The market for blockchain technology in healthcare could exceed $500 million by 2022, according to a new report from Frost & Sullivan. This includes an estimated compound annual growth rate of 61.4%.
Blockchain providers that choose to embrace areas such as healthcare data infrastructure, health data access and identity management are expected to do well, the report’s authors explained, and targeting the United States is viewed as another strategy for success.
“Health insurance payers, providers, and pharma companies are expected to adopt blockchain systems ahead of other healthcare industry stakeholders,” Kamaljit Behera, Frost & Sullivan’s senior industry analyst of transformational health, said in a prepared statement. “In the future, distributed ledger technology 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 report also emphasizes the fact that blockchain can help ease the security concerns healthcare providers may express over embracing a future where “going digital” is required to stay competitive. The technology provides users with “the much-needed trust, security and auditability for healthcare data exchange.”
Interplay between blockchain, artificial intelligence and the internet of things, the report added, “will further catalyze the space of innovation adoption and related applications in the healthcare realm.”