According to recent media reports, global market research and consulting firm Global Market Insights expects blockchain technology to exceed $1.6 billion in the medical market by 2025.
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In a press release issued on September 9, Global Market Insights estimated that the blockchain size of the medical market will grow due to the implementation of government initiatives and increased investment in this area.
Blockchain growth factors in the healthcare industry
The company believes that inspections of medical outcomes, interoperability of health data, and reductions in cost components will further affect the adoption of blockchains. The company said in a press release:
“The growing focus on blockchain technology implementation and the government's commitment to data standardization and operational scalability constraints in data management will stimulate industry growth in the coming years.”
Global market research firm Global Market Insights predicts that by 2025, the medical payer portion of the blockchain healthcare market will achieve a compound annual growth rate of 65.7%. This segment of the market is said to grow as a result of the widespread use of blockchain technology to improve emergency care and clinical outcomes.
The recent findings of Global Market Insights echo the findings of the mid-July survey of information technology company Acumen Research and Consulting. At the time, the company said that by 2026, the global medical market blockchain will exceed $1.7 billion, with a compound annual growth rate of 48.1%.
As mentioned earlier, the Ugandan government has partnered with blockchain startup MediConnect to track counterfeit drugs in the country. MediConnect's blockchain-based platform can record prescription drugs to identify counterfeit drugs and prevent them from being distributed in the drug supply chain.
In July, blockchain medical startup Solve.Care partnered with Uber Health to deliver patients. A dedicated application will allow Uber Health to be arranged for patients, and Uber claims to be in compliance with the 1996 Health Insurance portable and Accountability Act.