, /PRNewswire/ -- According to SkyQuest, the size was valued at in 2022 and is expected to grow from in 2023 to reach by 2031, at a CAGR of 38.3% during the forecast period (2024-2031). From artificial intelligence to blockchain all novel technologies are being deployed in the healthcare space as digitization picks up pace around the world.
High use of electronic health records (EHR) and emphasis on safeguarding patient data are projected to promote Blockchain Technology in Healthcare Market development in the future. The global Blockchain Technology in Healthcare Market is segmented into network type, application, end user, and region. Blockchain in healthcare providers are using public blockchain networks for data management in the healthcare industry.
Low costs and easy accessibility with good security are key benefits of public networks that most blockchain healthcare companies are targeting. The immutability of data transactions recorded on a public network is another key benefit that makes this sub-segment highly beneficial for healthcare companies. However, the demand for private blockchain networks is forecasted to increase at a robust pace across the forecast period and beyond.
Better speed, faster response times, robust security, and scalability are some key advantages of private blockchain networks that allow this segment to bolster market growth at a rapid CAGR. Evolving enterprise needs of healthcare blockchain platforms will also favor the demand for private net.
