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Blockchain Technology In Healthcare Market To Hit $1.7 Bln By 2026

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Blockchain Technology in the global healthcare market is set to surpass $1.7 billion by 2026, according to a research study published by Acumen Research and Consulting titled "Blockchain in Healthcare Market Size, Share, Trends, Growth Opportunity and Forecast 2019-2026".

The global blockchain in healthcare market is expected to grow at compound annual growth rate (CAGR) of 48.1 percent during the forecast period of 2019 to 2026.

The growth is attributable to the increasing adoption of blockchain technology, increasing need for the fast transaction, rising healthcare spending, and incorporation of IT in healthcare, the study said.

It is estimated that applying blockchain technology will save billions of dollars by aiding in preventing frauds and counterfeit drugs.

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 U.S. is expected to lead in the North American healthcare market due to the greater concentration of smart homes and widespread adoption of smart technology.

Europe holds the second position for strong government support and huge healthcare spending.

The Asia Pacific is the fastest growing region, particularly Japan and China, in terms of blockchain adoption in healthcare market.

Compared to U.S and Europe, Japan and China are expecting better growth in the blockchain in healthcare market due to the large population, completed infrastructural facilities, government support, and high-level skilled labor.

On the other hand, Africa region and the Middle East & Africa have recorded the least growth for lack of awareness of the technology and poor economy.

A study published by Global Market Insights, Inc. in early February had shown that Blockchain Technology in the global healthcare market is set to surpass $1.64 billion by 2025.

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