Blockchain is a distributed technology that is assisting healthcare facilities in saving a massive amount of capital from fraudulence, counterfeit drugs, and others. As insurance frauds are becoming a major concern for healthcare payers, they need a cost-effective solution to counteract them. In turn, the blockchain technology has huge optimistic impacts in the healthcare sector in terms of saving revenue. According to a study report, healthcare data breaches cost approximately USD 380 per patient record, which results in high annual losses, so the deployment of the technology in healthcare may assist to save billions of dollars globally.
As per the market insights, the global market for blockchain technology in healthcare is predicted to garner over USD 1,636.7 million by 2025, at an enormous CAGR of 65 percent. The rise in cost saving for many healthcare applications with using blockchain solution can propel the business growth of the market throughout the projected timeframe. Moreover, the reason behind the huge demand and adoption rate of blockchain solution can be escalating adoption of Internet of Things (IoT) applications in healthcare. Since blockchain and IoT solutions are offering huge benefits like real-time information and location of digital X-ray equipment in healthcare facilities, several leading players are utilizing these solutions into their organization to advance patient outcomes and optimize internal operations. With these facts, and increasing use of IoT for clinical services and clinical settings can accountable for the Blockchain Technology in Healthcare Market growth in the forecast period.
If we look around the blockchain technology it’s an indispensable solution for sharing business information as well as effective automation of processes across the enterprise value chain, where the discrepancy in data reconciliation and mishandling could result in huge loses. By leveraging blockchain-enabled care solutions, such as insurance payers, numerous healthcare providers and health systems are saving billions of dollars every year.