Article -> Article Details
| Title | Blockchain in Drug Discovery and Clinical Trials Market |
|---|---|
| Category | Business --> Healthcare |
| Meta Keywords | Blockchain in Drug Discovery and Clinical Trials Market |
| Owner | Sofia Smith |
| Description | |
| Blockchain
Technology – A new Paradigm in Data Storage and Maintenance Over the years, the blockchain technology
also referred to as distributed ledger technology has proven to be a versatile
tool for decentralized monetary transactions and data exchange in various
industries, including healthcare. Several stakeholders in healthcare have
adopted blockchain for various operations, including maintenance of patient
records, while ensuring privacy and security as the records are stored on a
network, recruiting patients for trials and providing transparency and
traceability in the supply chain. Gradually, blockchain
technology has disclosed unprecedented opportunities in this sector by
unlocking significant advantages. The term blockchain refers
to the way it stores transaction data in blocks that are linked to form a
chain. Since every entry is stored as a block on the chain, the length of the
chain increases as more transactions are recorded and stored. This digital
ledger technology was developed in 2008 by Satoshi Nakamoto. It is designed in
such a way that transactions are immutable, which means that digital information,
or transactions records can be recorded and distributed but cannot be altered,
deleted or destroyed. Get
Detailed Report: https://www.rootsanalysis.com/reports/blockchain-technology-in-healthcare-market.html The concept of utilizing
blockchain platforms for drug data management and drug trackability has gained
significant attention from several stakeholders and companies in the past few
years. Despite the advantages offered by such platforms in the management of
data and data security, there are certain challenges associated with the use of
blockchain. In addition to the
aforementioned advantages, blockchain has gained popularity across various other
fields, including education, finance, transportation and telecom. Due to
multiple advantages across diverse application areas, including enhanced
safety, security, and data management, blockchain technologies have evolved
significantly and continuously transformed the industrial landscape. Owing to various advantages
offered by blockchain, its popularity has invariably grown. Specifically, it
has made a considerable impact in the healthcare sector, as it has the
potential to revolutionize the healthcare sector by overcoming the existing
challenges. One of the features of blockchain is that it lets organizations
establish transparency and privacy, helping to conceal sensitive patient data
while enabling access and sharing when necessary. In the future, blockchain
technology may aid in the provision of personalized, authentic, and reliable
clinical trial services by combining up-to-date and secure patient data with
other emerging technologies. Considering
the fact that blockchain technology is already employed in healthcare and
various other industries, additional efforts and initiatives will allow the
industries to leverage the full potential of blockchain technology. Blockchain
Technology Providers - Market Landscape The term blockchain refers
to the way it stores transaction data in blocks that are linked to form a
chain. During our research, we were able to identify the presence of over 50
players that are engaged in providing blockchain technology across various drug
development applications. Majority of the blockchain
technology providers (60%) engaged in this domain were established post-2015.
This is indicative of the growing interest of stakeholders in this domain.
Examples of recently established companies include (post-2020, in alphabetical
order) Blockchain BioPharma (2020), PharmaLedger (2020) and ServBlock (2021).
Further, 41% companies have entered this domain before 2016, indicating that
the market is driven by efforts of well-established players as well. Examples
of some prominent players include (in decreasing order of experience) IBM
(1911), Infosys (1981), Tech Mahindra (1986) and Alten Calsoft Labs (1992). Further, the current market
landscape is dominated by the presence of small companies (39%). Notable
examples include (in alphabetical order) Akiri, BurstIQ, Crystal chain, CSBWG,
Farmatrust and Triall. This is followed by mid-sized players (27%); examples
include (in alphabetical order) Blockcube, Chronicled, Clinlogix, Guardtime,
Innoplexus and VeChain. Relative
Competitiveness of Blockchain Technology Providers In this analysis, we have
presented a detailed competitiveness analysis of the blockchain technology
providers based in North America, Europe, Asia-Pacific and Rest of the World.
The companies considered in this analysis have been scored on various relevant
parameters, such as supplier strength (in terms of number of years since it was
established), portfolio diversity (this parameter evaluates a company’s
capabilities based on the type of drug development applications of company’s
blockchain, applications within clinical trial management and end-users.),
portfolio strength (this parameter evaluates a company’s capabilities based on
the type of blockchain). The primary purpose of this
analysis was to develop a better understanding of the overall potential and
capabilities of companies involved in this domain. In addition, it provides a
reliable framework for geographical benchmarking of the capabilities of
industry stakeholders. The
following approach was adopted to compare the capabilities of various companies
that are engaged in this domain: ·
As a starting point, we collated information
on the aforementioned parameters for 52 companies that presently claim to offer
blockchain technology for drug discovery and clinical trials, and thus, were
considered in this analysis. ·
These companies were then segregated on the
basis of their geographical location into three peer groups, namely North
America, Europe, and Asia Pacific and RoW. ·
We then calculated the scores for supplier
strength (Px), portfolio diversity (Py) and portfolio strength (Pz), for
various blockchain technology providers. ·
Based on these scores, competitiveness of
blockchain technology providers, across different regions, was presented in the
form of three-dimensional bubble charts, with supplier strength on abscissa and
portfolio diversity on the ordinate. Further, the size of the bubble was varied
based on the portfolio strength. Request
for Customization: https://www.rootsanalysis.com/reports/blockchain-technology-in-healthcare-market/request-customization.html According to our proprietary
scoring criteria, Innoplexus and Sunny Lake have emerged to be relatively
superior, in terms of portfolio diversity. Both the firms offer blockchain
technology for use across various drug development applications, including drug
discovery and clinical trial management applications. Further, Innoplexus
offers these applications to three end users (healthcare industry,
pharmaceutical industry and government organizations). In addition, it provides
advanced artificial intelligence (AI) and blockchain solutions that support all
stages of drug development, from pipeline to market. In terms of supplier
strength, Guardtime with nearly 15 years of experience, has emerged to be the
leading player. Several
Partnerships Have Been Inked in this Domain, Since 2017 During our research, we came
across several partnerships that have been inked by various stakeholders
engaged in providing blockchain across various drug development applications,
during the period 2017-2022 (till September). It is worth mentioning that
the number of partnerships inked in this domain has increased over time,
growing at a CAGR of 63% during the period 2017-2021. This can be attributed to
the fact that blockchain is evolving with time, along with the significant
interest of stakeholders in this domain. It is important to highlight
that the maximum number of partnerships inked in the year 2021, were platform
utilization agreements (42%). This can be primarily attributed to the fact that
majority of the stakeholders engaged in this domain utilize another company’s
proprietary blockchain platform in their regular workflow. Further, it can be observed
from the figure, majority (35%) of the partnerships in this domain were inked
for clinical trials, followed by deals inked for pharmaceutical supply chain
(24%). Notable examples of deals inked for clinical trials include (in reverse
chronological order) collaborations between Triall and LTO Network (September
2022), Triall and Sphereon (September 2022), Triall and Mayo Clinic (September
2022), and SusMed and Aculys Pharma (July 2022). In addition, more than 40%
of the deals signed within this domain were intracontinental agreements, inked
between companies based in North America. Further, in terms of intercontinental
agreements, players based in Europe have actively collaborated with companies
headquartered in North America. As is evident from the
figure, most of the partnership agreements related to blockchain were inked
between industry players (90%) engaged in this domain. Notable examples of
non-industry players that were involved in multiple collaborations include (in
alphabetic order) International Trade Association, Mayo Clinic, and Mongolian
Government. Request for Sample Report @ https://www.rootsanalysis.com/reports/blockchain-technology-in-healthcare-market/request-sample.html Read
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