A blockchain is a practical alternative for managing the substantial volume of data handled by the healthcare sector due to its security, effectiveness, availability, accessibility, and other benefits. In terms of revenue, the digital healthcare market in India was valued at INR 524.97 Bn in 2021. It is expected to reach INR 2,528.69 Bn by 2027, expanding at a compound annual growth rate (CAGR) of 28.50% during the 2022 – 2027 period.
Market drivers:
A blockchain enabled system is essential for the management of medical records. Future pandemic circumstances may benefit from using blockchain technology to track patient status, bed availability, medication availability, pharmaceutical device availability, vaccination status, etc. Blockchain also helps to eliminate the possibility of external parties tampering with the supply chain of authentic products.
Market challenges:
A blockchain network’s inherent structure defies any set form or norm, so adopting a blockchain system for healthcare could clash with data protection rules. Determining the role of a data fiduciary or a data controller in a blockchain-based network where each system serves several purposes as a node, or a miner may prove challenging. Poor penetration of technology and digital infrastructure in rural areas is also impeding the growth of digital healthcare in the country.
Impact of COVID-19:
During the pandemic period, the patients’ detail from around the world should be available at a shared commonplace to enable the research work by the researchers. Blockchain technology facilitates serving better home-quarantined patients by supplying medicine on time. Some patients do not get hospitalized but are isolated and treated at home. Even after the patient recovers, the data stored permanently in the blockchain help to check for after-effects.