According to a new research study from Global Market Insights, Inc, the global Blockchain technology in the Healthcare market is expected to surpass USD 1,636.7 million by 2025. The research report found that increase in cost savings for a number of healthcare applications with the help of Blockchain technology will accelerate the business growth during the forecast period.
However, lack of skilled workforce, a limited number of skilled people with Blockchain technology, and less number of Blockchain training programs and courses will be the major factors that are responsible for slowing down the Blockchain in healthcare market growth. The report further revealed that last year, the application of Blockchain technology in clinical trials was valued around USD 6.9 million. Even though, the amount of risk involved, and unpredictability of clinical trials is one of the key factors for deploying Blockchain technology in the healthcare sector. Rising application of the IoT (Internet of Things) in the healthcare will result in massive demand and adoption rate of Blockchain technology. Several leading players are utilizing Blockchain and IoT to enhance patient results and optimize internal operations. A number of advantages will boost the Blockchain demand worldwide, including real-time information and location of digital X-ray equipment in healthcare facilities. The increasing deployment of IoT for clinical services and clinical settings will fuel the business growth in the near future.
Blockchain technology recognized as a technology platform which assists healthcare facilities in saving huge amounts of capital from frauds, forged drugs and positively impacts the outcomes of healthcare. Annually, healthcare data breaches cost around USD 380 per patient record that results in high annual losses. Thus, execution of Blockchain technology in the healthcare sector will support to save billions of dollars.