Technology in healthcare is about to grow from US$6.9 million to US$1.6 billion from the year 2018 to 2025. Healthcare is an important part of our life. The healthcare data-driven industry mainly needs better care to the patients through defect-free analysis and with the right methods of treatment. As per Precision Medicine and Patient care & outcomes research (PCOR) blockchain technology help in reducing operational cost and maintenance of data privacy in the upcoming years. It will strengthen different application interface in maintaining data privacy and accuracy in health exchange data.
Australia has been one of the leading countries to use blockchain as a part of healthcare. The International Organization for Standardisation (ISO) has approved the Australian blockchain standards development proposal. This made a loud noise in the consumer-focused blockchain market.
This technology is not only helping healthcare facilities save huge amount but also initiating data standardization and operational scalability constraint in data management, which will urge industry growth in the upcoming years.
The adoption of blockchain technology has witnessed over sixty-five percent compound annual growth in the healthcare payer segment during the agreement period. The emergency care facilities and clinical department have become more critical today than before and blockchain has streamlined the extremely complicated process involved in it.
As per Electronic Health Records (EHRs), around 40% of healthcare data comprises of several misleading data and errors. Several healthcare facilities are still dependent on old and outdated records.
In addition to this EHRs said that healthcare data breaches costs around $380 per patient and use of blockchain technology will reduce these costs of breaching.
The capacity of the healthcare services has been increased due to growing digitization and rapidly booting industry growth. The adoption of blockchain is helping to eliminate fraud, reducing delays in paperwork, improving inventory management, minimizing courier cost, increasing the trust of customers and identifying the issue quickly.
In 2018, the market size of UK blockchain technology was US2.8 million. Increasing use of blockchain in the healthcare sector will lead to high impacting factors for blockchain technology market in the UK. Government of UK have taken the initiative and collaborated with the University of Surry for implementation of blockchain in healthcare and other sectors.
Switzerland shows a significant growth of 73.3% in the coming years due to blockchain technology in healthcare. The increasing demand for blockchain technology will boost Switzerland health industry grow in the coming years.
Blockchain is not only famous in Europe but also has made advancement in the regions of Uganda, where healthcare facilities are weak due to the growing circulation of counterfeit drugs and corrupt practices. The government of Uganda has joined hands with MediConnect this July to solve the issues and streamline the pharmaceutical supply chain in the country.
The Indian State Maharashtra has allotted an amount of $1.4 million for testing blockchain potentialities in healthcare, supply chain, and succour to emergency patients.
According to the WHO, 10% of medicines across the globe are inauthentic. The Organization for Economic Co-operation and Development confirms that counterfeit healthcare industry amounts up to $US$200 million. The increasing risk of inauthentic drugs has instigated the growth of blockchain technology.
Increasing use of Internet of Things (IoT) in healthcare will boost the business growth in upcoming future whereas lack of skilled labor will be one major factor responsible for impeding the growth of blockchain technology in healthcare market in future.