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Blockchain In Healthcare Market To Hit $1.60 Bln By 2025

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Blockchain Technology in the global healthcare market is set to surpass $1.60 billion by 2025, according to a new research study published by Global Market Insights, Inc.

The study attributes the growth to the expected increase in adoption of blockchain technology for precision medicine and patient care & outcomes research (PCOR) to reduce cost and maintain data privacy.

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 preventing frauds and counterfeit drugs. It will also help in maintaining data privacy and accuracy in health information exchange data.

Blockchain in healthcare can be used for data exchange and interoperability, claims adjudication, billing management, drug supply chain integrity, clinical trials, cyber security and Internet of medical things. Data exchange and interoperability component of blockchain technology dominated the market with 40% revenue share in 2018.

An earlier study showed that healthcare data breaches cost around $380 per patient record, resulting in huge annual losses. It also showed 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 in this sector. However, lack of skilled workers could be an impediment in the implementation of this technology.

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

Another study by Acumen Research and Consulting in July suggested that blockchain technology in the global healthcare market was set to surpass $1.7 billion by 2026, at compound annual growth rate (CAGR) of 48.1 percent.

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