Blockchain in Healthcare Market to Reach $890.5 Million by 2023

Blockchain in healthcare market is expected to reach $890.5 million by 2023, according to P&S Intelligence.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.

Insights into the market segments

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.

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Based on end user, the blockchain in healthcare market is classified into pharmaceutical companies, healthcare providers, healthcare payers, and others. Healthcare providers, as an end-user category, dominate the market and expected to maintain this trend throughout the forecast period. This can be ascribed to the fact that the blockchain technology is gaining acceptance among healthcare providers, globally. Due to several advantages offered by this technology such as data security and integrity, its adoption is expected to further increase in the coming years.

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.

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Global blockchain in healthcare market is Witnessing growing number of partnerships and collaborations

Given the fact that the technology in its nascent stage of development, the companies interested in adopting blockchain technology are partnering and collaborating with various technology providers to exploring the potential applications of the blockchain technology, so that they can streamline their operational processes. For instance, In January 2018, Guardtime AS, an Estonian blockchain pioneer, finalized a deal with NMC Health, a United Arab Emirates (UAE) based private sector healthcare provider, to bring the technology in the country.

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  • Clinical Data Exchange and Interoperability
  • Claims Adjudication and Billing Management
  • Drug Supply Chain Management
  • Drug Discovery and Clinical Trials
  • Prescription Drug Abuse
  • Others

By End User

  • Pharmaceutical Companies
  • Healthcare Providers
  • Healthcare Payers
  • Others

By Geography

  • North America Blockchain in Healthcare Market
    • By application
    • By end user
    • By country – U.S. and Canada
  • Europe Blockchain in Healthcare Market
    • By application
    • By end user
    • By country – Germany, U.K., France, Italy, Spain, Sweden, Estonia, and Rest of Europe
  • Asia-Pacific (APAC) Blockchain in Healthcare Market
    • By application
    • By end user
    • By country – Japan, China, India, Australia, and Rest of APAC
  • Latin America (LATAM) Blockchain in Healthcare Market
    • By application
    • By end user
    • By country – Brazil, Mexico, and Rest of LATAM
  • Middle East and Africa (MEA) Blockchain in Healthcare Market
    • By application
    • By end user
    • By country – Saudi Arabia, South Africa, and Rest of MEA

Explore the Growth Potential of Biogas Market in coming years

Prominent market trends identified in the global biogas market include mergers and acquisitions between market players, and technology transfer by major companies to sustain or strengthen their market share. A number of these activities are supported by governments in order to reduce dependency on conventional energy sources and to reduce the threat from global warming and harmful effects of greenhouse gases.

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Biogas is produced by anaerobic fermentation of biodegradable materials or by the action of anaerobic organisms (bacteria) on organic matter. Mostly, the gas is produced by decomposing municipal waste, plant materials, food waste, and manure. In this process, organic matter is biologically broken down in the presence of oxygen. Anaerobic fermentation allows manufacturers to convert unwanted gases such as nitrous oxide and methane into biogas. The gas is a mixture of approximately 50–70% methane and 30–40% carbon dioxide. The biogas market is segmented on the basis of application and geography.

The biogas market is driven by factors like high amount of carbon and greenhouse gas emissions from conventional energy sources, rapid growth in demand for energy sources, depleting conventional sources, and volatile crude oil prices.

Power generation and automobiles are the foremost sectors where most of the energy being used. Additionally, these sectors emit a large volume of greenhouse gases. The high-volume emission levels have led governments to develop favorable regulatory policies toward incentivizing adoption of greener fuels while reducing the dependency on fossil fuels. Across the globe, governments are giving subsidies to encourage the production of biogas and in response to it, many companies are venturing into this growing market and setting up new plants. All these factors are anticipated to contribute to growth of the biogas market.

On the basis of application, the biogas market is classified into power generation, domestic fuel, and vehicle fuel. Among these, power generation category holds the significant share in the market.

On the basis of region, the biogas market is categorized into APAC, North America, Latin America (LATAM), Europe, and Middle East and Africa (MEA). Europe is expected to hold significant share in the market during the forecasted period. Several European countries work together in the European Biogas Association, whose directives are to curb carbon emissions. Major biogas producing countries in the region are Germany, Italy, France, and Switzerland. Furthermore, other countries such as Belgium, Slovakia, Hungary, and Czech Republic are strengthening their production levels for biogas. The rapid industrial growth along with increasing importance of renewable power generation in China and India is expected to increase the demand for the gas in APAC region.

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