The value of the blockchain technology in healthcare market is expected to surpass $1.6 billion by 2025, according to global market research and consulting firm Global Market Insights.
In a press release published on Sept. 9, Global Market Insights estimated that the blockchain in healthcare market will grow due to a number of factors such as the implementation of government initiatives and increasing investment in the field.
Growth factors for blockchain in healthcare
Examination of medical outcomes, interoperability of health data and cost component reductions will further impact blockchain adoption, according to the outlook. The company states in the release:
“Growing awareness about implementation of blockchain technology and government initiative for data standardization and operational scalability constraint in data management will spur industry growth in upcoming years.”
As for the healthcare payers segment of the blockchain in healthcare market, Global Market Insights forecasts that it could see a 65.7% compound annual growth rate by 2025. This section of the market will purportedly grow due to the widespread deployment of blockchain tech in order to improve emergency care and clinical outcomes.