The blockchain market in the healthcare sector is predicted to amass over $5.5 billion by 2026, according to a study conducted by Aftrex Market Research, a consulting and market research company that focuses on identifying growth opportunities across a spate of industries.
The Increased Need For Blockchain In Healthcare Services
Aftrex Market Research concludes that the surging demand for blockchain in the healthcare field arises from growing cases of healthcare data breaches. This causes the need for more affordability in a variety of healthcare services, including digital innovations like blockchain technology.
The market research group also makes the case that blockchain technology will provide a more convenient access point for patients’ data. Besides the patients, blockchain will benefit doctors, pharmacists and other medical personnel that deal with data.
Additionally, the firm opines that blockchain technology will help maintain patients’ data privacy, as administrators can share data compiled in real-time with the participants of a network, when they have obtained permission to do so.
Subsectors Of Healthcare That Impel Growth In Blockchain Market
There is a variety of subsectors within the healthcare field that have been driving the use cases of blockchain technology within this particular industry. These act as factors, lending specific reasons behind the upward trend of blockchain use in the healthcare industry.
Firstly, the increasing cases of fake drugs in healthcare supply chains have been prodding pharmaceutical companies to use blockchain technology, which can trace fake drugs, thus driving the growth of the market.
Secondly, eminent healthcare companies such as UnitedHealth Group et al. have made investments to blockchain, increasing market growth. Aftrex Market Research attributes this to the transparency blockchain offers for healthcare consumers, as well as the assistance it grants to logistics such as drug inventory management and patient data management.
Furthermore, government regulations against drug counterfeit will become more austere, which will in turn propel the market growth of blockchain. For example, the Falsified Medicines Directive (FMD) in Europe was created to protect patients by reducing the instances of fake medicines entering the medical supply chain.
The Aftrex Market Research study shows that the Asia Pacific region will see the largest blockchain growth from 2018 to 2026. This is due to increased government spending on healthcare and related IT services, as they aim to secure digital health data, further bolstering the blockchain market growth.
Overall, the benefits offered by blockchain are expected to prompt pharmaceutical companies to implement this technology. The supply chain application segment and the end-use segment will also witness a high market growth.
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