In a press release published on Sept. 9, Global Market Insights estimated that the blockchain in healthcare market will grow due to a number of factors such as the implementation of government initiatives and increasing investment in the field.
The value of the blockchain technology in healthcare market is expected to surpass $1.6 billion by 2025, according to global market research and consulting firm Global Market Insights.
Growth factors for blockchain in healthcare
Examination of medical outcomes, interoperability of health data and cost component reductions will further impact blockchain adoption, according to the outlook. The company states in the release:
“Growing awareness about implementation of blockchain technology and government initiative for data standardization and operational scalability constraint in data management will spur industry growth in upcoming years.”
As for the healthcare payers segment of the blockchain in healthcare market, Global Market Insights forecasts that it could see a 65.7% compound annual growth rate by 2025. This section of the market will purportedly grow due to the widespread deployment of blockchain tech in order to improve emergency care and clinical outcomes.
Global Market Insights’ recent findings echo those of information technologies firm Acumen Research and Consulting in mid-July. At the time, the firm suggested that the volume of the blockchain in healthcare market worldwide will reach more than $1.7 billion by 2026, with a compound annual growth rate of 48.1%.
As previously reported, the Ugandan government partnered with blockchain startup MediConnect to trace counterfeit drugs in the country. MediConnect’s blockchain-based platform enables the recording of prescription medication, thus identifying counterfeit drugs and preventing their distribution in the pharmaceutical supply chain.
In July, blockchain healthcare startup Solve.Care partnered with Uber Health to transport patients. A dedicated app will allow patients to schedule an Uber Health ride, which claims to be compliant with the Health Insurance Portability and Accountability Act of 1996.
Blockchain Can Reduce Food Fraud By $31 Billion Within 5 Years
The food industry could save up to $31 billion in global fraud savings by tracking food on its way from farms to consumers via the blockchain.
A Nov. 25 study by Juniper Research reveals that blockchain technology, in combination with Internet of Things (IoT) sensors and trackers, will greatly reduce retailers’ costs by streamlining supply chains, while simplifying regulatory compliance, offering more efficient food recalls, and tackling fraud.
The study points out that the increased adoption of blockchain and IoT in the supply chain industry will add significant value to the food business’s supply chain. By stacking these innovative technologies, the food industry could stack up to $31 billion in food fraud savings in just five years. Research author Dr Morgane Kimmich said:
“Today, transparency and efficiency in the food supply chain are limited by opaque data forcing each company to rely on intermediaries and paper-based records. Blockchain and the IoT provide an immutable, shared platform for all actors in the supply chain to track and trace assets; saving time, resources and reducing fraud.”
Juniper’s research further shows that substantial savings in food fraud can be realized as early as 2021, while compliance costs reportedly can be reduced 30% by 2024.
Blockchain tech for the food and beverage industry
Blockchain and IoT, which each bring their respective strengths, continue to be adopted by the food and beverage industry. Over the past few months, a variety of players, including giants like Nestlé and Carrefour, have reported on their blockchain-powered initiatives within the field.
The most-adopted blockchain tracking solution within the field is IBM’s Food Trust, which is based on the Hyperledger Fabric blockchain protocol. The platform went live in October 2018, “millions of individual food products” were reportedly tracked by retailers and suppliers using the Food Trust blockchain.
Most recently, it was reported that salmon farming company Cermaq and smoked salmon producer Labeyrie were using IBM’s cloud blockchain technology to trace their product supply chains..