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Transformation of Healthcare Industry in the era of Blockchain Technology

Written by brandessence
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Brandessence Market Research has published a new report titled “Global Blockchain Market Research in Healthcare Industry: 2018-2024″. According to the BMRC the Blockchain Market in Healthcare Industry is expected to grow at fastest growth rate.

Blockchain is a distributed system and it helps to record and store transaction records. Blockchain acts like database to store information, where the data is stored on network called nodes in a personnel computer. With the help of blockchain technology, healthcare industry can go under rapid transformation. With the help of blockchain technology, patient health information and medical records will become more efficient, secure and disinter mediated. Healthcare industries, manufacturing companies and research institutes are investing more in research and development to get most possible ways from healthcare and blockchain. Blockchain can helps in complex medical records, medical research, clinical trials, complex billing etc.

Healthcare industry is one of the largest focused sectors worldwide due to its extreme pressure to both manage cost and to provide high quality to patient. As the industry is fastly evolving in emerging market with disruptive technology, the demand of blockchain technology is booming. Initiatives taken by government of developed as well as developing countries are expected to boost the evolution like blockchain technology in healthcare market. Blockchain technology has great potential to manage the healthcare industry. The transmission of patient data worldwide without hampering its privacy and security is possible through blockchain technology. This application can have a major, positive impact on healthcare organization management and also support to medical tourism.

In July 2016, U.S. government (Department of Health and Human Services (HHS)) has announced distributed ledger contest that applies the technology to healthcare services named, “Blockchain and Its Emerging Role in Healthcare and Health-related Research”. The focus behind this contest is to create white papers on the topic of blockchain technology and its use cases within the healthcare industry. These initiatives increase the awareness about benefits of blockchain technology in healthcare industry. The overall vision for blockchain technology to involve into healthcare in the future is to solve many problems that plague the industry today to create a common database of health information that doctors and providers could access no matter what electronic medical system they used, higher security and privacy, less administration time for doctors so it will be possible to spend more time of patients health, and even better sharing of research results to facilitate new drug and treatment therapies for disease.

The global blockchain technology in healthcare market is segmented into the five regions, North America, Latin America, Europe, Asia Pacific and Middle East and Africa. The North America is one of the dominating the global blockchain technology in healthcare and contributed the leading shares in terms of revenue to the global blockchain technology in healthcare as the high acceptance of blockchain technology due to its transparency and immutability. The Europe also contributed the significant shares to the global blockchain technology in healthcare and anticipated to register the healthy growth over the forecast period.

Asia-Pacific is the most lucrative market for the blockchain technology in healthcare as the growing demand for the blockchain technology in healthcare due to A new disruptive force of digital technology is changing the business models and increasingly becoming a crucial factor around the world. The promotion and adaptation of digital technology by the government of developing country like India for implementation of its public policies and schemes that aim at economic reforms are unique in terms of considering the prioritized need for making the services available at ease through digitalization. Latin America is at a nascent stage in the global blockchain technology in healthcare market due to very low awareness and adoption in the regions and anticipated to register the decent market growth over the forecast period.

 

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