Blockchain in Healthcare to Live Up to the Hype
With the healthcare industry increasingly going digital, blockchain technology provides the much-needed trust, security, and auditability for healthcare data on its intelligence journey, which allows blockchain to complement healthcare artificial intelligence (AI) and internet of things (IoT)-based data marketplace offerings. Early commercial success, mainly across select use cases such as health professional credentialing, medical billing management, personal health records (PHR), and pharma supply chain track-and-trace, will help this market cross $500 million by 2022 at a compound annual growth rate (CARG) of 61.40%. While payback may not be achieved for every dollar invested by 2022, a breakeven stage is expected.
With the healthcare industry increasingly going digital, blockchain technology provides the much-needed trust, security, and auditability for healthcare data on its intelligence journey, which allows blockchain to complement healthcare artificial intelligence (AI) and internet of things (IoT)-based data marketplace offerings. Early commercial success, mainly across select use cases such as health professional credentialing, medical billing management, personal health records (PHR), and pharma supply chain track-and-trace, will help this market cross $500 million by 2022 at a compound annual growth rate (CARG) of 61.40%. While payback may not be achieved for every dollar invested by 2022, a breakeven stage is expected.
“Health insurance payers, providers, and pharma companies are expected to adopt blockchain systems ahead of other healthcare industry stakeholders,” said Kamaljit Behera, Senior Industry Analyst, Transformational Health. “In the future, distributed ledger technology (DLT) will be leveraged by telehealth vendors and tech giants such as Apple, Amazon, Google, and Microsoft to monetize data science and analytical services with innovative patient-centric care models.”
Frost & Sullivan’s recent analysis, Global Blockchain Technology Market in the Healthcare Industry, examines key growth opportunities and highlights key success factors and strategic imperatives for blockchain commercial deployment consideration in the healthcare space by assessing commercial partnerships. It also analyzes best-practice case studies for the identified growth opportunities.
