Payers, providers, and pharma companies are expected to be the early adopters of blockchain systems compared to other healthcare industry stakeholders.
Blockchain technology may not be the panacea for healthcare industry challenges, but it holds the potential to save billions of dollars by optimizing current workflows and disintermediating some high-cost gatekeepers, according to a new study.
The study, “Global Blockchain Technology Market in the Healthcare Industry, 2018-2022,” from Frost & Sullivan, analyzed the current vendor landscape, funding trends, and actual commercial adoption by key healthcare stakeholders globally. 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 blockchain commercial market size and future projection, a global analysis of current commercial deployments, major industry collaboration (consortium/working groups) on pilot projects, and funding trends were undertaken.
“It’s time for progressive healthcare companies to start shifting focus from ‘what is blockchain?’ to ‘where I should invest in blockchain?’. Considering most blockchain projects and vendors’ solutions are at early stage, it is essential for healthcare buyers to undertake a thorough assessment to invest or engage with most promising options,” says Kamaljit Behera, transformational health industry analyst at Frost & Sullivan, and author of the report. “This is exactly what our current research study aims to answer to help healthcare industry stakeholders make informed decision making.”
Also, given that blockchain is a network play, becoming a part of prominent healthcare focused consortiums such as synoptic, Hashed Health (ProCredEx), IBM's Blockchain Health Utility Network, Melloddy (by IMI), and Medibloc, among others will be critical consideration for future success, according to Behera.
Some of the key findings of the study include: