The volume of blockchain in healthcare market worldwide is forecast to reach more than $1.7 billion by 2026.
In a press release published on July 16, consulting services to information technologies firm Acumen Research and Consulting (ARC) has projected that the global blockchain in healthcare market on the global scale will reach over $1.7 billion by 2026, with a compound annual growth rate of 48.1%.
Based on geography, America purportedly dominates with the largest share in the global blockchain in healthcare market, wherein the United States is a mature market that hosts the greater adoption of smart technology in manufacturing and healthcare.
Europe is ranked second after the U.S. by virtue of strong government support and large healthcare spending. Among the major drivers of blockchain growth in the European healthcare market, ARC points out increasing expenditure on technology and the presence of multinational companies. “However, lack of security is the major factor restraining the growth of the blockchain in healthcare market in Europe,” the release further notes.
ARC names Asia Pacific as the region with the fastest growth rate in terms of blockchain deployment in healthcare thanks to the fastest growing economy and associated opportunities. In the region, Japan ostensibly has a mature market, large population, and highly skilled labor, setting it up to become an important blockchain in healthcare market.
As reported earlier in July, research and consulting firm Allied Market Research forecast that the global blockchain supply chain market will reach over $9 billion by 2025. Among key driving factors, AMR named the sector’s demand for transparency. Improved security of supply chain transactions blockchain could purportedly ensure.