Block chain is an electronic ledger technology scattered over different computing nodes and entries. Block chain is a distributed database that maintains a list of records, chained together against amendment and interfering. Within the block chain, all changes in the ledger should be confirmed by everyone on the chain. Distributed consensus is an agreement between different computed-nodes over what is true or false record. As every client has a copy of block chain, it is impossible to manipulate information and cover up the tracks. The integrity and origin of information systems can be mathematically proven. Nodes can confirm and then improve information to their copy of block chain database which then informs other nodes with the amended information.
Block chain for health care is a lucrative market due to its potential to resolve some long-standing difficulties of health IT, such as interoperability and security of health data. Block chain in health care provides benefits such as security and health data interoperability. Block chain is a system that assures the integrity of data and prevents tampering. Block chain technology has the potential to transform health care, with increasing privacy, security, and interoperability of health data. Block chain technology provides innovative way for health information exchanges (HIE) as it makes electronic medical records more secure, efficient, and disintermediated. This technology is rapidly evolving as it provides abundant ground for experimentation and investment. Block chain technology creates chances to reduce complexity, secure information, allow trustless collaboration, and create immutable information.
Risk of adverse events associated with the health care industry and disbelief in immaturity of the technology and inadequate services of companies offering block chain technology are considered to be primary barriers for adoption of block chain technology in the health care sector. Data stored in the health care domain are quite sensitive. The manner in which a patient’s information is stored before it is thoroughly vetted is under stringent regulation which does not allow major disruption in information. Slow approval of technology around block chain adoption, and patient’s concern regarding block chain technology are the major pitfalls of adoption of block chain technology in health care domain. Requirement of significant processing power and advanced hardware and software systems needed can hinder block chain adoption in health care.
The global health care block chain market can be segmented into application, end-user, and region. In terms of application, the market can be segmented into clinical trial data, regulatory compliance data, medical and health care records data, and others. Clinical trial data includes genetic studies information, adverse events, directives, pathology reports, imaging studies, and problem lists. Adoption of block chain technology in clinical trials provides benefits because transparency of recorded data will increase the trust among patients and doctors. Medical and health care records include public health data, administrative, and financial information. Public health data includes information aggregated on report of particular diseases from government bodies. Administrative and financial information includes financial details such as insurance eligibility and claim procedures in health care system. In terms of end-user, the market can be segmented into hospitals, accountable care organizations, managed care systems, and others.
Geographically, the health care block chain market is distributed over North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to hold a significant share of the global health care block chain market due to early adoption of technology among developed countries and wide source of data availability owing to extensive ongoing research.
Major players operating in the health care block chain market are Philips AG, IBM Corporation, and Deloitte. Other emerging players in the market are Microsoft Corporation, Block chain Tech Ltd., and Digital CC Ltd., and others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.