According to the most recent study by Global Market insights INC., blockchain technology is estimated to experience exponential growth in its market size.
The study points out that blockchain technology will be worth USD 6.1 billion by 2027.
The ongoing innovations taking place in the medical field and medical businesses are going to contribute to the rise in its market value.
It is proving to be extremely effective in reducing the risk of fake drugs, remedial errors, and ensuring 100 percent patient safety.
It is supporting health care associates inpatient care procedures along with administrative management.
The public segment of blockchain Technology in the healthcare system is estimated to witness a growth rate of 48.6% by 2027.
The leading factors contributing to this growth are the latest technological advances taking place in public blockchain systems which enforce significantly reliable technology in the healthcare system.
Medical data entered on the blockchain system cannot be hacked, modified, or distorted, ensuring 100% patient report security and credibility.
The Blockchain system’s data exchange and interoperability subdivision are set to attain a CAGR of 53.1 % by 2027.
Blockchain system with its extremely reliable features ensures the safe and correct exchange of medical data across various health care systems and life science applications.
This system is entirely patient-driven characterized by an increased level of information flow, transparency, customization, and working with patients’ choices.
This system comprises different mechanisms comprising data flow, patient identity, and data aggregation, secure data exchange, and the ability to exchange and make use of information.
These mechanisms establish the blockchain system as the most compatible and reliable system for the health care sector leading to its increasing use and market escalation.
Blockchain technology’s healthcare payer system is reaping several benefits for the healthcare payers and administrative systems.
It is helping health maintenance organizations, insurance companies, and management services organizations in maintaining privacy, lucidity, and secrecy of patient records.
It is set to reach more than USD 1.21 Billion in 2027, thanks to its numerous valuable features contributing to the development of a trustworthy public transparent ledger system for patients in the health care services.
Blockchain technology in china’s healthcare market is estimated to exceed USD 621 million by 2027.
This will be possible primarily because of the increasing rate in their elderly population, health expenditure growth percent, and the need for advanced healthcare technology in their healthcare systems.
China is equipped with a large number of blockchain tech hubs and their major healthcare facilities are increasingly adopting digitized healthcare systems.
With a per capita health expenditure of USD 501 in 2018, China’s health expenditure is bound to grow in the preceding time.
Hence, blockchain technology will continue to expand in the Chinese healthcare market.