Revolutionizing Patient Care: The Impact of Blockchain Technology in Healthcare

by | Jun 19, 2023

The use of blockchain technology in healthcare is rapidly changing the industry, providing solutions that enhance data protection, privacy, and security against unauthorized access. According to recent reports, the global blockchain in healthcare market is expected to reach USD 5,798.0 Million by 2027, indicating the growing importance of the technology in the industry.

Hospitals and organizations are adopting blockchain technology to record, analyze, and monitor patient information. In 2019, pharmaceutical companies dominated the blockchain in healthcare market with a market size of USD 104.4 Million. The technology is experiencing rapid growth due to its application in supply chain management, clinical data exchange, claims adjustment, and billing management, among others.

Blockchain technology offers solutions such as decentralized storage, smart contracts, and cryptography, which enhance data protection while upholding precision and preventing unauthorized access. With the growing incidences of healthcare data breaches, blockchain technology is becoming increasingly important. Claims adjudication and billing are projected to grow at the fastest rate of 64.9% in the forecast period.

The report segments the global Blockchain in Healthcare market based on product, application, and region. Key companies profiled in the report include IBM, Microsoft, Gem, Chronicled, Hashed Health, Factom, Guardtime, Pokitdok, Patientory, and Blockpharma. The report analyzes various regions, including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

In the forecast period, permissioned blockchain is likely to grow at a significant rate. This type of blockchain only allows specific parties to participate in the network, which increases security and maintains privacy. The market in the Asia Pacific region is projected to grow at the fastest rate of 66.3% in the forecast period.

Governments across the globe are taking initiatives to tackle the problem of counterfeit drugs. Blockchain technology can help verify the authenticity of drugs and prevent counterfeit drugs from entering the market. This is a significant step in ensuring patient safety and improving the overall healthcare industry.

Emergen Research is a company that offers market intelligence studies for various industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. The report provides information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches, and brand promotions, among others.

In conclusion, blockchain technology is revolutionizing the healthcare industry, providing solutions that enhance data protection, maintain privacy, and prevent unauthorized access. The market for blockchain in healthcare is growing rapidly, and various organizations are implementing the technology to improve patient care and safety. With the help of government initiatives, the market is likely to continue growing, providing better solutions for healthcare professionals and patients alike.