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A new research study from Global Market Insights, Inc. finds that global blockchain technology in the healthcare market is predicted to exceed $1,636.7 million by 2025.
Increase in cost savings for several healthcare applications with the help of blockchain technology will drive the business growth in the forthcoming years. Healthcare data breaches cost around $380 per patient record, resulting in high annual losses.
Lack of skilled workforce will be one the major factors responsible for impeding the growth of blockchain technology in healthcare market in the near future. Limited number of people with blockchain technology knowledge and lack of blockchain training, programs, and courses will result in sluggish business growth.
Application of blockchain technology in clinical trials was valued around $6.9 million in the year 2018. The amount of risk involved, and unpredictability of clinical trials is one of the major drivers for implementing blockchain technology in healthcare.
Use of blockchain technology by healthcare providers is estimated to witness a growth of 65.6%. Around 40% of the healthcare data records consist of several misleading information and errors. Many of the healthcare facilities are still dependent on old and outdated systems for keeping patient records. Growing medical and healthcare data breaches will result in boosting the demand and adoption rate of blockchain technology by healthcare facilities and providers in the upcoming years.