These days, enterprises are increasingly witnessing data breaches and hence are looking for solutions that can aid in securing data. Since a lot of companies deal with sensitive information regarding their customers, governments across the globe are also implementing various strict regulations for safeguarding this information. For example, a new European Union (EU) data protection rule came into effect in May 2018, namely the General Data Protection Regulation, which aims at protecting the citizens of EU from data and privacy breaches. Because of such regulations, companies in several industries, including the healthcare industry, are investing in data security solutions.
The major end users of the blockchain technology in the healthcare industry are healthcare payers, pharmaceutical companies, and healthcare providers. Out of all these, pharmaceutical companies are projected to make the most use of the blockchain technology in the years to come. These companies are increasingly adoption and exploring the blockchain technology, primarily in the areas of drug discovery and clinical trials and supply chain management. For example, Pfizer Inc. is a member of the MediLedger Project, which is a decentralized and open network for the pharmaceutical supply chain.
Geographically, North America made the most use of the blockchain technology in the past, however, the European region is projected to emerge as the largest blockchain in healthcare market in the near future. This is particularly ascribed to the fact that a large number of public and private sector players are widely implementing various blockchain initiatives in the region. Other than this, the use of the blockchain technology is also expected to increase considerably in the Asia-Pacific region in the coming years, owing to the unmet needs in areas of drug supply chain management and clinical data exchange and interoperability.
In conclusion, the demand for the blockchain technology in the healthcare industry is g
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