A new study from market research firm Global Market Insights revealed that the value of blockchain tech in the healthcare industry will likely surpass $1.6 billion by 2025.
According to a recent press statement, the consulting firm determined that blockchain in healthcare will keep expanding due to several factors, like an increase in investments and the implementation of government policies.
Global Market Insights claims that the assessment of medical results, reduction in component costs, and the interoperability of health information will also have an impact on blockchain adoption.
Operational Scalability Constraint
The company explained in its press release that the increasing awareness regarding the application of blockchain technology and federal regulation for data standardization and “operational scalability constraint” in how data is managed will push for continued growth in the industry for the next few years.
The global research company says it also foresees a 65.7% compound yearly growth rate in the segment of healthcare payers. This portion of the market will reportedly grow because of the extensive deployment of the technology in a bid to upgrade emergency care and clinical results.
The recent discoveries made by Global Market Insights reflect the data information technologies company Acumen Research and Consulting shared in July. Back then, the firm proposed that blockchain volume in the global healthcare market will hit more than $1.7 billion by the time 2026 rolls around. Acumen pegged the market’s compound yearly growth rate at about 48.1%.
Solve.Care and Uber partnership
The past few months saw reports of new blockchain-powered solutions being utilized by different countries and startups alike. For instance, Solve.Care and Uber Health announced a partnership back in July that will help make transporting patients easier.