Blockchain Technology is widely accepted and now used in some of the most popular industries. Apart from just the financial and logistics industry, blockchain technology is commonly used in the healthcare sector.
As per the press release shared on July 16, Acumen Research and Consulting (ARC), a consulting services firm said that the volume of blockchain use in the healthcare sector to reach around USD 1.7 billion by 2026. The research indicates that the healthcare industry will have a growth rate of 48% each year to reach this number.
Based on Geography, the United States is going to rule the market, as it possesses a mature market which has higher adoption of smart technology in manufacturing and healthcare sector. After the US, Europe ranks second as it gets strong support from the government and invests a lot of money in the healthcare sector.
ARC indicates that One of the main reasons behind the blockchain growth in the European healthcare sector is the increase in expenditure on technology and the presence of some of the multinational firms. The release also states that lack of security is the main hindrance in the growth of blockchain in the healthcare sector in Europe.
ARC notes that the Asia Pacific is the third fastest-growing region because of the presence of the fastest growing economy and a lot of opportunities. Several Economics in Asia, such as India and China, are growing at a fantastic rate; hence, the use of technology is anticipated to grow rapidly.
Japan is considered essential for the growth of the blockchain healthcare sector. The country currently consists of a mature market, large population, good infrastructure facilities, and highly-skilled labor. Also, the majority of the population in Japan is old; it requires a better healthcare system.
Before few days, research and consulting firm Allied research said that the worldwide blockchain supply chain market to cross $9 billion by 2025. Out of various factors, AMR pointed out at the sector's demand for transparency. Some of the logistics and supply chain firms are using technology due to transparency and how it can be used to reduce operational costs.