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03 October 2022

Douglas Insights Adds Blockchain Technology in Healthcare Market Research Reports to Its Comparison Engine

Douglas Insights is pleased to add blockchain technology to healthcare market research reports in its revolutionary comparison engine, helping market analysts, researchers and associated businesses to evaluate and compare market trends, growth and impeding factors, and geographical opportunities. The one-of-a-kind comparison engine allows clients to compare various public and private research reports based on pricing, publisher, and the number of pages. Douglas Insights’ unique digital tool makes work more accessible and more efficient for clients, making their experience worthwhile. 

 

Blockchain technology in healthcare allows the preservation and transmission of data between different health service providers in an efficient, effective, and secure way. Since electronic health records (EHRs) have increased among different healthcare and associated institutions such as physicians, testing laboratories, pharmaceutical companies and hospitals, data security has become a major focus. Along with that, the ease of data transference, especially since all the healthcare bodies in the systems have different infrastructures in place, has also become crucial. Blockchain technology addresses these issues and resolves them with its secure network. 

 

The increasing data breaches in the healthcare system, the rise in the widespread supply of counterfeit medications, and the effectiveness of blockchain services are significant factors contributing to the growth of blockchain technology in the healthcare market. Various pharmaceutical companies are facing monetary deficits due to counterfeit drugs in the market, and blockchain can help curb the issue through its secure data chain. Moreover, data manipulation also reduces occurrence as the need for third-party intervention is eliminated by blockchain technology. 

 

Blockchain technology in the healthcare market has a CAGR of 64.4% during the forecast period from 2018 to 2026.

 

The cost-effectiveness of blockchain is also a promising growth factor for blockchain in the healthcare market. The validity of data used in clinical trials depends upon the secure and untampered data that clinicians often have issues with due to security breaches and false information. Research sponsors employing blockchain technology can rest assured that they have safe and transparent medical data that meet the standard security protocols. 

 

The government and other interested venture capitalists are making investments in the deployment of blockchain technology in healthcare. This presents various opportunities for market growth. The costs associated with blockchain instalments won’t fall on end-users ensuring a high technology adoption rate.

 

Despite the increased funding and widespread usage of blockchain in the healthcare sector, there are several factors that can impede the market’s growth. Lack of proper data infrastructure is one of those factors, as the improper means of data collection and preservation fail to provide accurate data when needed. Furthermore, various healthcare service providers also lack trained professionals who can contribute their services in productive data collection, usage and transfer. 

 

Blockchain technology in the healthcare market is segmented by application, end-user, geography and critical players. The American healthcare system’s digitization has long asked for secure data transference services. Hence, blockchain technology in the healthcare market will continue to be dominated by the US. During the forecast period of 2018 to 2026, several European nations, namely the UK and Germany, will also become significant players in the market as their healthcare systems adopt blockchain technology. Big pharma will continue to drive market growth in these nations. 

 

Central data encryption and security companies such as Microsoft Corporation, IBM Corporation, SimplyVital Health Inc., Guardtime, and Encrypgen have proved to be significantly essential market players in the adoption and innovation of blockchain technology. Nebula Genomics, Proof. Works, FarmaTrust and PokitDok, Inc., are some other key players making new market waves.

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