A detailed report from the Global Market Insight Inc. points to the rise in the implementation of blockchain in the health sector and per its findings, the industry will be worth $1.6 billion by 2025. While pointing out the fact that there’s a growing interest in the technology, industry players are using it to revolutionize how business is done in the sector.
According to Global Market Insight Inc. report, the adoption of blockchain technology in the medical sector will be fast-tracked by stakeholders present in the space. Through their efforts, the Global Healthcare Blockchain Technology Market will reach its $1.6 billion.
Per the report, blockchain technology will come in handy at helping store and handle patient’s data and also help reduce operational cost. Although the latter are just two use cases of blockchain technology, through adoption, more lucrative opportunities will crump up.
As awareness about blockchain technology grows, and governments increase their initiatives in the industry, the latter acts in favor of the sector but also promotes growth. A case to point out is the enactment of the Health Information Technology for Economic and Clinical Health Act in the US way back in 2009. While its primary goal was to encourage the deployment of technology in hospitals to increase usage among staff, the act will come in handy now.
Besides that, government programs such as the Archangel program favor the adoption of blockchain in the health sector. The latter is a joint program between the UK government and the University of Surry.
On the other hand, the presence of reputable pharmaceutical companies is also of great importance. For instance, per the report, firms present in Switzerland’s medical sector will drive up growth in the country by 73.3%. This is because the firms are adopting blockchain technology to help improve processes such as clinical outcomes. Similarly, the government is working with pharmaceutical companies to help boost the adoption of blockchain technology in the healthcare sector.
While the above players will drive up the adoption of blockchain into the sector, the technology itself comes with so many use cases; hence, its potential has unforeseeable benefits to the industry.