The rising rate of data breach and information leaks together with the increasing need to control these problems are the reasons driving the growth of global blockchain technology in healthcare market. Further, planned initiatives by the prominent market players, the requirement for well-organized health data management system, and elevated need to decrease drug counterfeit are also expected to surge the implementation of blockchain technology in healthcare sector.
Also, the increased spending in the development of effective healthcare record systems, medical examination systems, and wearable devices cryptography is projected to offer several lucrative avenues for the market in the years to come. The rising incidence of diseases is also anticipated to generate large volumes of records, further driving the need for data management. The growing alertness regarding the significance of blockchain technology for a methodical compilation of patient data and medical records will boost the expansion of the global blockchain technology in healthcare market during the forecast period.
In addition, using blockchain technology within healthcare records will assure that the information cannot be changed to ascertain the integrity of information or records. Blockchain within the drug regulatory system will enable to uphold record-keeping system with intrinsic security features. Besides safety advantages, blockchain technology will result in user-empowerment & better efficiency, interoperability resulting in efficient methods, thus allowing the users to have authority over the data they generate. Incorporation of blockchain in RHRs (electronic health records), improving maintenance of records and the advancement of EHR is further anticipated to drive the implementation of the technology in the near future.
Thereby, the increasing technological improvements in operational efficiency and security will fuel the growth of global blockchain technology in healthcare market during the coming years. Moreover, the strict regulatory standards and rules together with the rising prevalence of medical data breach are projected to propel the market expansion during the forecast period. Nevertheless, the dearth of skilled staff along with the escalated price of installation for small & medium enterprises and startup is anticipated to hinder the growth of the global blockchain technology in healthcare market.
Nonetheless, the increased spending by the key players of the market in the blockchain technology is further resulting in the expansion of the market. To cite, a low-cost platform was introduced by IBM in March 2018, particularly for startups, to develop any blockchain projects. In turn, these plans are expected to promote advancements and new healthcare institutes to take up the technology; thus, fueling the global blockchain technology in healthcare market expansion.
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Numerous startups are functioning on technology to reduce the gap between blockchain and the healthcare industry. In Sept 2018, a China-based project, ALLIVE, declared to create an intelligent healthcare bionetwork by using this technology that was projected to deal with the important problems within the healthcare division. This is anticipated to induce other market players to spend on the technology, thus impacting the growth market optimistically.