The global blockchain in healthcare market size is expected to reach USD 95.59 billion by 2030, according to a new study by Polaris Market Research. The report “Blockchain in Healthcare Market Share, Size, Trends, Industry Analysis Report, By End-Use (Healthcare Payers, Biopharmaceutical & Medical Device Companies, Healthcare Providers); By Network Type; By Application; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growing use of the Internet of Things (IoT) in medical is expected to increase the need for blockchain technology in medical. In January 2021, Zyter, Inc., has initiated Zyter Smart Hospitals, an end-to-end advanced solution that attaches a hospital's diverse data systems, agencies, individuals, and the newest Internet of Things (IoT) innovation devices to Zyter's robust digital interaction and collaborative tool. The integration of current and unique computer technology such as blockchain enhances the healthcare sector's current competencies. The Internet of Things (IoT) is supporting physicians and medical professionals in the early detection of a variety of diseases.
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Furthermore, the number of security breaches in the medical industry has increased. Over the last five years, the magnitude and frequency of data breaches in the medical industry have increased. Medical data breaches regularly expose sensitive information such as Social Security numbers, personalities, and residences, as well as personal health information such as Medicaid Identification numbers, insurance coverage data, and persons' health histories.
Moreover, in August 2022, Healthback Holdings, an Oklahoma-based home health firm, announced a medical data breach that affected 21,114 people. Unauthorized conduct was identified in Healthback's company email environment. Investigators were unable to identify whether the unauthorized party accessed any emails, but they did discover that the addresses contained identities, health insurance records, patient findings, and Personal Data. Therefore, these increases in data breaches along with the adoption of IoT in medical are boosting the market growth over the forecast period.
Furthermore, increased investment in the advancement of effective medical hospital information systems, wearable technology cryptography, and medical screening systems is expected to give profitable prospects shortly for this industry. Increasing disease prevalence will generate a massive amount of data, increasing the demand for information management. Furthermore, using blockchain technology in medical records ensures that data can indeed be manipulated, ensuring data integrity. Rising development in this technology by major industry players is fueling market expansion.
Blockchain in Healthcare Market Report Highlights
Polaris Market Research has segmented the blockchain in healthcare market report based on network type, application, end-use, and region:
Blockchain in Healthcare, Network Type Outlook (Revenue - USD Billion, 2018 - 2030)
Blockchain in Healthcare, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Blockchain in Healthcare, End-USer Outlook (Revenue - USD Billion, 2018 - 2030)
Blockchain in Healthcare, Regional Outlook (Revenue - USD Billion, 2018 - 2030)