Blockchain Technology in Healthcare Market to Hit $1,636.7 Mn by 2025, predicts report by Global Market Insights
Global Blockchain Technology in Healthcare Market is set to surpass USD 1,636.7 million by 2025; according to a new research study published by Global Market Insights, Inc. Increase in cost savings for several healthcare applications with the help of blockchain technology will drive business growth in the forthcoming years. Blockchain is a recognized technology that is helping healthcare facilities save huge amounts of money from frauds, counterfeit drugs and hence, positively impact the outcomes of healthcare. Healthcare data breaches cost around USD 380 per patient record, resulting in high annual losses. Hence, implementation of blockchain technology in healthcare will help save billions of dollars.
Germany dominated the Europe blockchain technology in the healthcare market and was valued at around USD 2.9 million in the year 2018. Various companies and cities in the country are turning into a development hub for blockchain technology. Several German firms are planning to integrate and implement blockchain technology due to increased automation, efficiency and speed. Pharma giant Merck is currently investigating the use of blockchain technology in healthcare for setting up registries of vaccines and transactional histories for patients. Growing demand and adoption rate in the country will boost the market growth in the near future.
Drug supply chain integrity segment of blockchain technology in healthcare market will register a lucrative 67% CAGR in given time-frame.
Growing application of the Internet of Things (IoT) in healthcare will result in huge demand and adoption rate of blockchain technology. Most of the leading players are using blockchain and IoT to improve patient results and optimize internal operations. Several benefits such as real-time information and location of digital X-ray equipment in healthcare facilities will augment the blockchain demand across the globe. Increase in use of IoT for clinical services and clinical settings will boost the business growth in the forthcoming years.
Lack of skilled workforce will be one of the major factors responsible for impeding the growth of blockchain technology in the healthcare market in the near future. The limited number of people with blockchain technology knowledge and lack of blockchain training, programs, and courses will result in sluggish business growth.
Application of blockchain technology in clinical trials was valued around USD 6.9 million in the year 2018. The amount of risk involved and unpredictability of clinical trials is one of the major drivers for implementing blockchain technology in healthcare. The blockchain technology in clinical trials use distributed computer network platform that helps databases to be secure and safe from infringements and hackers. The safe and secure platform of blockchain will help store and process valuable information of clinical trials resulting in smooth workflow thereby, influencing the market growth positively.
Use of blockchain technology by healthcare providers is estimated to witness a growth of 65.6%. Around 40% of the healthcare data records consist of several misleading information and errors. Many of the healthcare facilities are still dependent on old and outdated systems for keeping patient records. Growing medical and healthcare data breaches will result in boosting the demand and adoption rate of blockchain technology by healthcare facilities and providers in the upcoming years.
India blockchain technology in the healthcare market is projected to witness a growth of 81.9% over the estimation period. Rise in the application in clinical data exchange and data security in the country has resulted in increased privacy, security and interoperability of health data. Also, the use of blockchain technology in health insurance claims management in the country will augment the market growth in the near future.