Use cases of Blockchain in the field of Healthcare have been increasing at a steady pace and as per a press release published on July 16 by the Acumen Research and Consulting (ARC), the volume of blockchain in healthcare market worldwide is forecasted to reach more than $1.7 billion by 2026.
A consulting service to information technologies, ARC projects that global blockchain in the healthcare market will escalate over $1.7 billion by 2026 at a compound annual growth rate of 48.1%. Breaking down the projection geographically, America has a probability of dominating the global blockchain in the healthcare market, having the largest share.
Europe stands second thanks to the strong government support and large healthcare spending. ARC points out in the report, that the European healthcare market is increasing expenditure on technology and the presence of multinational companies. The report adds:
“However, lack of security is the major factor restraining the growth of the blockchain in healthcare market in Europe.”
The Asia Pacific region was named as the region with the fastest growth rate in terms of blockchain deployment in healthcare by the virtue to its fastest-growing economy and associated opportunities. Specifically, Japan ostensibly has a mature market, large population, and highly skilled labor, setting it up to become an important blockchain in the healthcare market.
Allied Market Research, a research and consulting firm forecasted earlier in July that the global blockchain supply chain market will purportedly reach over $9 billion by 2025. AMR names the sector’s demand for transparency as the key driving factors. Improved security of supply chain transactions blockchain could purportedly ensure.
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