Blockchain technology has been implemented in the healthcare industry for a variety of applications. The ground breaking technology has brought ease to the execution of certain healthcare tasks, and there is continual growth in the use of blockchain applications.
Experts say that the use of blockchain technology in healthcare will continue to expand and with it, the value of the industry will increase. Global Market Insights says that the value of blockchain technology in healthcare is expected to grow past $1.6 billion by 2025. There are many factors that have been cited by the Global Market Research and Consulting firm as to why the value of the technology will grow.
Blockchain for Healthcare and Value Increase
There are many factors that will push the growth of blockchain tech in healthcare. Blockchain technology is being used to examine possible medical outcomes and it helps medical personnel to make an accurate diagnosis. Blockchain reduces the costs involved in medical processes while streamlining these processes and providing renewed efficiency to both healthcare practitioners and their patients.
The sharing of patient data and information about medical solutions is a key factor in the improvement of health services, and blockchain technology makes this improvement possible. Decentralized systems make the sharing of data smoother and easier to achieve. Ensuring that patient information is transferred quickly from one place to another may be a matter of life and death, and blockchains makes this process quicker than it is when centralized systems are involved.
Governments around the world have begun to take note of and understand the benefits that come with the use of blockchain technology in their healthcare sectors. As more governments approve the shift from centralized systems to decentralized ones, blockchain tech will become the standard in world healthcare, and hence, the value of it will rise.
Global Market predicts that the healthcare payers sector of the industry will experience a compound growth of 65.7% annually until 2025. The growth will be influenced by the increased use of blockchain applications in emergency services and clinical care. Blockchain-enabled drone systems are already being used to respond to emergency situations and to deliver medicines in hostile areas. The expansion of such use cases will push the growth of the healthcare payers segment.
The predictions made by Global Markets Insights are similar to ones made by Acumen Research and Consulting, an information technology firm. In July, the firm predicted that the blockchain healthcare secure will grow past $1.7 billion by 2026, a compound growth rate of 48.1% per year.
Application of Blockchain in Healthcare
The Ugandan government recently entered a partnership with MediConnect. Through the partnership, the government will be able to track fake drugs in the country. MediConnect is a blockchain startup whose system is used to record prescription drugs and hence providing a method for the identification of counterfeit ones. It stops the spread of these fake drugs through the pharmaceutical channels in Uganda.