The use of blockchain in healthcare is expected to increase as blockchain gains funding and investments as well as its adoption in the pharmaceutical industry, according to a Research and Markets report.
Here are five things to know about the market:
1. The global blockchain in healthcare market value is anticipated to exceed $890 million by 2023.
2. Among the blockchain applications in healthcare, its use for clinical data exchange and interoperability will see the most growth. This segment will be valued at more than $400 million by 2023, growing at a 70 percent compound annual growth rate through 2023.
3. As the technology becomes more associated with improved data security and integrity, blockchain's adoption in healthcare is predicted to further increase.
4. Geographically, the Asia-Pacific region is expected to be the fastest growing in the market, with a CAGR of more than 70 percent through 2023.
5. Companies that are looking to get into the blockchain in healthcare market are beginning to partner and collaborate with other potential blockchain developers. The goal is to help streamline operational processes.