SciTech welcomes Sumant Ugalmugale, a lead researcher at Global Market Insights, to discuss the rise of blockchain in healthcare and why it’s set to grow by 2025.
Rising adoption of blockchain technology for precision medicine, patient care and outcomes research (PCOR) for reducing operational cost and maintaining data privacy will increase the adoption of blockchain technology in upcoming years. Blockchain technology in healthcare is enabled with different application program interface for maintaining data privacy and accuracy in health information exchange data.
Blockchain helps enhance access to distribution of data. Blockchain allows healthcare professional to verify financial transactions and operation work. Thus, growing use of blockchain technology in healthcare sector will augment the market growth in upcoming years.
Increasing investment in healthcare economics, examination of medical outcomes and interoperability of health data will offer lucrative industry growth in upcoming years. Access to many users simultaneously eliminate reductant processes, and reduced operational costs make the software feasible to handle. Rising prevalence of significant advancements in technology owing to increased work efficiency in academic research and start-up companies will drive the consumer preference for blockchain technology.
Blockchain technology will reduce significant cost components, further impelling the industry growth in future years. Growing awareness about implementation of blockchain technology and government initiative for data standardisation and operational scalability constraint in data management will spur industry growth in upcoming years. For instance, the U.S. government implemented Health Information Technology for Economic and Clinical Health Act (HITECH) in the year 2009. The act was implemented to motivate the deployment of electronic technology among doctors, researchers and hospitals for reducing operational costs and maintaining accurate data monitoring by the government. Such initiatives and regulations will augment the demand for blockchain technology in the healthcare field over the foreseeable future.
Data exchange and interoperability component of blockchain technology dominated the market with 40.0% revenue share in 2018. Data exchange and interoperability encompasses collection and analysis of data, related to regulatory, patient digital identities and existing health segments for reuse and maintaining the information flow securely. In addition, flexibility of management of vast data points regarding drug store management and uniform movement of data from one system to another offers momentous growth opportunity for data exchange and interoperability technology in coming years.
Healthcare payers segment is forecast to foresee 65.7% CAGR during the estimation period. High segment growth is due to widespread usage of blockchain technology across healthcare network to improve patient emergency care and clinical outcomes. As healthcare payers are involved in more complex processes, the technology helps to improve financial aspects, insurance provider data and clinical outcomes of patients by accelerating the work efficiency. Organizations present in healthcare payers blockchain technology are increasingly adopting blockchain to improve operational aspects of business, thereby augmenting the industry size.
UK blockchain technology in healthcare market held USD 2.8 million market size in 2018. Growing use of blockchain for healthcare market and implementation of several government initiatives will serve to be high impacting factors for blockchain technology market growth in the country. For instance, the UK government collaborated with the University of Surry for implementation of Archangel program. Archangel program is government initiative for implementation of blockchain in healthcare and other sectors. Such initiatives for implementation of blockchain technology in UK healthcare sector will positively impact the UK blockchain technology for healthcare industry growth in the forthcoming years.
Switzerland blockchain technology in healthcare market will witness significant growth at 73.3% in forthcoming years. Robust growth is attributed to presence of leading pharmaceutical companies in the country, that are rapidly implementing blockchain technology for improved clinical outcomes. Moreover, increasing government initiatives for implementation of blockchain technology among pharmaceuticals manufacturing and product development companies will increase the demand for blockchain technology, thereby boosting the Switzerland blockchain technology in healthcare industry growth over the upcoming years.
Doc.AI, PokitDok, Microsoft, Gem Health, IBM, iSolve, Coral Health and EncrypGen among others are the major market players in blockchain technology in healthcare market. Product development, collaborations, mergers & acquisitions are the major strategies use by market players to consolidate their market position.
Opinions and observations expressed in this article neither support nor conflict the opinions and observations of SciTech Europa.