The sphere of blockchain technology is most likely to cross the mark of one billion dollars ($1.6 Billion) in the healthcare sector by 2025, reports US-oriented market analysis and research firm, Global Markets Insights.
Decentralized blockchain technology has evolved as a highly secured, transparent, speedy, and accurate model of data management in the present fast-moving era. The crucial attributes of the blockchain network have the potential to give a boost to the data-driven sector of the healthcare industry.
It is vital for medical practitioners, pharmacist, technicians, etc., to have accurate and detailed information about the patient’s medical history at their discretion in no time. The healthcare arena needs to have a technology which can benefit patients through correct analysis and treatments, cost control, and interoperability of data. For this purpose, increased inclusion of blockchain technology in the health sector in the near future will not be surprising for the financial heads.
Growing awareness about implementation of blockchain technology and government initiative for data standardization and operational scalability constraint in data management will spur industry growth in upcoming years,
read the report published by Global Markets Insights.
Based on the report, the adoption of decentralized pedagogy in healthcare has shown a substantial increase and will continue to prosper in the coming years as well owing to the effective regulatory reforms and whopping investments of the biggies of the sector. The healthcare payers segment is likely to see a leap of 65.7% compound annual growth during the stipulated period.
This sharp increase can be attributed to the blockchain’s ability to manage the complicated emergency care processes and critical clinical outcomes in an efficient manner.
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,
purports the report.
The Global Expansion of Blockchain In Healthcare Facilities:
There has been a substantial increase in blockchain adoption in the UK and Switzerland. Last year, the UK invested nearly three million dollars in the concerned field. The use of blockchain in Switzerland’s healthcare sector is probable to cross seventy-three percent in the coming five to seven years.
In July, the government of Uganda collaborated with a blockchain company, MediConnect to solve the issues concerning the pharmaceutical supply in its territory.
Maharashtra, the Indian state, recently announced an investment of over one million dollars in exploiting the blockchain potentialities in varied domains, namely, healthcare, supply chain, and documentation.