as the strain on the world's healthcare system increases. In the upcoming years, these tendencies are probably going to help the worldwide blockchain in the healthcare industry.
List of Key Companies in the Blockchain Technology in Healthcare Industry
- Akiri
- BurstIQ
- PokitDok
- Guardtime
- Medicalchain
- Patientory
- BurstIQ
- Chronicled
- Avaneer Health
- Embleema
Top 5 Players in the Blockchain Technology in Healthcare Industry
1. Akiri
Headquarters: San Francisco, California,
Akiri is a cloud-based network startup that specializes in solving issues with data liquidity in the medical field. Facilitating the safe and easy exchange of information between various players in the US healthcare industry is the company's primary offering. Its main market is the healthcare sector. California's San Francisco serves as its base. Additionally, Akiri was founded by Health2047, the AMA's integrated innovation company, to revolutionize the way that everyone performs it. They are beginning with a private, secure network-as-a-service. Akiri Switch is the name of it. Only network members can exchange health information within the network itself in order to establish a 360-degree network of trust. Furthermore, their platform uses blockchain to authenticate sources and destinations in real-time so that healthcare providers can access and share patient information securely and seamlessly. With Akiri, the aim is to make data flows in healthcare more fluid, while improving patients' access to their health records at any given time.
2. BurstIQ's LifeGraph
Headquarters: Colorado, US
BurstIQ's LifeGraph® is a cutting-edge data handling platform that leverages machine learning to scale human expertise, organizes data in a way that makes sense to humans, and swiftly resolves long-standing data problems. LifeGraph integrates security, privacy, consent, and compliance into data plans and was designed specifically for handling sensitive data. In this age of constantly growing data and AI innovation, LifeGraph enables to better comprehend and interact with data across ecosystems, enabling personalized human-centered solutions that surpass and outgrow the competition. Provider of a blockchain data platform for healthcare at the business level that allows transactions for customized goods and services over a network of marketplaces. Healthcare organizations and people can access, comprehend, and manage their health data due to the company's platform, which provides a HIPAA-compliant database that seamlessly integrates blockchain, sophisticated security, big data capabilities, and machine intelligence.
3. PokitDok
Headquarters: California, United States
PokitDok is a platform for developing software that unifies, frees, and secures the data that powers the healthcare industry. Eligibility verifications, claims proposals, arranging appointments, reimbursement optimization, identification of patient’s management, pharmacy advantages, and other business operations are made easier by its API endpoints. 93 percent of PokitDok's members in the US are represented by the more than 500 health insurers and payers with which it has Trading Partner agreements. PokitDok, developed by digital health firms, business process outsourcing consultants, and healthcare organizations, powers nearly 1000 third-party corporate apps that enhance processes, save expenses, and accelerate time to market. The DokChain Health Alliance was created by PokitDok in 2016 and offers members the only chance to run on DokChain. In addition to having exclusive first access, members—which include health care providers, payers, banking organizations, and technology companies—are authorized to make improvements to operational guidelines and prioritize utilization of healthcare cases.
4. GuardTime
Headquarters: Lausanne, Switzerland.
GuardTime is a technology business that uses blockchain technology to specialize in cybersecurity and data integrity. GuardTime, which was established in 2007 and has its headquarters in Lausanne, Switzerland, provides services that guarantee the accuracy of data in a range of sectors, including healthcare. Their KSI Blockchain platform has proved crucial to Estonia's national health infrastructure and protects the integrity of health data. GuardTime concentrates on data integrity and cybersecurity in the IT industry. To defend against online attacks, the business provides solutions built on the KSI blockchain. By facilitating value exchange, GuardTime's services seek to promote a digital economy. Its headquarters are in Lausanne, Switzerland.
5. Medicalchain
Headquarters: Chiasso, Switzerland.
Medicalchain maintains a single authentic version of the user's data while developing a user-focused electronic health record using blockchain technology. The user can grant access to their personal health information to healthcare professionals using Medicalchain. On its distributed ledger, Medicalchain then logs interactions with this data in a transparent, secure, and auditabe manner. Last but not least, Medicalchain serves as a platform for developers to create apps that enhance and enhance the user experience. Numerous services and applications will be able to be powered by users' medical data. Medicalchain, a decentralized method for safely storing and exchanging health data, was founded in 2016. Their platform guarantees that patient data is safe, unchangeable, and only available to those with permission. By developing a single, complete version of a patient's medical record that can be shared with many healthcare providers, Medicalchain seeks to simplify healthcare.
Conclusion
Blockchain technology is revolutionizing healthcare through assured secure, open, and efficient management of medical data. It offers improved data security, interoperability, and privacy with reduced operational costs and fraud. Its applications range from clinical trials to telemedicine, thereby fostering trust and improving patient care. Despite some challenges of not wanting to share data, it has enormous potential to transform the way healthcare processes get delivered and strengthen the pharmaceutical supply chain. Leading innovators such as Akiri, BurstIQ, and Medicalchain have established the path toward a future of blockchain more significantly, ensuring safer and more efficient systems in healthcare globally.
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