Blockchain technology in healthcare market to hit $1.6bn by 2025

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 $1.6 billion by 2025.

This is according to a new report by Global Market Insights, Inc, 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.

A new report has predicted that blockchain technology in the healthcare market will hit $1.6bn by 2025 (credit: Global Market Insights).

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.

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 $2.8 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 main players in the market are: Doc.AI, PokitDok, Microsoft, Gem Health, IBM, iSolve, Coral Health and EncrypGen among others, the report states.