Blockchain Technology in Healthcare Market Report 2023: Viability for Secure Data Storage and Exchange Drives Adoption – ResearchAndMarkets.com

DUBLIN-(BUSINESS WIRE)–The “Blockchain Technology in Healthcare Market: Breakdown by Blockchain Type, End-User Type and Key Geographical Regions: Industry Trends and Global Forecasts, 2023-2035” report has been added to ResearchAndMarkets.com supply.

This report includes an extensive survey of the current market landscape and future potential of blockchain in drug discovery and clinical trials. The report highlights the efforts of several stakeholders involved in this fast-growing segment of the pharmaceutical industry and answers many key questions related to this field.

What is the future potential of blockchain in healthcare?

Blockchain technology has steadily grown in popularity over the past few years. The technology has the potential to revolutionize the healthcare sector as it emerges as a viable data storage/exchange option within the healthcare industry.

Additionally, it provides a faster solution for tracking and authenticating medical shipments/drugs along the supply chain and during logistics operations, in addition to compiling longitudinal patient records such as disease registries, laboratory results and data records, related to treatment.

Which Pharmaceutical Companies Use Blockchain?

Examples of some of the pharmaceutical companies using blockchain include (in alphabetical order) Amgen, Novartis, Pfizer and Sanofi.

What is the current market landscape of the blockchain market focused on drug discovery and clinical trials?

Different types of blockchain platforms, including public blockchain, private blockchain, and consortium blockchain, are currently being used in various drug development applications (DDA), such as drug discovery, intellectual property management, electronic health record management, vaccine distribution, drug authenticity, drug supply chain, drug data management, clinical trial management and electronic signature. It is worth highlighting that more than 50 blockchain vendors offer their own platforms for these applications to various industries, including healthcare, pharmaceuticals, and government organizations.

What are the key value drivers of the Blockchain in Drug Discovery and Clinical Trials market?

The use of blockchain has grown in recent years, driven by several technological advances and the growing demand for safe and secure methods of patient recruitment, data retention and data management in drug discovery and clinical trials. It is worth mentioning that the use of blockchain technology in drug discovery operations is expected to improve the overall drug development process by enabling traceability in the drug supply chain and identification of counterfeit drugs and medicines.

What are the key advantages offered by new blockchain platforms in drug discovery and clinical trials?

In recent years, the use of blockchain technology in healthcare, particularly in drug discovery and clinical trial management, has been on the rise. This can be attributed to the fact that blockchain provides a faster solution for tracking and authenticating pharmaceuticals/drugs along the supply chain. In addition, clinical trial data can be stored securely through blockchain platforms/portals. In addition, the technology allows patients to access their medical data, ensuring that this data is only shared with the owner’s permission.

What are the key blockchain trends in the drug discovery and clinical trials market?

It is worth highlighting that 500+ research articles in this field have been published in high-impact journals over a period of six years, highlighting the significant efforts made by researchers. The majority of these publications are research articles focused on evaluating the use of blockchain in the drug supply chain and clinical trial management.

What is the market size of blockchain in the drug discovery and clinical trials market?

As blockchain adoption specifically for drug development applications increases among innovators in the pharmaceutical and biopharmaceutical industry, lucrative opportunities are expected to emerge for players engaged in the drug discovery and clinical trial blockchain market. The blockchain market focused on drug discovery and clinical trials is expected to witness steady growth of over 22% over the next decade; the opportunity is likely to be well distributed across different blockchain types, end-user types and key geographies.

Who are the key players in the blockchain market for drug discovery and clinical trials?

Examples of key players involved in this area (which are also covered in this report) include (in alphabetical order) Alten Calsoft Labs, ConsenSys, IBM, Infosys, Stratumn and Tech Mahindra.

Frequently Asked Questions

Question 1: What is the growth rate of the blockchain market focused on drug discovery and clinical trials?

Answer: The blockchain market focused on drug discovery and clinical trials is expected to grow at an annual rate of 22% between 2023 to 2035.

Question 2: Which region will lead the blockchain market focused on drug discovery and clinical trials?

Answer: North America and Asia Pacific are expected to account for over 65% of the market share by 2035. The market in Europe is likely to grow at a relatively faster rate in the long run.

Question 3: Which segment, in terms of blockchain type, dominates the blockchain market focused on drug discovery and clinical trials?

Answer: Private blockchain currently dominates the blockchain market in drug discovery and clinical trials. However, in the foreseeable future, public blockchain is expected to drive the market.

Question 4: Which segment, in terms of end-user type, accounts for the largest share of the blockchain market focused on drug discovery and clinical trials?

Answer: Pharmaceutical industries and academic institutes are expected to account for around 60% of the market share by 2035. In addition, the hospital market is likely to grow at a relatively faster rate in the long term.

Question 5: What partnership models are most commonly adopted by stakeholders involved in this field?

Answer: Using the platform has emerged as the most popular type of partnership model adopted by players involved in providing blockchain in drug discovery and clinical trials. This is followed by platform integration agreements and strategic alliances.

Main topics covered:

1. FOREWORD

2. SUMMARY

3. INTRODUCTION

4. MARKET OVERVIEW

4.1. Chapter preview

4.2. Blockchain Technology Vendors: A Comprehensive Market Landscape

5. ANALYSIS OF THE COMPANY’S COMPETITIVENESS

6. COMPANY PROFILES

7. PARTNERSHIPS AND COLLABORATION

8. PUBLICATION ANALYSIS

9. SWOT ANALYSIS

9.1. Chapter preview

9.2. Blockchain in Drug Discovery and Clinical Trials: A SWOT Analysis

9.3. Comparison of SWOT factors

9.3.1. Strengths

9.3.1.1. Transparency and traceability

9.3.1.2. Cost reduction and data integrity

9.3.1.3. Safe and secure transactions

9.3.1.4. Patient data management

9.3.2. Weaknesses

9.3.2.1. Implementation costs

9.3.2.2. Storage

9.3.2.3. Data immutability

9.3.2.4. High power consumption

9.3.3. threats

9.3.3.1. Blockchain is prone to cyber attacks

9.3.3.2. Scalability

9.3.3.3. Lack of regulations issued by legal authorities

9.3.4. Opportunities

10. CASE STUDY: BLOCKCHAIN ‚Äč‚ÄčAPPLICATIONS IN HEALTHCARE AND OTHER INDUSTRIES

11. MARKET FORECAST AND OPPORTUNITY ANALYSIS

12. CONCLUDING REMARKS

13. EXECUTIVE INSIGHTS

14. APPENDIX 1: TABULAR DATA

15. APPENDIX 2: LIST OF COMPANIES AND ORGANIZATIONS

For more information on this report, visit https://www.researchandmarkets.com/r/jh5sch

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