Blockchain technology in health offers greater transparency and security of patient data. Blockchain allows for the decentralized storage of health records and other personal information through an encrypted digital ledger. Patients own their own health data which is securely stored and shared with doctors and insurers with the patient's consent. This reduces costs for healthcare providers by streamlining administration processes.
The blockchain technology in healthcare market is estimated to be valued at USD 159 Mn in 2024 and is expected to reach USD 641 Mn by 2031, growing at a compound annual growth rate (CAGR) of 22.1% from 2024 to 2031.
Key Takeaways
Key players operating in the Blockchain Technology in Health are IBM, Microsoft, Guardtime, PokitDok, Gem, Hashed Health, Patientory, iSolve. IBM is a leader in providing blockchain solutions for healthcare with platforms like IBM Blockchain and IBM Healthcare Trust Protocol.
The growing demand in the Blockchain Technology in Healthcare Market sector for secure and decentralized storage of patient records is driving the adoption of blockchain technology. Blockchain allows sharing of health records across different healthcare providers securely which improves treatment outcomes.
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