GLOBAL CONVERGENCE IN HEALTHCARE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Global Convergence in Healthcare Market Size and Trends

Global convergence in healthcare market size is expected to reach US$ 297 Bn by 2030, from US$ 125 Bn in 2023, exhibiting a compound annual growth rate (CAGR) of 13.2% during the forecast period.

Global Convergence in Healthcare Market - Trends

• Blockchain technology applications: Blockchain technology is significantly influencing the global convergence in healthcare market by enabling more secure and transparent data sharing between multiple stakeholders. By leveraging blockchain's decentralized and immutable nature, patient's medical records can be securely stored and accessed in a distributed ledger. This removes single points of data storage failures or control and allows easy, compliant, and safe data exchange between payers, providers and life sciences organizations. Some significant blockchain applications in healthcare include clinical trial management, supply chain management, medical database management and insurance claims processing. For example, in clinical trials management, blockchain allows researchers to securely capture and store patient consent forms, trial protocol details, safety reports and study results in an immutable record. This improves transparency, traceability and auditability significantly. Pharmaceutical companies can track drugs throughout the supply chain and ensure quality, authenticity and cold chain integrity using blockchain.