One of the key factors fuelling the rise in the demand for the blockchain technology in healthcare is the increasing implementation of stringent regulations by various governments across the world for safeguarding and protecting consumer information against data breach and theft. For instance, the European Union (EU) launched a data protection rule, known as the General Data Protection Regulation (GDPR), in May 2018, which aims to protect EU citizens from data and privacy breaches. Moreover, the numerous advantages offered by the technology, such as enhanced data integrity, security, and trust, make it highly sought-after in the healthcare industry.
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The other important factors responsible for the surging implementation of blockchain in healthcare settings are the mushrooming investments and funding as well as the increasing implementation of this technology in the pharmaceutical supply chain. Powered by these factors, the global blockchain technology in healthcare market is expected to advance at a CAGR of more than 67.1% during the forecast period (2018–2023), to reach $890.5 million by 2023, from $44.6 million in 2017. A blockchain is essentially an increasing directory of records (blocks), which are connected together by cryptography.
The biggest rage currently being witnessed in the blockchain technology in healthcare market is the rising number of collaborations and partnerships between the companies interested in incorporating the technology and the providers of the said technology. For instance, a major Estonian blockchain provider, Guardtime AS, announced a deal with NMC Health, which is a U.A.E.-based private healthcare company, in January 2018, in order to introduce the technology to the healthcare fraternity and pharma firms the Middle Eastern nation.
Globally, the highest demand for the technology in the healthcare industry was observed in North America in 2017. However, the healthcare sector of Europe is predicted to observe the highest demand for the technology in the coming years. This is primarily attributed to the surging implementation of numerous blockchain initiatives by the major private and public healthcare companies in the region. For instance, the European Platform on Changing Healthcare (EPOCH), which is the first group in the European pharmaceutical industry to adopt blockchain, is evaluating its limitations and advantages in the pharmaceutical supply chain.
Hence, due to the mushrooming need for data security across the globe, especially because of the rising data theft incidents, the demand for blockchain implementation in the healthcare industry is expected to record massive growth in the coming years.
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