Smart Contracts in Healthcare Market Research Report - Global Forecast till 2030

Global Smart Contracts in Healthcare Market Research Report: 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) - Forecast till 2030

ID: MRFR/ICT/6602-HCR | February 2023 | Region: Global | 111 Pages         

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Smart Contracts in Healthcare Market

The smart contracts in the healthcare market was valued at USD 15.8 million in 2018; it is expected to register a CAGR of 16.82% during the forecast period to reach USD 5.6 Billion by 2030.
Market Size
CAGR
Dominating Region
Forecast Period
$ 5.6 Billion
16.82%
North America
2022-2030
Segmentation
By Blockchain Platform
By Application
  • Bitcoin
  • Sidechains
  • NXT and Ethereum
  • Patient Data Management
  • Electronic Health Records (EHRs)
  • Supply Chain Management
  • Clinical Data Exchange and Interoperability
  • Claims Adjudication And Billing Management)
Companies Profiled
Key Players
IBM Corporation (US)
Patientory (US)
Factom (US)
Proof.Work (UK)
SimplyVital Health (US)
Gem (US)
PokitDok Inc (US)
Hashed Health (US)
Chronicled (US)
Market Driving Forces
Drivers
The market growth can be attributed to the increased investment by tier 1 companies such as IBM Corporation
SimplyVital Health
and Microsoft Corporation
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Smart Contracts in Healthcare Market Synopsis:


The market for smart contracts in the healthcare was valued at USD 15.8 million in 2018; it is expected to register a CAGR of 16.82% during the forecast period to reach USD 5.6 Billion by 2030. The market growth is attributed to the surge in data breaching cases in the healthcare industry, enhanced visibility offered by distributed ledger technology, and surge in threat of forged medicines in the pharmaceutical industry.

Blockchain technology, being one of the disruptive technologies, has revolutionized the entire healthcare industry. The current healthcare ecosystem model includes a number of stakeholders that add cost and complexity to the ecosystem. The number of participating stakeholders include pharma manufacturers, pharmacy benefits managers (PBMs), healthcare providers, consumers, retail pharmacies, and drug wholesalers. These participating stakeholders increase the complexity of setting up the prices of medicines. For instance, PBMs negotiate the price with drug manufacturers and pass on the reimbursement of health plans which results in low prices of medicines. However, due to the lack of visibility in the transaction process, PBMs earn more profit from the drug manufacturers that increases the overall cost of medicines for the patients.


Smart contracts help to reduce such hassles and complexity. The shared ledger capability of a healthcare blockchain offers complete visibility to all stakeholders and allow patients and healthcare providers to negotiate complex bundle claims. Additionally, integrating smart contracts solution with healthcare reduces the claims adjudication process, making it seamless. It also eliminates middlemen such as PBMs, retail pharmacies, and drug wholesalers that in turn reduces the complexity of setting up the prices of drugs.


On the other hand, lack of systems integration capabilities and technical expertise associated with smart contracts in healthcare are some of the challenging factors that can hinder the growth of the smart contracts in healthcare market over the next few years.


Smart Contracts in Healthcare Market Key Players:Some of the key players in the global smart contracts in 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), smartData Enterprises (India), iSolve (US), FarmaTrust (UK), Blockpharma (France), Microsoft Corporation (US), Guardtime (Netherlands), and Medicalchain (UK).


The key strategies adopted by most players are partnerships, agreements, collaborations, and the development and launch of new solutions to gain a significant market share in the smart contracts in healthcare market during the forecast period.


Some of the startups and academic institutions that are also contributing in the smart contracts in healthcare market include MedRec (US), MediLedger (US), SimplyVital Health(US), Robomed Network (US), and others.  Smart Contracts in Healthcare Market_Image


Source: MRFR Analysis


Smart Contracts in Healthcare Market Segmentation:The global smart contracts in the healthcare market has been segmented based on application, blockchain platform, end user, and region.

  • By blockchain platform, the smart contracts in the healthcare market has been divided into Bitcoin, Sidechains, NXT, and Ethereum. By application, it has been categorized into patient data management, electronic health records (EHRs), supply chain management, clinical data exchange and interoperability, claims adjudication and billing management, and others.

  • Based on end user, the global smart contracts in the healthcare market has been split into pharmaceutical companies, healthcare providers, healthcare payers, and other end users.


Smart Contracts in Healthcare Market Regional Analysis:Geographically, the global smart contracts in the healthcare market has been categorized into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.


North America accounted for the largest market share in 2018 and expected to dominate the global smart contracts in healthcare market during the forecast period. The market growth can be attributed to the increased investment by tier 1 companies such as IBM Corporation, SimplyVital Health, and Microsoft Corporation. Additionally, the research and academic institutions are also contributing significantly to the development of smart contracts solutions in the region.


Europe is expected to be the fastest-growing segment in the smart contracts in healthcare market during the assessment period. The market growth is attributed to increase in healthcare expenditure in the developed economies of Western Europe.


Smart Contracts in Healthcare Market Competitive Analysis:The vendors operating in the smart contracts in healthcare are mainly from the US. The market is niche and players operating this market are in R& D phase where they are working with technologies like artificial intelligence to provide new platforms, products, and solutions in a seamless and cost-effective manner.


Key Developments:



  • In January 2019, CortexLabs.ai, a provider of blockchain technology, partially launched an AI-based blockchain technology named AI Smart Contract TestNet. The new application is built to provide an AI platform and complete toolkit for developers and researchers. This platform allows end users to upload their AI models and integrate them with smart contracts on the blockchain.



  • In June 2019, Kadena LLC, a provider of blockchain technology, launched the third version of its native computer programming language named Pact 3.0. It is developed to provide secured smart contract development on the blockchain and its execution between private and public networks.


Intended Audience:



  • Smart Contracts in Healthcare solutions providers

  • Government agencies

  • Blockchain technology vendors

  • Network solution providers

  • Independent software vendors

  • Payment gateway providers

  • Value-added resellers

  • Blockchain security providers

  • Infrastructure and protocol providers

  • Venture capitalists and start-ups

  • Healthcare blockchain end users

  • Business research and consulting firms



Report Scope:

Report Attribute/Metric Details
  Market Size   5.6 Billion by 2030
  CAGR   16.82% CAGR from 2022-2030
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2018-2022
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   by Blockchain Platform, by Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   IBM Corporation (US), Patientory (US), Factom (US), 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), Microsoft Corporation (US), Guardtime (Netherlands), and Medicalchain (UK).
  Key Market Opportunities   The market growth is attributed to the surge in data breaching cases in the healthcare industry, enhanced visibility offered by distributed ledger technology, and surge in threat of forged medicines in the pharmaceutical industry.
  Key Market Drivers   The market growth can be attributed to the increased investment by tier 1 companies such as IBM Corporation, SimplyVital Health, and Microsoft Corporation


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Frequently Asked Questions (FAQ) :

The smart contracts in healthcare market can thrive at 16.82% CAGR by 2030.

The smart contracts in healthcare market can value at USD 5.6 Billion by 2030.

Microsoft Corporation (US), Blockpharma (France), Medicalchain (UK), and Guardtime (Netherlands) are some reputed names in the smart contracts in healthcare market.

Sidechains, Bitcoin, Ethereum, and NXT, and are segments of the global smart contracts in healthcare market based on blockchain platform.

MRFR findings reveal that the North America smart contracts in healthcare market can hold the grand share of the global market.