Since 2013, search traffic for the term “blockchain” has risen 1900%, and the global blockchain technology market is expected to grow from $210 million in 2016 to $2.3 billion by 2021.
About 56% are likely to follow by the end of the decade.
Many start-ups, entrepreneurs, organizations, and government bodies have begun to realize the power of blockchain technology – including the healthcare industry.
To discuss the presence of blockchain in the healthcare industry, Emily McDaid, a writer at TechWatch, spoke to Andrew Cuthbert, the founder, and CEO of Clinisent, a healthcare startup in Ireland.
This startup, one of the few to focus on blockchain in health, has raised more than £1.65 million in the last 18 months.
For example, some locations around the world attract "medical tourists," who travel abroad for procedures like hip replacements or plastic surgeries.
The global blockchain technology in healthcare market size is expected to reach USD 11.5 billion by 2026, according to a new report by Grand View Research, Inc.
Furthermore, technological advancements and untapped opportunities in the healthcare sector are some of the major factor leading to the adoption of the technology.Blockchain technology has grown at a rapid pace in the past few years.
The technology has been utilized by the big corporations for profit maximization and cost cutting.
Many leading healthcare and life science companies including Pfizer Inc.; Amerisource Bergen Corporation; McKesson Corporation; and Premier Inc. have all recently joined blockchain-powered project MediLedger to tackle the inadequacies of supply chain.
Reduction or elimination in frauds and errors, reduction in delays from paperwork, identification of issues rapidly, minimization of courier costs, improvement in inventory management, and increase in consumer and partner trust are some of the purported benefits of blockchain technology facilitating supply chain management.Furthermore, the pharmaceutical industry is only one part of the overall healthcare ecosystem which is vigorously exploring the use cases of the blockchain and many of the ideas already have the proof-of-concept implementations.
The hindrances and challenges that arise in multiple level authentication can also be eliminated through the adoption of blockchain.
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