The quantity of blockchain in the global healthcare market is predicted to go beyond $1.7 billion by 2026.
In a recently published press release, information tech firm Acumen Research and Consulting (ARC) and its consulting arm had calculated that the scale of blockchain in the international healthcare sector will reach more than $1.75 billion by the time 2026 rolls around. The market is also expected to have a compound yearly growth of 48.1%.
Biggest Blockchain in Healthcare
America reportedly dominates the sector and has the biggest blockchain share in the healthcare niche due to its geography. The US market is also mature and spearheads the adoption of smart tech in healthcare and manufacturing.
Europe follows a close second by virtue of its substantial spending on healthcare and firm government support. The ARC pointed out that the presence of international firms and the increasing investment in technology are two factors that drive the growth of blockchain in the European health and wellness market.
The ARC report did stress that security, or the lack thereof, is one major obstacle in the continued growth of the healthcare sector in the region.
Meanwhile, the Asia Pacific region was named as the fastest in terms of the distribution of blockchain in healthcare due to the area’s economic boom and the opportunities that come with such growth. Japan is said to be the most mature market in the region. Its relatively large population and skilled workforce have positioned it to become a vital blockchain in the health field.
The report more or less substantiated earlier research conducted by consulting company Allied Market Research that predicted the worldwide blockchain-backed supply chain market will reach more than $9 billion by 2025.