
A report published by market research and consulting firm Allied Market Research predicts that the use of blockchain technology will expand significantly in the healthcare industry in the next decade.
According to estimates made by Allied Market Research, the presence of blockchain technology in the development of health applications in the health industry has gained special importance since the expansion of the Covid pandemic, which began in 2019.
The market research firm estimates that the use and application of Blockchain technology in the global health market generated $531,19 million in 2021, and projects that this market will grow exponentially, reaching $16.300 billion dollars in the next decade, with a compound annual growth rate (CARG) of 40,8% from this year to 2031.
Blockchain in the healthcare sector
Allied Market Research stated that the main use case that the blockchain is having in the health industry is supply chain management. The firm also foresees that the management and interoperability of medical data in the chain will gain great importance in the future and become the next trend.
In recent years, the supply of counterfeit medicines and data breaches have been two of the biggest problems facing the healthcare industry. However, as the market research firm points out, blockchain technology, which it defines as “an electronic database that serves to store data digitally,” is contributing to the efficiency and security of the industry, facilitating the storage and data management, ranging from patient medical records in hospitals to pharmaceutical information and more.
The unique and innovative features of blockchain technology allow data to be managed, shared and maintained completely securely, while Its implementation for supply chain management guarantees the traceability of drugs and medications, avoiding alterations in it.
On the other hand, Allied Market Research assures that the use of blockchain in the health industry is also encouraging its global growth, since this technological innovation is providing numerous advantages to the industry through its many use cases and application.
The impact of the blockchain on the Covid pandemic
The coronavirus outbreak, which began in China in 2019 and spread throughout the world in a few months, caused great impacts on the global health industry, in addition to the economy and social development.
During the pandemic, demand for healthcare increased exponentially. It is estimated that about 629,3 million people were infected with the virus, according to data from the World Health Organization. The virus also reduced the availability of medical personnel and affected industries, paralyzing the manufacturing and transportation of products essential to providing medical care.
Therefore, as more people around the world became infected with Covid, the healthcare sector was forced to plan the use of its resources and operations more efficiently, driving the adoption of blockchain technology. In this context, Blockchain has efficiently contributed to safer and more reliable healthcare.
The use of blockchain in the healthcare sector is growing
A general look at the blockchain market in the health industry shows us how this technology has been expanding to various sectors.
Medical institutions like Mayo Clinic are already recognizing the potential of blockchain technology to improve or optimize their processes. In September, the institution reported that it would take advantage of the different opportunities that the blockchain is offering. Mayo Clinic announced that it would use blockchain to record and manage data from a pulmonary arterial hypertension trial two years, efficiently, transparently and with integrity through this technology.
But the healthcare industry is not only interested in the blockchain. This year, the San Juan de Dios Hospital in Zaragoza and ACS Laboratory also reported on their entry into the metaverse.
Continue reading: A hospital in Zaragoza will offer services in the metaverse
Main image by Gorodenkoff