How blockchain is impacting the healthcare market

The healthcare market globally is estimated to be worth $7,975.87 billion in 2023. To give one some perspective of the importance and size of the healthcare market, it accounts for almost 18% of gross domestic product (GDP) in the US compared to the financial services sector which accounts for 7.4% of GDP. In the UK in 2021, the healthcare sector accounted for 11.9% of the country’s GDP compared to the financial services sector which accounted for only 8.3%.

Health expenditure as a percentage of GDP in 2021

Source: Statista

Blockchain technology has many challenges to overcome before its adoption becomes more widespread. However, what most commentators do agree on is that the technology can bring greater transparency and therefore trust, which is key for the healthcare industry when literally making life or death decisions. Little surprise then that the technology is being increasingly used in this industry. Reports show that funds being spent on blockchain technology in the healthcare m…