Increased cost savings for several healthcare applications will drive business growth in the coming years with the help of blockchain technology. Violations in healthcare data cost about $380 per patient record, leading to high annual losses.
Lack of skilled workers will be one of the main factors that will in the near future hamper the growth of blockchain technology in the healthcare market. Limited numbers of people with knowledge of blockchain technology and lack of training, programs and courses in blockchain will lead to sluggish business growth. The use of blockchain technology in clinical trials in 2018 was estimated at around $6.9 million.
One of the main drivers for the implementation of blockchain technology in healthcare is the amount of risk involved and the unpredictability of clinical trials. Healthcare providers’ use of blockchain technology is estimated to grow by 65.6 percent. There are several misleading information and errors in about 40% of healthcare data records.
Many health facilities still rely on old and outdated patient record keeping systems. Increasing breaches of medical and health data in the coming years will increase the demand and adoption rate of blockchain technology by healthcare facilities and providers.