The application of blockchain technology in healthcare will expand in the coming years. A recent report predicts a massive $890.5 million being spent on blockchain systems across the global sector by the year 2023.

Anticipated to lead the adoption of blockchain technology in healthcare is the ‘Asia-Pacific region.’ Governments of this region have shown willingness to invest and adopt the technology globally so far.

Contributing to Blockchain in Healthcare to Reach $890.5 Million

According to a report, driving blockchain adoption in the healthcare industry up to 2023 will be more rigorous regulations regarding individuals’ data and more vital funding being available to blockchain firms ordinarily. 

The report identifies various blockchain applications in the healthcare industry. These are clinical data exchange and interoperability, drug supply chain management, claims adjudication and billing management, prescription drug abuse, drug discovery and clinical trials, and others.

Clinical data exchange and interoperability are presumed to see the most significant overall growth between 2019 and 2023. Over the years, spending on this specific application in the industry is expected to exceed $400 million. It would represent an annual growth of more than 70%.

The report also lists the application of blockchain technology based on its end-user. Here the categories are pharmaceutical companies, healthcare payers, healthcare providers, and others.

Governing the adoption of technology at present are healthcare providers. It is assumed to continue in the period in question. The report claims that improvements in data security and integrity managed by the use of the technology have accounted for current levels of adoption and will continue to account for future growth.

Asia-Pacific to Lead Blockchain Adoption in Healthcare Industry

The report names Asia-Pacific as the region expected to dominate the adoption of blockchain in healthcare. It attributes to several nations from the region taking the lead in the implementation of the technology.

China, with its recent endorsement of the technology, will undoubtedly contribute massively to the region’s lead in adoption. However, the report also describes Singapore’s government as a driver of growth. A state-owned technology firm, ‘SG Innovate,’ invested in a blockchain healthcare analytics startup last year. ‘MediLOT Technologies‘ focuses on putting patient data back in control of patients.

Similarly, several South Korean startups are driving the technology’s adoption in the healthcare sector. According to BusinessKorea, an “official from the industry” previously commented:

“The medical and healthcare sectors have the structure in which the public has no access to information. However, blockchain technology allows the public to analyze information more quickly and safely. The new era where one can eventually manage medical information instead of hospitals, or medical organizations is expected to begin.”