As per the recent market insight, Global Blockchain Technology in Healthcare Market is expected to reach over USD 1,636.7 million by 2025. The market is largely driven by the augmentation in cost savings for several healthcare applications with the help of Blockchain technology. The technology is recognized as helping healthcare facilities to save a massive amount of money from deception, counterfeit drugs and consequently, positively impact the outcomes of healthcare. The reports highlighted that healthcare data breaches cost nearly USD 380 per patient record, resulting in high annual losses. Hence, the Blockchain deployment in healthcare will help in saving billions of dollars.
Global Blockchain Technology in Healthcare Market is also largely driven by rising application Internet of Things (IoT) in healthcare which will result in huge demand and adoption rate of Blockchain technology. Today, several leading players are utilizing Blockchain and IoT to advance patient results and optimize internal operations. It could also give such benefits like real-time information and location of digital X-ray equipment in healthcare facilities will fuel the Blockchain demand globally. Moreover, the intensifying use of IoT for clinical services and clinical settings will also boost the business growth of Global Blockchain Technology in Healthcare Market throughout the projected timeframe.
During the last 5 years, a significant amount of healthcare facilities have deployed Electronic Health Records (EHR), which leads to advancements in digitizing healthcare system. Additionally, increase in a number of volume-based medical practices like hospitalizations, prescriptions, consultations, and procedures have resulted in fueling the demand and adoption rate of Blockchain technology in healthcare with the purpose of defending the data. Apart from this, lack of awareness about Blockchain applications in healthcare will slow down industry growth. Most of the people worldwide are unacquainted of the concept and some of them that are conscious about it lack the technical knowledge.