Blockchain technology has been well applied to many different sectors including finance, education and entertainment. Now, recent reports have shown that the technology is being infused significantly into healthcare that according to a market data and research firm, Global Market Insights, blockchain applications in the sector are set to hit $1.6 billion latest by 2025.

The firm’s press release where it made this announcement has explained that this figure is attainable and not at all far-fetched based on projections from a significant surge in funds for the application of blockchain technology in healthcare, as well as government input.

“Increasing investment in healthcare economics, examination of medical outcomes and interoperability of health data will offer lucrative industry growth in upcoming years…Rising prevalence of significant advancements in technology owing to increased work efficiency in academic research and start-up companies will drive the consumer preference for blockchain technology.”

The release also states that the application of the technology will help decrease cost, which will make the market more accessible and attractive for potential investors. It also mentions that a combination of awareness of the several advantages blockchain could bring to the sector, as well as proper “data standardization and operational scalability constraint in data management” should serve as factors that will catalyze proper growth in the industry in the next few years.

Global Market Insights also believes that by 2025, there will be a compound annual growth of 65.7% in the sector.

Image Credits: Pixabay

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