The growth of blockchain adoption in the healthcare sector will exceed $1.6 billion by 2025. This according to a report by market research and consulting firm Global Market Insights.
In the latest report, blockchain in healthcare is projected to grow due to rigorous reforms and continued investment in the field.
Blockchain growth in healthcare
Indeed, healthcare is an industry driven primarily by the need for better health outcomes for patients. This is exhibited through the introduction of new technologies that facilitate accurate diagnosis and treatment. This also explains why data management is extremely crucial in the healthcare sector. Patient records must be handled more securely and medical practitioners seek accurate data to diagnose and treat patients.
Blockchain shows the potential to revolutionize healthcare, allowing healthcare providers and payers to manage medical data while maintaining personal privacy, security, and interoperability. Capitalizing on this technology has the potential to improve efficiencies and support better health outcomes for patients.
The report presented by Global Market Insights highlights the growth factors for blockchain in the healthcare industry. Error-free medical examinations, interoperability of health records and storage and cost reductions are few of these.
Besides, the growing awareness of distributed ledger technology and government initiatives that aim to promote data standardization and precision will likely spur industry growth, suggests the report.
Moreover, healthcare payers can expect to see a 65.7% compound annual growth rate within the forecast period. This growth will occur mainly because of the widespread implementation of blockchain in emergency care and clinical procedures.
Global blockchain healthcare landscape
According to the report, Switzerland and the UK are the two specific regions where the growth of blockchain implementation in healthcare will occur. In particular, blockchain investment in Switzerland’s healthcare is expected to surpass 73.3% by 2025 while the UK has already spent $2.8 million in the sector.
In Africa, blockchain in healthcare has made advancements in Uganda, where healthcare services are impaired due to growing circulation of counterfeit drugs in the market. To combat this menace and other corrupt practices, the Ugandan government launched a blockchain initiative to improve transparency in the health sector.
As the demand for affordable healthcare for Africa’s growing population increases, more and more people are falling victim of fake medicines. Thus fighting this criminal trade using the disruptive blockchain technology, is crucial.
It is also worth noting that IBM, through its research laboratory in Israel, recently launched a blockchain platform to try and reduce the unceasing tide of fake medicines coming into Africa.