The global Blockchain Technology in Healthcare Market was worth USD 1.5 billion in 2021 and is expected to reach USD 16.2 billion by 2031, with a CAGR of 27.3% during the forecast period.
Blockchain technology is a type of distributed database that allows for secure and transparent sharing of data, which cannot be tampered with. In healthcare, blockchain can be used to create a secure and interoperable system for storing and sharing medical data. By creating a decentralized network of health data, blockchain can help to reduce errors, improve data quality, and increase trust between patients and providers. Additionally, blockchain can enable new applications such as clinical trial management, drug supply chain tracking, and patient-centered data sharing.
Market trends and drivers for increased use of blockchain in the Healthcare market
There is a growing need to store and protect medical data that can provide significant benefits to healthcare facilities, medical staff, and patients. Blockchain technology is secure, encrypted, and decentralized, allowing medical data to be strongly supported and encouraging market progress. Governments in many countries are promoting the digitalization of healthcare and related industries, which have the potential to improve health outcomes, increase patient engagement, and enable better predictions. Due to the increased number of attacks on various healthcare service providers, the U.S. and UK governments have invested heavily in ensuring that all health records are digitized. Medical data has also been at risk of privacy breaches due to unauthorized access to electronic health records (EHR) or loss of physical patient files.
Market restraints and challenges lay ahead
The market growth of blockchain technology in healthcare may be negatively impacted by a lack of skilled professionals with the technical expertise to operate it. The technology is complex and requires skilled professionals to manage. The shortage of skilled workers, especially in emerging economies, may prevent the adoption of blockchain technology in healthcare. In addition to revenue loss, the lack of skilled professionals to handle this technology may cause other negative consequences for firms, such as an inability to meet market needs, which can affect customer satisfaction.
