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Blockchain Technology In Healthcare Market To Hit $1.64 Bln By 2025: Study

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Blockchain Technology in the global healthcare market is set to surpass $1.64 billion by 2025, according to a new research study published by Global Market Insights, Inc.

The growth is attributable to the expected increase in cost savings for several healthcare applications while using blockchain technology.

Blockchain, the underlying technology of several cryptocurrencies such as Bitcoin, is currently being used in several fields such as financial services, supply chains, risk management, digital rights management and healthcare.

The implementation of blockchain technology in healthcare is estimated to save billions of dollars by aiding in preventing frauds and counterfeit drugs. The study shows that healthcare data breaches cost around $380 per patient record, resulting in huge annual losses.

Blockchain in healthcare is put to use for data exchange and interoperability, claims adjudication, and billing management, drug supply chain integrity, clinical trials, cyber security and Internet of medical things.

The study shows that the application of blockchain technology in clinical trials was valued around $6.9 million in 2018. The amount of risk involved and unpredictability of clinical trials is one of the major drivers for implementing blockchain technology in healthcare.

Germany dominated the Europe blockchain technology in the healthcare market and was valued at around $2.9 million, while the U.S. led in the North American market with revenue of $24.8 million in 2018.

Most of the leading players are using blockchain and Internet of Things (IoT) to improve patient results and optimize internal operations.

German pharma giant Merck is currently investigating the use of blockchain technology in healthcare for setting up registries of vaccines and transactional histories for patients. It filed a patent for a blockchain solution to track counterfeit drugs in the supply chain in June.

However, the growth of blockchain technology in the healthcare market is facing hurdles for lack of skilled workforce. The limited number of experts in blockchain technology and insufficient educational programs and training add to the woes.

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