Healthcare Facilities Predicted to Utilize Blockchain Technology in Coming Years

By HFT Staff

The global blockchain in the healthcare market is expected to grow from $930 million in 2021 to $1.23 billion in 2022 at a compound annual growth rate (CAGR) of 31.6 percent. The blockchain in the healthcare market is expected to grow to $4.46 billion in 2026 at a CAGR of 38.1 percent. 

The main types of blockchain in healthcare are permission blockchains and permission-less blockchains. Permissioned blockchains also called private blockchains that require approval before use and can be accessed by people who are allowed to access. These offer high customizability, access controls, better scalability, dependence on governance, and more efficient performance. 

The growing adoption of blockchain as a service is expected to drive the growth of the blockchain in healthcare market. Blockchain technology can provide innovative solutions to the challenges faced by the healthcare industry, which include supply chain management, smart contracts, the confidentiality of personal health information, technical issues in data management, enabling alternative payment models and virus outbreak tracking. 

For instance, in March 2021, drug manufacturer Moderna and IBM announced the collaboration to improve and strengthen COVID-19 vaccination management. Moderna can get information on real-time tracking of vaccination using IBM's blockchain and artificial intelligence to reduce supply chain disruptions. 

The advances in technology are shaping the blockchain in the healthcare market. Because there is a growing demand for blockchain technology, the key players operating in blockchain in the healthcare market are focusing on developing advanced technological solutions for the healthcare industry to strengthen their positions in the market. 

November 11, 2022

Topic Area: Information Technology

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