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Smart Contracts in Healthcare Market Research Report: Information By Blockchain Platform (Bitcoin, Sidechains, NXT and Ethereum), By Application (Patient Data Management Electronic Health Records (EHRs), Supply Chain Management, Clinical Data Exchange and Interoperability, Claims Adjudication And Billing Management) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

ID: MRFR/ICT/6602-HCR | 111 Pages | Author: Aarti Dhapte| April 2024

Smart Contracts in Healthcare Market Overview

Smart Contracts in Healthcare Market Size was valued at USD 1.5 billion in 2022. The Smart Contracts in the Healthcare request assiduity are projected to grow from USD1.7523 Billion in 2023 to USD 6.077795401 billion by 2032, flauntinga composite periodic growth rate (CAGR) of 16.82 during the cast period (2024- 2032).The rise in market growth can be credited to the increased investments made by leading companies like IBM Corporation, simply vital health, and microsoft corporation are the major market drivers enhancing the market growth.

Figure 1: Smart Contracts in Healthcare Market Size, 2023-2032 (USD Billion)

Smart Contracts in Healthcare

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Smart Contracts in Healthcare Market Trends

Adoption of smart contracts by government bodies is driving market growth.

The public sector is expected to witness a rise in the adoption of smart contracts in the coming years. This can be attributed to government organizations' widespread use of smart contracts worldwide. Smart contracts offer various advantages over traditional contracts, including reduced reliance on human intervention and lower costs associated with contract management. To illustrate, in 2019, the Jurisdiction Task force of the United Kingdom recognized smart contracts as legally binding agreements. Similarly, the Hangzhou Internet Court has integrated smart contracts into its judicial processes. This factor drives the market CAGR.

Additionally, the healthcare industry has experienced an uptick in data breaches, which has resulted in an increase in the market for smart contracts in healthcare. In this sector, healthcare providers and pharmaceutical companies negotiate prices and create a formulary, a list of medications covered by a particular insurance policy. These contracts also ensure that a portion of the co-pay is directly transferred from the customer to the drug manufacturer. Additionally, the market shares in the healthcare industry are substantiated by the emergence of innovative technologies and significant growth in the healthcare IT sector. Furthermore, the market is witnessing growth due to the rising demand for maintaining electronic health records. Thus, driving the Smart Contracts in Healthcare market revenue.

Smart Contracts in Healthcare Market Segment Insights

Smart Contracts in Healthcare Blockchain Platform Insights

Based on the Blockchain Platform, the Smart Contracts in Healthcare market segmentation includes Bitcoin, Sidechains, NXT and Ethereum. The ethereum segment dominated the market because Ethereum is a more flexible and scalable platform than Bitcoin, specifically designed for smart contracts. Ethereum allows inventors to produce custom smart contracts that can be used to automate a variety of healthcare tasks.

Figure2: Smart Contracts in Healthcare Market, by Blockchain Platform, 2022 & 2032 (USD billion) 

Smart Contracts in Healthcare Market, by Blockchain Platform, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Smart Contracts in Healthcare Application Insights

The Smart Contracts in Healthcare request segmentation, grounded on operation, include patient data management, electronic health records (EHRs), supply chain management, clinical data exchange and interoperability, claims adjudication and billing operation. The patient data management electronic health records (EHRs) segment dominated the market because smart contracts can be used to automate patient data management, which can help improve healthcare operations' efficiency and accuracy.

Smart Contracts in Healthcare Regional Insights

The study offers market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Smart Contracts in the Healthcare market in North America are expected to have a dominant position due to the progress in blockchain technology and various government initiatives that promote the adoption of innovative platforms in healthcare, leading to market growth.

The market report also examines the main countries, including the United States, Canada, Germany, France, the United Kingdom, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.



Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's Smart Contracts in Healthcare market is witnessing significant growth in the Smart Contracts sector, securing the second-largest market share. This can be due to the substantial investment in technology development, particularly in blockchain, high-performance computing, and data infrastructure. Notably, the German Smart Contracts in Healthcare market dominates with the largest market share, while the UK Smart Contracts market experiences the highest growth rate in the European region.

The Asia-Pacific Smart Contracts in Healthcare Market is expected to grow at the largest CAGR from 2023 to 2032. This is due to the rising numbers of hospitals and specialty care centers fostering market revenues. Growing research activities. Moreover, China’s Smart Contracts in the Healthcare market held the largest market share, and Indian Smart Contracts in the Healthcare market were the fastest-growing market in the Asia-Pacific region.

Smart Contracts in Healthcare Key Market Players & Competitive Insights

Entrepreneurs are investing heavily in R&D to expand their products to help smart contracts grow further in the healthcare industry. Entrepreneurs are also undertaking various activities to expand their footprint. Key business development activities include new product development, contract deals, joint venture mergers and acquisitions, increased investment and collaboration with other organizations. Smart contracts in the healthcare industry must provide a valuable product to scale and survive in a more competitive and increasingly competitive business environment.

Local manufacturing to reduce operating costs is one of the key business strategies used by smart contract companies in the healthcare industry to benefit customers and business expansion. Smart Contracts in the Healthcare industry have offered some of the most significant advantages. Major players in the Smart Contracts in the healthcare request include IBM Corporation( US), Patientory( US), Factom( US), and Proof. Work( UK), SimplyVital Health( US), Gem( US), PokitDok, Inc( US), Hashed Health( US), told( US), smart Data Enterprises( India), iSolve( US), FarmaTrust( UK), Blockpharma( France), Microsoft Corporation( US), Guardtime( Netherlands), and Medicalchain( UK)., and other companies are trying to meet their business needs by investing in research and development.

International Business Machines Corporation( nicknamed" Big Blue") is an American transnational technology company headquartered in Armonk, New York, with operations in further than 175 countries. IBM allows businesses to keep data secure in a hybrid, multi-cloud environment. We're launching new cloud services designed to help businesses find compliance faster, helping businesses protect data across multiple clouds.

Kadena LLC is a blockchain technology company that provides a high-performance, scalable, secure platform for developing business applications. Blockchain technology provider Kadena LLC has announced the third version of its computer programming language, called Pact 3.0. It was created to secure the construction contract of the blockchain and the implementation of private and public cooperation.

Key Companies in the Smart Contracts in the Healthcare market include

  • IBM Corporation (US)

  • Patientory (US)

  • Factom (US)

  • Proof Work (UK)

  • SimplyVital Health (US)

  • Gem (US)

  • PokitDok Inc (US)

  • Hashed Health (US)

  • Chronicled (US)

Smart Contracts in Healthcare Industry Developments

November 2023, The General Services Administration (GSA) has launched an Artificial Intelligence (AI) Challenge to encourage the development of AI-powered solutions that can improve healthcare outcomes. The challenge focuses on using AI to address some of the most pressing issues in healthcare, such as reducing administrative burdens, improving patient engagement, and enhancing the accuracy of medical diagnoses. 

September 2023 - Oracle has introduced enhancements to its healthcare solutions, including a next-generation cloud-based EHR system, generative AI services, public APIs, and back-office improvements tailored for the healthcare industry. These advancements aim to revolutionize care delivery and streamline operations for healthcare providers. With these cutting-edge features, Oracle continues to demonstrate its commitment to transforming healthcare through innovative technology. 

March 2022- Nokia's SaaS-based Data Marketplace has been chosen by Equideum Health to power its healthcare blockchain solutions. Through this collaboration, Equideum Health will utilize NDM to create a multi-party ecosystem that enables diverse person-centric use cases leveraging advanced data management, data exchange, and blockchain technologies. This partnership aims to provide a secure and efficient way to manage and share healthcare data, promoting better patient outcomes and more informed decision-making. 

February 2020- The UAE's Ministry of Health and Prevention has launched a blockchain platform for securely storing healthcare and pharmaceutical data. The platform was developed in collaboration with various government agencies and health authorities, and will be accessible to users through the ministry's mobile app. The platform allows users to easily search for health facilities, licensed medical professionals, and their areas of expertise. 

Smart Contracts in Healthcare Market Segmentation

Smart Contracts in Healthcare Blockchain Platform Outlook

  • Bitcoin

  • Sidechains

  • NXT

  • Ethereum

Smart Contracts in Healthcare Application Outlook

  • Patient Data Management Electronic Health Records (EHRs)

  • Supply Chain Management

  • Clinical Data Exchange and Interoperability

  • Claims Adjudication And Billing Management

Smart Contracts in Healthcare Regional Outlook

  • North America

  • US

  • Canada

  • Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2022 USD 1.5 billion
Market Size 2023 USD 1.7523 billion
Market Size 2032 USD 6.077795401 billion
Compound Annual Growth Rate (CAGR) 16.26% (2023-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Blockchain Platform, Application, and Region
Geographies Covered North America, Europe, AsiaPacific, and the Rest of the World
Countries Covered The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled IBM Corporation (US), Patientory (US), Factom (US), Proof.Work (UK), SimplyVital Health (US), Gem (US), PokitDok, Inc (US), Hashed Health (US), Chronicled (US), smart data Enterprises (India), iSolve (US), FarmaTrust (UK), Blockpharma (France)
Key Market Opportunities The market's growth is due to increased data breaches in the healthcare sector and increased visibility through technology deployment.
Key Market Dynamics Business growth can be attributed to investments by Tier 1 companies similar to IBM Corporation, SimplyVital Health, and Microsoft Corporation.

Frequently Asked Questions (FAQ) :

The Smart Contracts in Healthcare request size was valued at USD1.5 Billion in 2022.

The market is growing at a CAGR of 1.7523 during the forecast period 2024-2032.

North America witnessed the largest share of the market

The dominant players in the market are IBM Corporation (US), Patientory (US), Factom (US), and Proof. Work (UK), SimplyVital Health (US), Gem (US), PokitDok, Inc (US), Hashed Health (US), Chronicled (US), smartData Enterprises (India), iSolve (US), FarmaTrust (UK), Blockpharma (France).

The Ethereum category dominated the market in 2022.

Patient Data Management Electronic Health Records (EHRs) had the largest market share.

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