The latest market report published by Credence Research, Inc. “Blockchain Technology in Healthcare Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global blockchain technology in healthcare market was valued at US$ 35.4 Mn in 2017 and expected to reach US$ 3,250.2 Mn by 2026, expanding at a CAGR of 64.4% from 2018 to 2026.
Browse the full report Blockchain Technology in Healthcare Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026 report at https://www.credenceresearch.com/report/blockchain-technology-in-healthcare-market
Increasing business demand the need to bring transformative change in all business aspects across industries. When concerned with healthcare, the urgency to bring revolutionary change in the system becomes urgent. The quality of healthcare services that are backed with latest technology is the current global need. The overall landscape of healthcare system is rapidly moving towards more value based and patient-centric approach focusing on appropriate healthcare service and affordable treatments. In the healthcare industry, critical patient information remains unevenly distributed and scattered across different health departments. Due to this, several sets of important data is not accessible in times of need. The existing healthcare system cannot be deemed to be a complete ecosystem as several stakeholders do not have well-defined information recoding and storage systems and management. Exchange of information across entities and departments has also turned out to be a significant challenge. Moreover, misuse of the available data is also preventing the healthcare system from providing optimum patient care.
Several healthcare systems are still using outdated recording and transmission systems. Such systems mostly rely on local and centralized recording, making it difficult for the remote access to patient information, resulting in delay in treatment decisions. This also leads to considerable increase in healthcare costs. Another tedious process leading to high costs to the healthcare is exchange of healthcare information. Patients do not have control on their information and data, therefore are highly prone to identity theft, financial crimes and spams.
Use of blockchain has the power to bring disruptive changes in the healthcare system. With this technology, patient identity can be specifically safeguarded and thus will bring power back to the patients. Blockchain technology also enables successful improvement in quality of patient care while monitoring fund supply. This technology has the ability to enable seamless and secure data transport across several verticals of the healthcare system. Blockchain will therefore enable smooth data sharing between healthcare providers, leading to accurate disease diagnosis and improvement in treatment decision making, therefore delivering optimum treatment outcomes. This will also result in seamless and convenient claim settlements for payers. In the pharmaceutical industry, deployment of blockchain in transport of clinical trial data and research evidence can improve the rate of commercialization of breakthrough drugs. While adoption of blockchain technology also has the potential to tackle growing threat of counterfeit drugs. At present, blockchain technologies have found established application in population health data management, establishing secure healthcare systems, enabling appropriate patient payments, tracing drug consignment movements, management and securing clinical and patient data. The potential of blockchain technology for healthcare significantly depends of the acceptance of this technology in the healthcare system for creating decentralized and technology based infrastructure. Blockchain technology has taken the healthcare industry by storm over the past couple of years and several solutions are under pipeline. With several potential possibilities and used of blockchain, this technology is anticipated to transform the face of healthcare infrastructure.
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Key Market Movements:
- Significantly growing adoption of electronic healthcare records
- Increased gravity of decentralization of healthcare information
- Growing concern over patient information privacy and safety of clinical data and research evidence
- Increasing risk of counterfeit drugs to augment the demand for blockchain technology in drugs supply chain and manufacturing
- Increasing incidence of medical data breach to further support rapid adoption of blockchain technology
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