- 14 November 2019 22:48
Blockchain in Healthcare Market Surpass $1.7 Billion by 2026
The rising adoption of blockchain technology for precision medicine and patient care and outcomes research (PCOR) for reducing operational costs and maintaining data privacy will increase the adoption of blockchain technology in the healthcare market to $1.7 billion by 2026.
This is according to a new report by Acumen research and Consulting, which states that the increasing investment in healthcare economics, the examination of medical outcomes and the interoperability of health data will offer lucrative industry growth in upcoming years.
The rising prevalence of advancements in technology will drive consumer preference for blockchain technology. Moreover, blockchain technology will reduce significant cost components, further impelling the industry growth in future years, says the study.
Growing awareness about the implementation of blockchain technology and government initiatives for data standardisation and operational scalability constraint in data management will also spur industry growth in upcoming years.
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However, the study also points out that a lack of skilled workforce and high installation costs may limit blockchain technology implementation over the coming years.
Blockchain technology in the healthcare market held $2.7 million market size in the UK in 2018, the study continues. The growing use of blockchain for the healthcare market and the implementation of several government initiatives will serve to be high impacting factors for blockchain technology market growth in the country.
Furthermore, blockchain technology in the healthcare market in Switzerland will witness significant growth at 73.3 percent in forthcoming years. Robust growth is attributed to the presence of leading pharmaceutical companies in the country, that are rapidly implementing the technology for improved clinical outcomes.
Moreover, increasing government initiatives for the implementation of blockchain technology among pharmaceuticals manufacturing and product development companies will increase the demand for blockchain technology, thereby boosting the blockchain technology in healthcare industry growth in Switzerland over the upcoming years.
The global blockchain in healthcare market is segmented on the basis of types and application. On the basis of types, the market is segmented into private, public, and others. On the basis of application, the market is segmented into payments & transactions, electronic health records, smart contracts, precision medicine, others.
America commands the largest share in the global blockchain in healthcare market owing to the increasing adoption and awareness about of the blockchain technology. North America holds the major share in Americas market. The United States is a mature market and navigating the market. The U.S is expected to dominate the blockchain in healthcare market in North America owing to the greater concentration of smart homes and widespread adoption of smart technology in manufacturing and healthcare sector. The government support in the U.S has promoted the use of advanced technology by the various industries. Presence of leading software companies in this region has boosted the growth of the market. Nowadays, blockchain is widely used in healthcare sectors. Well-developed industrial sector and huge spending on technology has fuelled the blockchain in healthcare market growth in United State.
Europe holds the second leading position due to the presence of strong government support and huge healthcare spending. EU also develop maturely and plays an important role in blockchain in healthcare market. During last few years there is a significant increase in the blockchain in healthcare market, which has increased the demand for the blockchain in healthcare software and devices. The major factor driving the growth of the Europe blockchain in healthcare market are increasing expenditure on technology, the presence of multinational companies and huge government support. However, lack of security is the major factor restraining the growth of the blockchain in healthcare market in Europe.
The Asia Pacific is expressing the fastest growth for the blockchain in healthcare market due to the presence of huge opportunities and the presence of fastest growing economy. Japan is an important blockchain in healthcare market, with a mature market, large population, completed infrastructural facilities and high-leveled skilled labor. During last few decades, Japan has emerged as a country for the origin of new and advanced technology. The Japanese government has supported a number of companies to introduce the new technology. Japan accounts for roughly 40% of the global market for sensors, which is a central component of IoT technology. Compare to U.S and Europe, Japan is expecting a huge growth in the blockchain in healthcare market. As no efforts have yet been made in Europe or the U.S. is the presence of huge multination companies to create a larger market that connects multiple exchanges for IoT-related data. The major factors that hinder the market growth are the security issues and increasing number of cybercrime.
In the past two years, China has a downturn in the economy, due to a series of factors like excess production capacity, a decline in export and domestic demand. But the blockchain in healthcare develops rapidly and increases continuously. As we know, the Mobile Internet is developing fast in China, due to the large population and the rapid growth of Internet economy. In the future, China will keep the high-speed growth. During last few years, China is immersed as one of the leading countries in technology. The introduction of low-power-consuming and high-performance chips has increased the adoption of memory devices. The blockchain in healthcare assists organizations in managing, tracking, securing, and sustaining the abundant devices that are used in the organizations. Presence of huge skilled labor, government support and rapid growth in industrialization has boosted the growth of the market in China.
On the other hand, due to lack of awareness about the technology, and presence of poor economy in Africa region the Middle East & Africa holds the least share in the market.
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Some of the key players in the global Blockchain in healthcare market include IBM Corporation, Accenture, Microsoft, Capgemini, Deloitte Touche Tohmatsu Limited, Blockchain Tech Ltd, Digital Asset Holdings, Global Arena Holding, Inc., Ethereum, BitFuryUsa Inc., Chain, Inc., Coinbase Inc., Abra, Inc.
For instance, in December 2017, Acana Capital Corp., has completed its acquisition of Blockchain Technology Group Inc.