The use of blockchain in healthcare sector is set to exceed over one billion dollars ($1.6 billion) by 2025, reports Global Market Insights, US-based comprehensive market analysis, and research firm.
Healthcare is a data-driven industry and is primarily driven by the need for better care for patients through accurate analysis and the right methods of treatment. For this purpose, data management is absolutely crucial as it enables the critical stakeholders, such as a medical practitioner, pharmacist, and technician, to acquire secure, faster, and accurate patient records.
Needless to say, the new generation, faster-than-before, more secure and transparent technology of blockchain can do wonders to revive the healthcare industry as no other technology could.
Potential contributors to blockchain in healthcare
In the latest report published by the Global Market Insights on Sep 09, blockchain adoption in healthcare has and will continue to witness growth in the wake of rigorous regulatory reforms and increasing investments.
Blockchain’s rising adoption in healthcare market can be attributed to several factors. Error-free medical examination of patients, meticulous care in data handling and storage and cost reductions are few of those, suggests the report.
There is a growing awareness around the new-age disruptive technology, its ability to ensure data privacy and precision in data exchange which has caused the governments and private institutions to sit up and notice of its true potential, the report stipulates.
Moreover, the healthcare payers segment is estimated to witness over sixty-five percent (65.7%) compound annual growth during the stipulated period. This is owing to the fact that emergency care facilities and satisfactory clinical outcomes have become more critical than ever, and blockchain can streamline the extremely convoluted processes involved in it.
Blockchain implementations around the globe
The growing implementation of blockchain in healthcare is prevalent in specific regions such as the UK and Switzerland. While the UK’s investment in field constituted to close to three million dollars ($2.8 million) last year, blockchain in Switzerland’s healthcare is likely to experience parabolic advances, which is estimated to exceed seventy-three percent (73.3%) in the next five to seven years span.
Not only Europe, but blockchain has also made steady advancements in regions like Uganda where healthcare facilities are impaired due to growing circulation of counterfeit drugs and corrupt practices. As a result, the Ugandan government joined forces with blockchain firm MediConnect in July to tackle these issues and streamline the entire pharmaceutical supply chain in the country.
July also saw Uber Health collaborating with a healthcare blockchain startup called Solve Care to offer immediate transportation and succour to emergency patients.
A little towards the East, the Indian state of Maharashtra recently allotted a comprehensive budget of over one million dollars ($1.4 million) for testing blockchain potentialities in sectors including healthcare, supply chain, and documentation management.
Without a doubt, blockchain brings about the process efficiencies and considerably reduces healthcare costs. At a time when patient’s medical records, examination and treatment procedures are bound to stringent regulatory policies, blockchain shows the potential to not only comply with these policies but a guide to an overall efficient healthcare facility.