June 21, 2022
The global market for blockchain technology in healthcare reached $386.8 million in 2021, and it is forecast to achieve $7.0 billion by 2027. That’s according to a new report from BCC Research, which points to opportunities around data integrity, cost savings, compliance and efficiency.
Blockchain, though still in its relative infancy, first appeared in 2008 as the technology behind Bitcoin. Since then, it has been heralded as the perfect solution to a wide range of challenges across multiple industries. Described as a secure, decentralized, tamper-proof ledger, blockchain technology could provide the answer to inefficiencies and limitations surrounding the collection, sharing and use of patient records.
“Healthcare is standing on the threshold of a new digital dawn,” says Saransh Parmar, Technology Lead, BCC Research. “We’re seeing the proliferation of wearable technology, the rise of the Internet of Things, and a whole new world of interconnectivity. It’s a melting pot of data transfer and automation.
“But there’s a big problem. Security measures are struggling to keep up, and there’s a growing incidence of data breaches. While medical data needs to be portable and interoperable between systems, the current ecosystem is far too restrictive. And that’s where blockchain can shine. It allows users to access all their health data with frictionless connections, smart contracts, and incontestable authorization.”
Not only does blockchain technology give patients and healthcare professionals the ability to protect and control their data, it also allows multiple stakeholders instant access to standardized, anonymous, non-patient-identifiable information. This creates significant opportunities within a wide range of healthcare environments.
“For healthcare claims and billing, processing becomes easier and more secure,” says. “Transactions can be tracked from the first encounter to post-op care, all bundled into a cryptographically secure medical record. For the fight against drug counterfeiting, a pilot project in the U.S. is bringing together the FDA and pharmaceutical manufacturers in the development of an interoperable electronic system for the track and trace of prescription drugs. And for hospitals and private practices, blockchain technology can reduce healthcare costs, fix administrative efficiencies and drive profits.”
Blockchain technology is still in its early stages of adoption, but it can and will have a profound impact on the healthcare sector. From improved medical record management, to smoother insurance claim processes, and the acceleration of biomedical and clinical research advances, the opportunities are boundless.
Global Blockchain Technology in Healthcare Market( HLC252B )
Publish Date: Jun 2022
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