Blockchain in Drug Discovery and Clinical Trials Market Expected to Grow at a CAGR of Over 20% through 2035, Roots Analysis Claims

Blockchain has emerged as a viable solution for the management/exchange of large amounts of health data, showing significant benefits in the healthcare sector.

LONDON, 23 February 2023 /PRNewswire/ — Roots Analysis has announced the addition of “Blockchain technology in the healthcare sector (Focus on drug discovery and clinical studies), 2023-2035” report to the list of offers.

Despite the growing interest of stakeholders in blockchain technology, the applicability of blockchain in healthcare is associated with several challenges, including scalability issues, lack of security, and cyber attacks. To deal with the aforementioned challenges, organizations have established transparency and privacy to hide sensitive patient data. Furthermore, the technology has shown enormous potential in clinical research and studies, which has improved the possibility of secure sharing of accurate data and thus simplified clinical trial operations. Driven by the promising potential of blockchain technology in the provision of personalized, authentic and reliable clinical trial services, the market is expected to gain significant traction in the foreseeable future.

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Important market insights

More than 50 blockchain technology vendors currently offer blockchain platforms for various drug development applications

The majority of blockchain technology providers (59%) offer their proprietary blockchain platforms for processing clinical trials. This is followed by actors offering blockchain for the drug supply chain (47%), followed by electronic record management (27%) and drug discovery (25%).

Over 50% suppliers of blockchain technology are headquartered in North America

Blockchain in the market for drug discovery and clinical trials is dominated by the presence of small players (39%). This is followed by medium-sized players (27%). In addition, the majority of blockchain technology providers are headquartered in North America is established after 2010.

Partnership activity in this market has increased at a CAGR of 63% in the period 2017-2021

Platform usage agreements emerged as the most popular type of partnership model adopted by blockchain technology providers, representing over 40% of total instances. In addition, 21% of the partnerships in this domain were entered into in 2021.

Close to 500 articles focused on blockchain, have been published in recognized scientific journals, since 2016

More than 70% of articles focusing on blockchain were published after 2020. Popular journals that have published more articles include Journal of Medical Internet Research, Sensors, limits and International Journal of Environmental Research and Public Health.

Blockchain in Drug Discovery and Clinical Trials Market is expected to grow at a CAGR of over 20% by 2035

Asia-Pacific expected to take over 45% of the total blockchain market share. This is followed by North America, with a share of over 20%. Furthermore, in terms of type of blockchain, public blockchain (41%) is expected to take the highest share in the foreseeable future

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Important questions answered

• What is Blockchain and how does it work?
• What is the future potential of Blockchain in healthcare?
• Which Pharmaceutical Companies Use Blockchain?
• What are the key value drivers for the blockchain market in drug discovery and clinical trials?
• What is the current market landscape of the Blockchain market focusing on drug discovery and clinical trials?
• What are the key benefits offered by new blockchain platforms in drug discovery and clinical trials?
• What are the key blockchain trends in the drug discovery and clinical trials market?
• What is the Market Size of Blockchain in Drug Discovery and Clinical Trials Market?
• Who are the key players in the Blockchain in Drug Discovery and Clinical Trials Market?

The economic opportunity within blockchain in the drug discovery and clinical trials market has been analyzed across the following segments:

• Type of blockchain
• Public blockchain
• Private blockchain
• Hybrid blockchain
• Other blockchains
• Type of end user
• Hospital
• The pharmaceutical industry
• Research institutes
• Academic institutes
• Key geographic regions
• North America
• Europe
• Asia-Pacific
• The rest of the world

The research also includes detailed profiles of the key players (listed below, in alphabetical order) to provide blockchain in drug discovery and clinical trials; each profile has an overview of the company, its financial information (if available), applications of its proprietary platform, recent developments and an informed future outlook.

• Alten Calsoft Labs
• ConsenSys
• Humanity
• Hyperledger Foundation
• IBM
• Infosys
• Innoplexus
• Medsphere
• Solulab
• Stratumn
• Tech Mahindra

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You may also be interested in the following titles:

1. Biosensor market: Focus on drug discovery and development, 2022-2035

2. AI-based Drug Discovery Market (2^n.d edition), 2022-2035

3. Cloud-based solutions for drug discovery, development and manufacturing market, 2022–2035

Contact:

Gaurav Chaudhary
+1 (415) 800 3415
+44 (122) 391 1091
[email protected]

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SOURCE Root analysis