DUBLIN–(BUSINESS WIRE)–The “Blockchain Technology in Healthcare Market: Distribution by Type of Blockchain, Type of End-User, and Key Geographical Regions: Industry Trends and Global Forecasts, 2023-2035” report has been added ResearchAndMarkets.com’s Offering.
This report contains a comprehensive study of the current market landscape and the future potential of blockchain in drug discovery and clinical trials. The report highlights the efforts of several stakeholders engaged in this rapidly growing segment of the pharmaceutical industry and answers many key questions related to this domain.
What is the future potential of Blockchain in healthcare?
The popularity of blockchain technology has grown inexorably in recent years. The technology has the potential to revolutionize the healthcare sector as it has emerged as a viable option to store/exchange data within the healthcare sector.
Furthermore, it provides a faster solution for tracking and authenticating medical shipments/drugs across the supply chain and during logistics operations, as well as compiling longitudinal patient records such as disease registries, laboratory results and treatment-related data records.
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 focusing on drug discovery and clinical trials?
Different types of blockchain platforms, including public blockchain, private blockchain and consortium blockchain, are currently used across various drug development (DDA) applications, such as drug discovery, intellectual property management, electronic medical record management, vaccine distribution, drug authenticity, drug supply chain, treatment of drug data, management of clinical trials and electronic signature. It is worth highlighting that more than 50 blockchain providers offer their proprietary platforms for these applications to various industries, including healthcare, pharmaceuticals and public organizations.
What are the key value drivers for the blockchain market in drug discovery and clinical trials?
In recent years, the use of blockchain has been increasing, driven by several technological advances and the growing demand for safe and secure methods for patient recruitment, storage and data handling 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 benefits offered by new blockchain platforms in drug discovery and clinical trials?
In recent years, the use of blockchain technology in the healthcare system, especially in drug discovery and treatment of clinical trials, has been increasing. This can be attributed to the fact that blockchain provides a faster solution for tracking and authenticating pharmaceutical products/medicines across the supply chain. In addition, data from clinical trials can be stored securely over blockchain platforms/portals. Furthermore, the technology gives patients access to their medical data, and ensures that such 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 over 500 research papers in this domain have been published in high-impact journals over a period of six years, highlighting the significant efforts made by researchers. Most of these publications are research papers that focus on evaluating the use of blockchain across the pharmaceutical supply chain and clinical trial management.
What is the Market Size of Blockchain in Drug Discovery and Clinical Trials Market?
As the use of blockchain, particularly for drug development applications, increases among innovators in the pharma and biopharma industries, lucrative opportunities are expected to emerge for players engaged in the blockchain market for drug discovery and clinical trials. The blockchain market, with a focus on drug discovery and clinical trials, is expected to witness a healthy growth of over 22% in the coming decade; the opportunity is likely to be well distributed across different types of blockchains, types of end users and key geographic regions.
Who are the key players in the Blockchain in Drug Discovery and Clinical Trials Market?
Examples of key players engaged in this domain (also captured 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 focusing 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 and 2035.
Question 2: Which region will lead the blockchain market focusing on drug discovery and clinical trials?
Answer: North America and Asia Pacific are expected to capture over 65% of the market share by 2035. The market in Europe is likely to grow at a relatively faster pace in the long term.
Question 3: Which segment, in terms of blockchain type, dominates the blockchain market focusing on drug discovery and clinical trials?
Answer: Currently, private blockchain dominates the blockchain market in drug discovery and clinical trials. However, public blockchain is expected to drive the market for the foreseeable future.
Question 4: Which segment, in terms of type of end user, accounts for the largest share of the blockchain market focused on drug discovery and clinical trials?
Answer: Pharmaceutical industry and academic institutes are expected to capture around 60% of the market share by 2035. Additionally, the market for hospitals is likely to grow at a relatively faster pace, in the long term.
Question 5: What kind of partnership models are most often adopted by stakeholders engaged in this domain?
Answer: Platform utilization emerged as the most popular type of partnership model adopted by players engaged in providing blockchain in drug discovery and clinical trials. This is followed by platform integration agreements and strategic alliances.
Key topics covered:
1. PREFACE
2. SUMMARY
3. INTRODUCTION
4. MARKET OVERVIEW
4.1. Chapter overview
4.2. Blockchain Technology Vendors: Overall 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 overview
9.2. Blockchain in Drug Discovery and Clinical Trials: SWOT Analysis
9.3. Comparison of SWOT factors
9.3.1. Strengthens
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 processing
9.3.2. Weaknesses
9.3.2.1. Implementation costs
9.3.2.2. Storage
9.3.2.3. Immutability of data
9.3.2.4. High energy consumption
9.3.3. Threats
9.3.3.1. Blockchain is vulnerable to cyber attacks
9.3.3.2. Scalability
9.3.3.3. Lack of regulations issued by legal authorities
9.3.4. Possibilities
10. CASE STUDY: USE OF BLOCKCHAIN IN HEALTH AND OTHER INDUSTRIES
11. MARKET FORECAST AND OPPORTUNITY ANALYSIS
12. CONCLUDING COMMENTS
13. MANAGEMENT INSIGHTS
14. APPENDIX 1: TABULATED DATA
15. APPENDIX 2: LIST OF COMPANIES AND ORGANIZATIONS
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