The expectation is that the global blockchain in healthcare will reach USD 1189.8 million by 2028. The increasing need for secure and transparent healthcare data exchange expects to drive market growth over the forecast period. Blockchain technology offers a distributed ledger that allows fast data exchange between different parties without the need for a third-party intermediary. It eliminates the chances of data tampering and provides an audit trail for all transactions, which is beneficial for the healthcare sector. We will discuss some of the critical drivers of blockchain growth in the healthcare market.
- Need for secure and transparent data exchange
The healthcare sector plagues data breaches that have resulted in the loss of millions of patient records. The decentralized nature of blockchain technology makes it ideal for secure data exchange between different parties. It allows all participants to view the same ledger, which prevents data tampering.
It, in return, will lead to better patient outcomes, as the data will be more accurate and reliable. The transparency of blockchain also allows healthcare providers to track the data source and audit it for accuracy.
- Reduction in administrative costs
The healthcare sector is known for its high administrative costs. Blockchain can help reduce these costs by streamlining claim management, billing, and payments. It allows all parties to access the same information, which eliminates the need for intermediaries. It will lead to faster and more efficient transactions, saving the healthcare sector billions of dollars.
- Increased patient engagement
Patient engagement is critical for the success of any healthcare organization. However, it can be difficult to engage patients in their care. Blockchain can help solve this problem by providing patients with access to their medical records. It also allows patients to control who has access to their data. It will help build trust between patients and healthcare providers. Patients gain confidence in the system and are more likely to take an active role in their care.
- Evolution of the Internet of Things (IoT)
The IoT is a network of devices that can communicate with each other. It revolutionizes the healthcare sector by allowing patients to monitor their health. Blockchain can play a crucial role in developing the IoT by providing a secure platform for data exchange.
It will allow different devices to interact with each other without the need for a central authority. It will lead to increased efficiency and fewer glitches in the healthcare system.
- Rise of the digital health economy
The healthcare sector is undergoing a significant transformation from analog to digital. The rise of the digital health economy has led to the development of new platforms and services based on blockchain technology. These platforms allow patients to manage their health data and share it with healthcare providers.
They also allow patients to pay for healthcare services with cryptocurrencies available in the market. It is a significant disruptor to the traditional healthcare system and changes the way patients interact with the healthcare sector.
Blockchain technology revolutionizes the healthcare sector. It offers a secure and transparent platform for data exchange that can lead to better patient outcomes. It also allows patients to control their data and interact with the healthcare system more efficiently. The future of the blockchain looks bright, and it is poised to play a significant role in the development of the digital health economy.