Healthcare Facilities Predicted to Utilize Blockchain Technology in Coming Years

By HFT Staff
November 11, 2022

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. 




See the latest posts on our homepage Share

Topic Area: Information Technology


Recent Posts
Recent Posts

ASHE Offers Maintenance Technician Certification


Mechanic Evaluation and Certification for Healthcare (MECH) is a benchmark for evaluating the core skills of healthcare maintenance mechanics and technicians.

12/2/2022

Mercy Health – Kentucky to Build New Cancer Center


Construction will be complete by the second quarter of 2024.

12/2/2022

Video Management Software Improves Safety at Metropolitan Multi-Service Center


The center’s staff can be alerted in real time if an incident occurs without waiting for an incident report to be filed.

12/2/2022

Hospitals Safer for Patients in Last Decade


Safety improvements saved more than 16,000 lives over the 10-year period.

12/1/2022

Connected Medical Devices Accelerating Cyberattacks at Healthcare Facilities


Over 60 percent of healthcare cyberattacks impact patient data. 

12/1/2022






FREE
NEWSLETTER

News & Updates • Webcast Alerts • Building Technologies

All fields are required.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.



You Might Like