Today, the healthcare sector progressively implementing promising technology, especially Blockchain technology that has the capability to store patient data safely and privately. Due to the increasing requirement of storing, in addition to securing medical data in the healthcare facilities worldwide, it’s expected that it will accelerate the growth of Blockchain technology in the healthcare market. According to the market insights, Blockchain Technology in Healthcare Market is predicted to go beyond USD 1,636.7 million by 2025. Since more medical personnel are capable of operating more efficiently when they are able to source healthcare information, it results also the system used to store patient information vulnerable to hackers. Thus, growing need to secure the health data and medical information will also fuel the business growth.
In 2018, the utilization of Blockchain technology in pharmaceutical companies was valued nearly USD 21.5 million. Moreover, around 60 percent of the life science and pharmaceutical companies, according to a non-profit alliance of life science companies Pistoia Alliance, are either testing or deploying the technology as compared to just 22 percent in the year 2017. Though, there are also some restraining factors in the path of market growth for blockchain technology in healthcare, including lack of awareness regarding the application. Most of the people globally are unaware of the concept and some of them that are even aware lack the technical knowledge. Blockchain technology in the healthcare sector is expected to have an augmented demand due to the increasing cases of medical data breaches, growing numbers of bogus drugs and medicines, and the massive investments in the start-ups that are associated with the healthcare blockchain technology.
By using Blockchain solutions healthcare organizations can reduce the number of errors caused in billing. In this context, nearly 400 individuals consisting of doctors were found guilty of USD 1.3 billion fraud in the U.S. in 2017. However, growth in incidents like medical frauds and counterfeit drug supply will boost up the demand and adoption of Blockchain technology in claims adjudication and billing management in the healthcare space.