As you may know, blockchain technology is currently being used in several industries. While some of the most well-known use cases are in the financial and logistics industry, the truth is that the health industry is another one that really uses a lot of it.
Now, according to a new report made by Acumen Research and Consulting (ARC), a consulting services company, the volume of blockchain use in the healthcare market around the world will be around $1.7 billion USD by 2026. The research shows that the industry will have a growth rate of around 48% annually in order to reach this number.
The United States is set to dominate the market, especially because it has a mature health market that adopts technology quite quickly. After the U. S., Europe is expected to follow very closely. The country is also developed and uses tech in the industry.
One of the major differences between the U. S. and Europe is that there is a strong government support for healthcare in the country, so while the investments will be mostly done by companies in the U. S., the government is set to lead investments in Europe. The presence of several multinational companies was also pointed by the study as one reason that will explain the growth in Europe.
It was argued, however, that a lack of security can be the major pain point that will not enable Europe to grow more in the area.
The Asia Pacific region is set to be the third fastest region for growth. Some of the economies there (such as India and China, for instance) are growing pretty fast, so the use of the technology is expected to grow exponentially as well there, only in a less fast pace than in America or in Europe.
Japan was highlighted as one of the markets that will see considerable growth. It has a large population, a mature market, highly skilled workers and, since the population of the country is old, it also has the need for a good healthcare system.
In related news, Allied Market Research has recently affirmed that the blockchain supply chain market will reach the value of $9 billion USD by 2025. Since this area is one of the industries that is using the blockchain the most, there is no surprise here.
Several logistics and supply chain companies are using the technology because of its transparency and how it can be used to cut operational costs.