The mounting need to tackle data breaches and information leaks is expected to thrust blockchain technology in the healthcare market to a compound annual growth rate (CAGR) of 68.3% between 2022 and 2030, according to a study by Market Research Future (MRFR).
Blockchain in the healthcare industry is speculated to hit $121 billion by 2030 due to the escalating urge for effective health data management systems. Per the report:
“Rapidly increasing cases of different diseases have led to the development of massive amounts of data, which augments the need for effective data management. Using blockchain technology in healthcare records ensures there is no alteration to the data, which in turn helps guarantee data integrity.”
Blockchain technology has endeared itself to the healthcare sector based on ideal solutions like fighting counterfeit drugs, enhancing patient safety, minimizing therapeutic errors, and enabling interoperability of medical records.
In addition, the technology has attracted eminent players like Microsoft, IBM, Hashed Health, Blockpharma, Farmatrust, Simplyvital Health, and Medicalchain, among others.
Enhanced research is also anticipated to drive more growth in this sector. The report noted:
“Owing to the escalating interest in the technology, multiple government bodies worldwide are investing in extensive research activities, which will undoubtedly enhance the market size.”
The study acknowledged that permission and permissionless blockchains were utilized in the healthcare sector. Nevertheless, medical practitioners’ lack of technical knowledge about blockchain technology emerged as the biggest stumbling block.
Per the report:
“Shortage of skilled medical professionals with technical expertise to work with blockchain technology in the healthcare sector can be a huge challenge for the worldwide market in the future. Blockchain technology is quite complex in nature and therefore, requires highly skilled workers that can manage and operate the task.”
Meanwhile, DEVITA, a blockchain-based health data platform, recently joined the Polygon network to maximize healthcare operations and processes through the latest innovations in the non-fungible token (NFT) and decentralized identification (DID) technologies.
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