Blockchain in healthcare market to exceed $1.6 billion by 2025
It is perfectly known that healthcare is a data-driven industry. Accurate data management is absolutely necessary for a higher quality of care. To continue its development industry needs everyone involved in the process such as a medical examiner, pharmacist, and a doctor to have access to secure, fast, and accurate patient data. Growing awareness about the implementation of blockchain technology and initiatives for data standardization worldwide should support industry growth in upcoming years.
In a study conducted by Global Market Insights Inc and published on the 9th of September, it is estimated that the blockchain in the healthcare market will continue to grow surprising $1.6 billion by 2025. Blockchain rising adoption in the healthcare industry will allow for higher standards of data privacy, faster and more accurate distribution of data and lower operational costs. Continuous government support and an increase in the flow of private investments into the sector will ensure further growth in upcoming years. It must be noted that lack of skilled workforce and high installation cost may limit blockchain technology implementation though, so those issues need to be addressed by the industry players very seriously.
Companies that play a major role in blockchain technology in the healthcare market the moment.
Several very well known companies are exploring blockchain and implementing the technology in the healthcare sector at the moment. Microsoft, IBM, iSolve, Coral Health among others are working on different blockchain projects. The growing use of the technology is most visible in the U.K with a market size close to $3 million last year and Switzerland where growth is expected to be so significant that it is predicted to surpass 70% in the next few years.
Recent blockchain initiatives in the healthcare sector.
At the moment, most blockchain projects in the healthcare sector are collaborations between local governments and private entities. NGO Bitcoin Argentina together with a private bank will develop a blockchain-based identity project that will involve healthcare matters as well. UK government together with the University of Surry collaborated on Archangel program. The program is an initiative for the implementation of blockchain in healthcare and other sectors. In Africa, MediConnect and the Ugandan government, collaborate on the development of blockchain solutions to trace and manage prescription medication. The main goal here is to combat counterfeit prescriptions and the sale of counterfeit medicine. In India, the government of the state of Maharashtra recently allocated a budget of over one million dollars to tests blockchain potential in sectors including healthcare and data management.
This is just a shortlist of work in progress and upcoming projects and it is without any doubt, that we will see more os such projects in the future as the effectiveness of blockchain technology in the healthcare sector cannot be underestimated.
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