The blockchain technology in healthcare market is expected to cross US$ 6.5 Bn by the end of year 2025
Meridian Market Consultants (MMC) has published a new report titled, “2020-2025 Global and Regional Blockchain Technology in Healthcare Industry Production, Sales and Consumption Status and Prospects Professional Market Research Report (Enhanced Version)”
Global Blockchain Technology in Healthcare Market, By Type (Public, Private), By Application (Clinical Data Exchange & Interoperability, Claims Adjudication & Billing, Supply Chain Management, Clinical Trials & e-Consenting, Other Applications), By End-Use (Hospitals, Insurance Providers, Drug and Medical Device Companies, Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2025.
In 2019, the global blockchain technology in healthcare market is accounted for more than US$ XX Bn and expected to grow at a significant CAGR of 23.4% during the forecast period and expected to reach to the value of more than US$ 6.5 Bn in 2025.
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As per the report, the rising incidence rates of data leaks and data breach along with the increasing need to eradicate such issues across the globe is majorly driving the growth of the global blockchain technology in healthcare market.
The distributed system which carries the potential of transforming the healthcare system by tracking and storing all the essential data is known as blockchain. The Distributed Ledger Technology (DLT), or commonly known as blockchain, uses cryptographic hashing and decentralization in order to make the history of any digital asset transparent and unalterable.
Blockchain assists in minimizing risk factors and fraudulent activities and delivers transparency in an extensible way for innumerable uses, as it becomes a promising and revolutionary technology in recent times. Owing to this, blockchain technology has widespread applications in the healthcare industry, thereby boosting the growth of global blockchain technology in the healthcare market.
Notably, there is no central authority involved in designing the blockchain technology, where all the participants of the network are allowed to go through the records. The technology assists in minimizing the cost and friction of current intermediation, as it acts as a health information exchange system blockchain technology eliminates the risk of the main controller, acting as a decentralized controller.
Attributing to which, the global blockchain technology in healthcare market is expected to grow rapidly in the forthcoming future.
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Moreover, the continuous research and development activities of the key manufacturers of the global market have resulted in major technological advancements in the blockchain technology such as reduced forgery of drug and health data administration systems with more efficiency which is stimulating the demand for blockchain technology leading to huge acceptance of the technology across the world, hence expected to propel the growth of the global blockchain technology in healthcare market.
In addition to that, the rising prevalence of chronic illness is also expected to create a huge amount of data, further estimated to boost the demand for data management, thus fueling the growth of the global blockchain technology in the healthcare market.
Additionally, rising investment in the development of efficient healthcare record systems, wearable devices cryptography, and medical examination systems globally is also projected to boost the growth of the global blockchain technology in the healthcare market.
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MMC study identifies some of the key participating players in the blockchain technology in healthcare market globally are Blockpharma, Guardtime, Blockchain Health, BLOCK M.D., Hong Kong Applied Science and Technology Research Institute Company Limited, HASHED Health, and HealthCombix, among others.
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