WESTFORD, MASSACHUSETTS, UNITED STATES, June 12, 2024 /EINPresswire.com/ -- Global Blockchain in Healthcare Market size was valued at USD 524.40 Million in 2022 and is expected to grow from USD 605.37 Million in 2023 to reach USD 7,243.68 Million by 2031, at a CAGR of 38.3% during the forecast period (2024-2031).

Blockchain and ML technologies offer unique advantages in healthcare, enabling organizations to take advantage of them. Such benefits include storing and exchanging medical evidence, disease risk prediction, image segmentation on magnetic resonance imaging (MRI) scans, etc. The modern functions, it was developed by medical professionals and professionals, but with the advent of these innovations, many people now perform programs. Students are treated with different techniques and guidelines, and machine intelligence is similarly trained to generate isolated data that can ultimately provide system image recognition, classification, and identification so the more data the results are accurate. Therefore, ML methods are important techniques to be used in the proposed method.

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WHO estimates that many countries in Africa and parts of Asia and Latin America are located where more than 30% of medicines sold may be counterfeit, and incidents of substandard or counterfeit medicines continue to rise. Several factors have created these issues, such as drug supply chains, which are very difficult. It is under threat because of illegal wholesalers, illegal distributors, internet pharmacies and illegal, and multiple import channels. Blockchain-based connected supply chains targeting health data, software code, metadata, and others health-related products.

Recent Headlines and Highlights

Avnir Health Funding and Expansion (January 2024): Avnir Health, a blockchain-based health network, raised $50 million in funding from leading healthcare organizations. This fee-paying data sharing, eligibility verification, pre-authorization methods using blockchain technology.

Equidium Health and Nokia partnership (March 2024): Equidium Health partnered with Nokia to develop and implement blockchain-based healthcare services. Using Nokia’s Data Marketplace (NDM) solution, this collaboration focuses on improving healthcare data management (Mordor Intel) efficiency and security.

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The following are the key Blockchain in Healthcare Trends that will shape the growth of the market in the next 5 years

Improved data management and security: By 2028, blockchain technology is expected to dramatically improve data management in healthcare. Immutable patient records will eliminate duplicate entries, ensure data integrity and improve the accuracy of clinical trials. Automation will facilitate patient engagement for testing, reducing errors and administrative costs.

Fight counterfeit medicines: The use of blockchain in the supply chain will greatly reduce the spread of counterfeit medicines. Partnerships like the one between GlaxoSmithKline and Viant in 2029 will ensure safe and transparent tracking of drugs from manufacturing to distribution, protecting patient safety and ensuring compliance.

Long-Term Impacts Over the Next 10 Years

Universal healthcare data management: Blockchain technology is expected to enable universal collaboration in healthcare data across systems and organizations worldwide by 2034. This will enable easy and secure sharing of patient information wom, facilitate better care coordination, reduce attrition, and overall health care will improve.

Widespread adoption and integration: Blockchain is expected to become an integral part of healthcare over the next decade, with a market size of $121 billion by 2030. The technology provides a smart contract for healthcare transactions, decentralized patient records, and secure, efficient and transparent health information exchanges create a healthcare system.

IBM and a group of healthcare providers have implemented a blockchain-based platform for healthcare payment processing. The system aims to simplify payments, reduce fraud, and ensure fast and accurate payments.

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Blockchain for pharmaceutical discovery (May 2024):

Collaboration between pharmaceutical companies and blockchain organizations is tackling counterfeit medicines. The program uses blockchain to track drugs from manufacturing to distribution, ensuring the authenticity of the drugs.

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Blockchain in Healthcare: A Decade of Transformation

One of the most exciting aspects of blockchain technology is the foundation for scalability and modularity it offers. While its initial implementation will face the same limitations as today’s technology, blockchain’s dormant nature will encourage and support growth across all industries in the coming years.

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