The global blockchain technology in healthcare market size is expected to grow by USD 60.3 billion between 2022 to 2027 at a CAGR of 39.53%, to reach USD 77.76 billion, according to a research report by ResearchAndMarkets on October 25, 2022.
Blockchain Tech Market Size to Surge
ResearchAndMarkets, a leading market research company, has just rolled out a report on the growing impact that blockchain technology has on the healthcare sector.
According to the report, blockchain technology in healthcare market size is expected to increase significantly during the forecast period. The report showed that the market size of blockchain tech in healthcare stood at USD 10.53 billion in 2021, then grew to USD 14.68 billion in 2022, and is forecasted to reach USD 77.76 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 39.53%.
Major Factors Fostering DLT Growth
The research highlighted the significant drivers of the blockchain industry’s growth in healthcare. One is the increasing need to improve patient engagement and deliver technology-based patient care. Another critical factor is the emerging adoption of blockchain as a service in high-speed network technologies in demand in the healthcare sector. Lastly, the growing use of blockchain to enhance the healthcare supply chain to eliminate the risk of counterfeited drugs is also an essential factor.
The report also indicated that the increasing government initiatives to propagate digital health and the investments from the private sector in health-related tech are expected to contribute to the growth of blockchain technology in the healthcare industry.
In the report, Research And Markets pinpointed some of the significant challenges that the projected industry growth may face. As with most industries, the healthcare sector is faced with the problem of outdated infrastructure; this is a major stumbling block in the digital growth of the healthcare industry and may also impede the adoption of blockchain technology in the industry. Another challenge is the need for more awareness and comprehension of blockchain and its applications to traditional sectors.
Blockchain in Healthcare
Blockchain can be a vital driving force in the healthcare sector. It can be helpful in many aspects, from storing patient data to managing the pharmaceutical supply chain.
Healthcare is a critical sector in any society, and it’s often plagued with challenges like inefficient practices due to outdated technology and constant data breaches. The qualities of blockchain technology can address these problems and improve the quality and efficiency of the healthcare industry. The technology is already being used to securely encrypt patient data to manage the outbreak of harmful diseases.
In recent times a good number of blockchain projects have developed highly functional solutions and dApps designed to bring improvements to the medical industry.
In May 2022, Solve.Care, a global healthcare blockchain technology company, launched the first crypto-enabled marketplace called Care.Marketplace. The marketplace featured two medical devices, OMRON Evolv Wireless Upper Arm Blood Pressure Monitor and the AliveCor KardiaMobile 1L, heart-rate monitor.
Apart from the healthcare sector, distributed ledger technology (DLT) use cases across various sectors of the global economy have increased significantly in recent years, from supply chain to logistics down to entertainment and the metaverse. The trend is expected to continue well into the foreseeable future.