A report by Global Market Studies has shown a CAGR of 57.3% for the Blockchain Technology Market from 2023-2028, expecting to expand to a value of USD 5.3 billion by 2028. Blockchain Technology has the potential to revolutionize the healthcare industry by providing secure and transparent data management. The technology can be used to securely store, share, and manage patient health data, as well as for drug traceability and supply chain management.
A Blockchain network is used in the healthcare system to preserve and exchange patient data through hospitals, diagnostic laboratories, pharmacy firms, and physicians. Blockchain applications can accurately identify severe mistakes and even dangerous ones in the medical field.
Drivers & Opportunities:
- Secure and Interoperable Health Data Exchange: The need for secure and interoperable health data exchange is a major driver of the Blockchain Technology in healthcare. Blockchain Technology can provide a secure and decentralized platform for sharing health data between different healthcare organizations and stakeholders.
- Rising Demand for Transparency and Security: There is a growing demand for transparency and security in healthcare operations, particularly in areas such as drug traceability and supply chain management. Blockchain Technology provides a secure and transparent platform for tracking and verifying the authenticity of drugs and medical devices.
- Increasing Investments in Blockchain Technology: There has been a significant increase in investments in Blockchain Technology in recent years, with many companies exploring the potential applications of blockchain in healthcare. This has led to the development of new Blockchain-based solutions and services for the healthcare industry.
- COVID-19 Pandemic: The COVID-19 pandemic has accelerated the adoption of digital technologies in the healthcare industry, including blockchain. It highlighted the need for secure and reliable digital platforms for sharing and managing health data, and blockchain technology does just that.
- Potential to Improve Patient Outcomes: The use of blockchain technology in healthcare has the potential to improve patient outcomes as a secure and efficient health data management platform can lead to better diagnosis, treatment, and management of medical conditions.
- Regulatory hurdles: Healthcare is a heavily regulated industry, and implementing blockchain technology in healthcare requires compliance with various regulations and standards, such as HIPAA. This can make it challenging to implement blockchain-based solutions.
- Interoperability issues: Healthcare data is often stored in isolation and different systems may use different formats and protocols. Interoperability issues can hinder the creation of a unified blockchain-based solution.
- Data privacy and security concerns: Blockchain technology is designed to be secure, but any data stored on the blockchain cannot be changed or deleted. This raises data privacy and security concerns, particularly in healthcare which involves sensitive personal information.
- Cost: Implementing blockchain technology requires significant investment in infrastructure and expertise. This can be a barrier to adoption for healthcare organizations.
- Resistance to change: Healthcare organizations may be resistant to adopting new technology due to the potential disruption it can cause to their existing processes and workflows.
- Scalability challenges: As more data is added to the blockchain, the size of the blockchain grows, which can make it challenging to scale it and handle large volumes of data.
- In January 2022, Avaneer Health received additional support worth USD 50 million in startup money from various healthcare institutions. Based on blockchain technology, the network focuses on payer-to-payer data sharing, eligibility, and prior authorization while utilizing HL7’s FHIR specification to increase data access among healthcare companies.
Partnerships & Collaborations:
- In March 2022, Nokia stated that Equideum Health will employ Nokia’s Data Marketplace (NDM) solution, which is available through its Software-as-a-Service (SaaS) architecture. Equideum Health, a leader in the healthcare and life sciences blockchain, will be able to launch new use cases
- IBM Corporation
- Microsoft Corporation
- Hashed Health
Frequently Asked Questions
1) What is the projected market value of the Blockchain Technology Market?
– The Blockchain Technology Market is expected to reach a value of USD 5.3 billion by 2028
2) What is the estimated CAGR of the Blockchain Technology Market over the 2023 to 2028 forecast period?
– The Blockchain Technology Market is expected to grow at a CAGR of approximately 57.3% from 2023 to 2028.
3) Who are the key players in the Blockchain Technology Market?
– IBM Corporation, Microsoft Corporation, Guardtime, PokitDok, Gem, Chronicled, iSolve, Hashed Health, Patientory, Factom.
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