In-depth industry analysis and overview of the Blockchain in the healthcare market and the increasing case of healthcare data breaches
FREMONT CA: The global Blockchain in Healthcare market is estimated to reach USD 1189.8 million by 2028, growing at a CAGR of 61.3 percent during the anticipated time. According to Vantage Market Research, increased incidents of healthcare data breaches, the threat of counterfeit medications, and growing acceptance of blockchain as a service, along with the transparency and immutability of distributed ledger technology, are important drivers driving market expansion.
Data breaches have been observed to have increased dramatically in the healthcare industry. Healthcare data breaches frequently expose very sensitive information, ranging from personally identifiable information such as social security numbers, names, and addresses to sensitive health information such as Medicaid ID numbers, insurance information, and patient medical histories. Governments in several nations are focused on digitization of the healthcare system and related industries since it improves patient engagement and allows for better predictions. Furthermore, the US and UK governments have invested heavily to ensure that all health records are digital. These are some of the elements driving the demand for Blockchain in the healthcare industry.
The growing popularity of public blockchain systems, which provides benefits such as increased transparency and a decentralized structure. This blockchain system is used to properly manage healthcare data. Blockchain platforms such as Ethereum and digital ledger technology are widely employed in healthcare. The digital ledger system is safe and provides a high level of transparency, eliminating the need for a third-party steward. Furthermore, the cost-effectiveness of implementing public blockchain technology in healthcare is a key aspect that is expected to drive market expansion. High-quality security procedures with an anonymous character are predicted to contribute to market growth.