Global blockchain adoption in the healthcare sector is set to grow by 70% in the next decade according to a research report. The report compiled by award-winning market research firm ReportLinker reveals a remarkable growth anticipated in the healthcare sector.
It is envisaged that the amount of data breaches within traditional healthcare systems is likely to lead to an upsurge in the adoption of blockchain technology within the healthcare sector.
The popularity of Blockchain integration among major Pharmaceutical firms a major factor
It is thought that the increasing popularity of blockchain adoption by major pharmaceutical firms would transform steadily into the healthcare market.
Several top Pharm companies have utilised blockchain technology to record transactions in an efficient, traceable and fair manner.
It is also expected that due to the increasing number of patients across the globe, blockchain technology could be seen as the best solution for managing cumbersome healthcare data.
There have been increasing integration of blockchain in healthcare ranging from drug supply chain management, clinical data exchange & interoperability, claims adjudication & billing management, and others.
The drug supply management segment accounted for the largest market share within the global blockchain healthcare sector. This sector is expected to register massive growth due to the increasing regulations from drug enforcement agencies to combat counterfeit drugs in the US and Europe respectively.
North America and Europe dominate blockchain integration across the World.
As expected the major areas where blockchain is gaining traction within the healthcare sector are the developed regions of the world. North America and Europe dominate the current global blockchain healthcare market.
Majority of the countries in the two regions have a high rate of blockchain adoption and it is not a surprise to see the dominance. In addition, the presence of major healthcare and pharmaceutical companies in these regions play a vital role.
However, the report also suggests that other regions such as Asia, Middle East and Africa have also started to make steps towards utilising blockchain in healthcare systems.
Major companies are developing advanced technologies and launching new products in order to stay competitive in the market.
Other competitive strategies include mergers & acquisitions and new product developments. Furthermore, various start-ups are coming up, so as to bridge the gap between blockchain and healthcare industry. This shows that a bright future is in the offering for blockchain technology in the healthcare sector.