Due to the increasing number of policies and regulations implemented in several countries for securing consumer data, surging investments being made in blockchain technology, and the adoption of block…

Due to the increasing number of policies and regulations implemented in several countries for securing consumer data, surging investments being made in blockchain technology, and the adoption of blockchain solutions in the pharmaceuticals supply chains, the global blockchain in healthcare market will grow from $44.6 million to $890.5 million from 2017 to 2023. The market is also predicted to demonstrate a CAGR of over 67.1% between 2018 and 2023, according to the estimates of the market research company, P&S; Intelligence.

A major factor boosting the growth of the blockchain technology in healthcare market is the increasing measures and regulations being enacted by the governments of many countries for safeguarding consumer information. For instance, a new data protection policy was implemented by the European Union (EU) in 2018 called ‘the General Data Protection Regulation (GDPR)’, that aims to protect the citizens of the EU nations from data and privacy breaches. Due to the implementation of such stringent data protection laws, the organizations in the region are making huge investments in data security.

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Clinical data exchange and interoperability, prescription drug abuse, drug supply chain management, drug discovery and clinical trials, and claims adjudication and billing management are the major categories present under the application segment of the blockchain in healthcare market. Out of these, the clinical data exchange and interoperability category had the highest share in the market in the past, on account of the ability of the blockchain technology to potentially revolutionise the methods and processes by which clinical information and data are stored and shared in the healthcare domain.

In coming years, the blockchain in healthcare market is predicted to demonstrate the fastest growth in the Asia-Pacific (APAC) region, growing at a CAGR of more than 70.0% from 2018 to 2023. This is attributed to the increasing adoption of blockchain solutions in APAC countries and the rising requirement of the technology in drug supply chain management and clinical data exchange and interoperability processes. Furthermore, many companies are making huge investments in the technology in the region, thereby boosting the growth of the market in the region.

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Thus, the market will prosper all over the world in the future years, on account of the rising adoption of blockchain solutions in the healthcare industry, growing requirement of the blockchain technology in clinical data exchange and interoperability process, and the soaring demand for advanced security solutions in the healthcare domain.

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