The global blockchain technology in the healthcare market is expected to reach over USD 9.5 billion by 2022, according to a new report by MarketsandMarkets. This growth can be attributed to the increasing demand for secure and transparent healthcare data exchange. The use of blockchain technology in the healthcare industry will help reduce fraudulent activities, minimize data breaches, and improve patient care. Let’s look at the key drivers and challenges of blockchain technology in the healthcare market and how it is changing the landscape of the healthcare industry.
- Secure and Transparent Healthcare Data Exchange
The increasing demand for secure and transparent healthcare data exchange is the primary driver for the growth of blockchain technology in the healthcare market. Blockchain technology provides a secure and decentralized platform for healthcare data exchange. It will help reduce fraudulent activities, minimize data breaches, and improve patient care.
The use of blockchain technology in the healthcare industry will help reduce costs and improve efficiency. Blockchain technology can help streamline healthcare processes and reduce the need for go-betweens. It will help reduce the overall cost of healthcare and improve patient care.
- Adoption of Blockchain Technology by Significant Healthcare Players
The increasing adoption of blockchain technology by significant healthcare players is another crucial driver for the growth of blockchain technology in the healthcare market. Major healthcare players such as IBM, Microsoft, and Oracle invest in blockchain technology to create secure and efficient healthcare systems. It will help increase the adoption of blockchain technology in the healthcare industry.
- Data Privacy
Another critical challenge for blockchain technology in healthcare is data privacy. Healthcare data is sensitive and personal and needs to be protected. Blockchain technology provides a secure and decentralized platform for healthcare data exchange, but there are concerns about how data will be stored and accessed on the blockchain. It is a significant concern for many healthcare organizations and needs to be addressed before blockchain technology can be widely adopted in the healthcare industry.
- Lack of Awareness
The lack of awareness about blockchain technology is a significant challenge for the growth of blockchain technology in the healthcare market. Blockchain technology is still in its early stages, and many healthcare professionals are not aware of its potential applications in the healthcare industry. This is hindering the adoption of blockchain technology in the healthcare sector.
Blockchain technology is revolutionizing the healthcare industry by providing a secure and efficient platform for healthcare data exchange. This will help reduce costs and improve patient care. The increasing adoption of blockchain technology by significant healthcare players is expected to drive the growth of blockchain technology in the healthcare market.
Conclusion
The global blockchain technology in the healthcare market is expected to grow considerably in 2022. The use of blockchain in the healthcare industry can help to reduce fraudulent activities, streamline clinical trial processes, and improve data security. In addition, blockchain can also be used to create a secure and efficient system for storing and managing patient health records. With the increasing demand for improved healthcare services, the adoption of blockchain technology will likely continue to grow in the coming years.
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