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Blockchain Influencing Healthcare Industry, Estimated to Reach $1.7 Billion by 2026

Blockchain is increasing its reach to millions of people around the globe. Many industries have started to accept its potential for future growth due to transparency, trust, and efficient approach, which is required to accomplish innumerable missions in the fastest-growing economies. Recently, one such industry is mushrooming swiftly in its volume with the deployment of this new tech, i.e., healthcare market.

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A recent report on “Blockchain in Healthcare Market Size, Share, Trends, Growth Opportunity and Forecast 2019-2026” by Acumen Research and Consulting (ARC) which is published on Globalnewswire website on July 16, shows that blockchain tech in the Healthcare sector would be excepted to reach $1.7 billion by 2026, with a compound annual growth rate of 48.1%.

Acumen Research and Consulting (ARC) firm globally providing market research and consulting services to various industry including information technology. In the report, the firm has forecasted the importance and the success of blockchain which is based on a few geographies and shows that this smart tech has started working as an impetus for the prospects globally.

North America & EU Growing Fast In Blockchain Healthcare

As per the information, North America– the third largest continent by area, following Asia and Africa, and the fourth by population after Asia, Africa, and Europe is geographically the most developed place which is once again dominating other nations and flourishing its growth by holding the largest piece of shares in the global blockchain healthcare space along with other industries. Reportedly, with an ample amount of knowledge, education, and presence of leading software companies, the United States pragmatically adopting the blockchain technology in manufacturing and healthcare segment while navigating other nations to follow the suit.

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After North America, Europe scores the second-ranking and moving fast due to upbeat and strong government support. Europe is spending a good amount of money on healthcare division due to the presence of international conglomerates who are always ready to seek opportunities while solving the problems of the societies. The increased expenditure on the latest technologies in the country is one among the driving factors attracting blockchain in the EU, the report is indicating.

The data additionally pointed out that, 

“the growth and adoption of blockchain in the healthcare market are limited in EU due to the lack of security concerns and an increasing volume of cybercrime.”

Japan, China Moving Ahead In Blockchain

The report further mentions that the Asian market is growing fast in the blockchain healthcare space because of the innumerable opportunities and thanks to the fastest growing economy. Referencing, further about the blockchain escalation in Japan, where the government is highly supportive of the new ventures who are presenting technology with unthinkable and progressive results in the country. Allegedly, the matured market of Japan possessing high-leveled skilled labor and playing a valuable role in the adoption of blockchain in the healthcare market, due to its sizeable population and first-class infrastructural facilities.

Interestingly, sensors- a central component of IoT technology is mushrooming on a good rate and showing the country on a level of holding roughly around 40% growth out of the global market.

The report says that compared to the U.S and Europe, both Japan and China expecting huge growth in the global blockchain healthcare market. Reasoning out, China due to the massive use of mobile internet and large population moving towards high-speed growth and industrialization.

Africa Running Behind Due To Low-Level Blockchain Education

Depicting, Africa region is running behind because of the presence of poor economy and lack of awareness in technology which is making the nation less developed and holding the least share in the market. 

 The ARC report has also shown a few key players who have established themselves in the global blockchain healthcare space on a respectable level. Inter alia, IBM Corporation, Accenture, Microsoft, Capgemini, Deloitte Touche Tohmatsu Limited.

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The mounting awareness and implementation of new technologies like blockchain, IoT, AI certainly playing a substantial role in the growth of any nation. The early movers always have the advantage to grow exponentially. After realizing the importance of blockchain tech, various multinational companies, governments, and associations have started to make changes in their conventional systems and progressively taking the new revolutionary tech as one of the most important innovations for the evolution, especially after considering millennials enticement towards the new technologies.

KoinPost will appreciate the comments from the readers and their interest towards the blockchain space.

Image by Pete Linforth from Pixabay

Tags: Blockchain News, USA, Europe, Asia, Africa, China, Japan, IBM Corporation, Accenture, Microsoft, Capgemini, Deloitte Touche Tohmatsu Limited, Adoption, Markets, Healthcare, Industrialization, Acumen Research and Consulting (ARC), Cybercrime

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