The blockchain technology has shown great potential in establishing a healthcare ecosystem that can manage the privacy, security, and interoperability of health data in a better way.
New York, United States – December 2, 2019 —
The blockchain technology in healthcare market size attained a value of $44.6 million in 2017 and is further expected to witness a CAGR of more than 67.1% during the forecast period (2018–2023¬). This growth is due to the implementation of blockchain in pharmaceutical supply, growing funding and investments in the technology, and increasing number of regulations for safeguarding consumer data. A distributed system which stores records of data transactions completed online is called blockchain. In healthcare, it helps bring together clinical data across multiple healthcare organizations, such as clinics and hospitals.
The blockchain in healthcare market is divided into claims adjudication & billing management, drug discovery & clinical trials, prescription drug abuse, drug supply chain management, clinical data exchange & interoperability, and others, in terms of application. Among these, clinical data exchange & interoperability held the largest (40.0%) share of the market in 2017 and is predicted to grow at the highest CAGR during the forecast period. This is because the blockchain technology can potentially transform the sharing and storage of clinical information and data across the total care continuum, including healthcare partners, patients, and payers.
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One of the major driving factors of the blockchain technology in healthcare market is the increasing number of regulations for safeguarding consumer data. Governments across the world are implementing stringent regulations to protect consumer information due to the growing incidents of data breach and theft. For instance, a new European Union data protection rule, the “General Data Protection Regulation (GDPR)”, came into effect in May 2018. The GDPR aims to protect EU citizens from data and privacy breaches, and because of the existence of such regulations, companies across the world have to invest in data security.
The growing investments and funding in the technology is another key factor due to which the blockchain in healthcare market is growing. The technology is attracting major funding and investments from both public and private organizations, owing to its enormous scope and possibilities in the field of medicine. For instance, Akiri, a blockchain health startup, received $10.0 million investment from Health2047, a company funded by the American Medical Association, in January 2018. This grant was expected to be used for the creation of a blockchain-based platform for health data.
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The need for better management of medical data is creating great opportunities for the players in the blockchain technology in healthcare market. The life sciences and healthcare industries generate and work on huge amounts of data, due to which they are facing problems on several fronts including fragmentation, inconsistency, cybersecurity, and interoperability. The blockchain technology has shown great potential in establishing a healthcare ecosystem that can manage the privacy, security, and interoperability of health data in a better way. In addition, it also assists healthcare providers in delivering better care.
Hence, the rising number of regulations for safeguarding consumer data and increasing investments and funding in the blockchain technology are driving the growth of the market.
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