The Global Blockchain Technology in Healthcare Market size is expected to reach USD 1.6 billion by 2025, progressing at a CAGR 65.0% over the forecast period, according to a new research study published by Global Market Insights, Inc.
UK blockchain technology in healthcare market held USD 2.8 million market size in 2018. Growing use of blockchain for healthcare market and implementation of several government initiatives will serve to be high impacting factors for blockchain technology market growth in the country. For instance, the UK government collaborated with the University of Surry for implementation of Archangel program. Archangel program is government initiative for implementation of blockchain in healthcare and other sectors. Such initiatives for implementation of blockchain technology in UK healthcare sector will positively impact the UK blockchain technology for healthcare industry growth in the forthcoming years.
Increasing investment in healthcare economics, examination of medical outcomes and interoperability of health data will offer lucrative industry growth in upcoming years. Access to many users simultaneously eliminate reductant processes, and reduced operational costs make the software feasible to handle.
Rising prevalence of significant advancements in technology owing to increased work efficiency in academic research and start-up companies will drive the consumer preference for blockchain technology. Moreover, blockchain technology will reduce significant cost components, further impelling the industry growth in future years. Growing awareness about implementation of blockchain technology and government initiative for data standardization and operational scalability constraint in data management will spur industry growth in upcoming years.
However, dearth of skilled workforce and high installation cost may limit blockchain technology implementation over the coming years.
Data exchange and interoperability component of blockchain technology dominated the market with 40.0% revenue share in 2018. Data exchange and interoperability encompasses collection and analysis of data, related to regulatory, patient digital identities and existing health segments for reuse and maintaining the information flow securely. In addition, the flexibility of management of vast data points regarding drug store management and uniform movement of data from one system to another offers momentous growth opportunity for data exchange and interoperability technology in coming years.
Healthcare payers segment is forecast to foresee 65.7% CAGR during the estimation period. High segment growth is due to widespread usage of blockchain technology across healthcare network to improve patient emergency care and clinical outcomes. As healthcare payers are involved in more complex processes, the technology helps to improve financial aspects, insurance provider data and clinical outcomes of patients by accelerating the work efficiency. Organizations present in healthcare payers blockchain technology are increasingly adopting blockchain to improve operational aspects of business, thereby augmenting the industry size.
About the author:
Mr. Sumant Ugalmugale is a research lead at Global Market Insights. He has authored several reports in Healthcare and Medical devices Industry. He graduated from the National Institute of Pharmaceutical Education and Research (NIPER) with an MBA degree. Formerly worked on Pharma Forecasting engagements with Novartis and IQVIA.
Image courtesy of Forbes