Blockchain Technology in Healthcare Market – Overview
- Report
- May 4, 2024
Blockchain technology in the healthcare industry is a decentralised plus distributed ledger system that securely records as well as validates transactions across a network of participants.
The technology is about to bring a massive upheaval in the healthcare sector. It provides a transparent platform for improving data integrity along with security in healthcare operations. Blockchain facilitates the construction of a tamper-proof record of patient data, treatment history, plus medical transactions. It opens up numerous prospects in the healthcare sector.
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Improved data interoperability allows healthcare providers to securely share patient records. The capability enhances patient care through fewer redundancies and increases efficiency
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Blockchain’s smart contracts can automate administrative processes, saves costs and improves resource allocation
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The technology also empowers patients with more control over personal data and allows for consented sharing while incentivising participation in research
The blockchain technology market in healthcare is segmented into applications such as supply chain management, clinical trials, electronic health records (EHRs), along with billing and claims administration.
Blockchain Technology in Healthcare Market – Global Market Size (2023-2033)
The healthcare industry is about to undergo a significant transformation due to blockchain technology. As stated by Hit Consultant, this revolutionary ledger system is predicted to propel the global blockchain technology in healthcare industry to an incredible USD 750 billion by 2033, a 69.2% annual growth rate from its USD 3.9 billion valuation in 2023….
