Smart Contracts in Healthcare Market Research Report - Global Forecast till 2027

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 2027

ID: MRFR/ICT/6602-HCR | February 2021 | Region: Global | 111 pages

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 48.2% during the forecast period to reach USD 208.1 Million by 2024. 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

  • USD 15.8 Million (2018)
  • USD 208.1 Million (2024)
  •   CAGR   48.2% (2018-2024)
      Base Year   2019
      Forecast Period   2020-2027
      Historical Data   2018
      Forecast Units   Value (USD Million)
      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


    Frequently Asked Questions (FAQ) :


    The smart contracts in healthcare market can thrive at 48.2% CAGR by 2024.

    The smart contracts in healthcare market can value at USD 208.1 Mn by 2023.

    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.

    Table of Contents

    1 Executive Summary

    1.1 Market Attractiveness Analysis

    1.1.1 Global Smart Contracts in Healthcare Market, by Blockchain Platform

    1.1.2 Global Smart Contracts in Healthcare Market, by Application

    1.1.3 Global Smart Contracts in Healthcare Market, by End user

    1.1.4 Smart Contracts in Healthcare Market, by Region

    2 Scope of the Report

    2.1 Market Definition

    2.2 Scope of the Study

    2.3 Market Structure

    3 Market Research Methodology

    3.1 Research Process

    3.2 Primary Research

    3.3 Secondary Research

    3.4 Market Size Estimation

    3.5 Forecast Model

    3.6 List of Assumptions

    4 Market Insights

    5 Industry Overview of the Global Smart Contracts in Healthcare Market

    5.1 Introduction

    5.2 Drivers

    5.2.1 Drivers: Impact Analysis

    5.3 Restraints

    5.2.2 Restraints: Impact Analysis

    5.4 Opportunities

    6 Market Factor Analysis

    6.1 Porter’s Five Forces Analysis

    6.1.1 Threat of New Entrants

    6.1.2 Bargaining Power of Suppliers

    6.1.3 Bargaining Power of Buyers

    6.1.4 Threat of Substitutes

    6.1.4 Intensity of Rivalry

    6.2 Value Chain/Supply Chain of the Global Smart Contracts in Healthcare Market

    7. Global Smart Contracts in Healthcare Market, by Blockchain Platform

    7.1 Introduction

    7.2 Ethereum

    7.2.1 Market Estimates & Forecast, 2020–2027

    7.2.2 Market Estimates & Forecast, by Region, 2020–2027

    7.3 Bitcoin

    7.3.1 Market Estimates & Forecast, 2020–2027

    7.3.2 Market Estimates & Forecast, by Region, 2020–2027

    7.4 NXT

    7.4.1 Market Estimates & Forecast, 2020–2027

    7.4.2 Market Estimates & Forecast, by Region, 2020–2027

    7.5 Sidechains

    7.5.1 Market Estimates & Forecast, 2020–2027

    7.5.2 Market Estimates & Forecast, by Region, 2020–2027

    8. Global Smart Contracts in Healthcare Market, by End user

    8.1 Introduction

    8.2 Pharmaceutical Companies

    8.2.1 Market Estimates & Forecast, 2020–2027

    8.2.2 Market Estimates & Forecast, by Region, 2020–2027

    8.3 Healthcare Providers

    8.3.1 Market Estimates & Forecast, 2020–2027

    8.3.2 Market Estimates & Forecast, by Region, 2020–2027

    8.4 Healthcare Payers

    8.4.1 Market Estimates & Forecast, 2020–2027

    8.4.2 Market Estimates & Forecast, by Region, 2020–2027

    8.5 Other End Users

    8.5.1 Market Estimates & Forecast, 2020–2027

    8.5.2 Market Estimates & Forecast, by Region, 2020–2027

    9. Global Smart Contracts in Healthcare Market, by Application

    9.1 Introduction

    9.2 Patient Data Management

    9.2.1 Market Estimates & Forecast, 2020–2027

    9.2.2 Market Estimates & Forecast, by Region, 2020–2027

    9.3 Electronic Health Records (EHRS)

    9.3.1 Market Estimates & Forecast, 2020–2027

    9.3.2 Market Estimates & Forecast, by Region, 2020–2027

    9.4 Supply Chain Management

    9.4.1 Market Estimates & Forecast, 2020–2027

    9.4.2 Market Estimates & Forecast, by Region, 2020–2027

    9.5 Clinical Data Exchange and Interoperability

    9.5.1 Market Estimates & Forecast, 2020–2027

    9.5.2 Market Estimates & Forecast, by Region, 2020–2027

    9.6 Claims Adjudication and Billing Management

    9.6.1 Market Estimates & Forecast, 2020–2027

    9.6.2 Market Estimates & Forecast, by Region, 2020–2027

    9.7 Others

    9.7.1 Market Estimates & Forecast, 2020–2027

    9.7.2 Market Estimates & Forecast, by Region, 2020–2027

    10. Global Smart Contracts in Healthcare Market, by Region

    10.1 Introduction

    10.2 North America

    10.2.1 Market Estimates & Forecast, by Country, 2020–2027

    10.2.2 Market Estimates & Forecast, by Blockchain Platform, 2020–2027

    10.2.3 Market Estimates & Forecast, by Application, 2020–2027

    10.2.4 Market Estimates & Forecast, by End user, 2020–2027

    10.2.5 US

    10.2.5.1 Market Estimates & Forecast, 2020–2027

    10.2.5.2 Market Estimates & Forecast, by Blockchain Platform, 2020–2027

    10.2.5.3 Market Estimates & Forecast, by Application, 2020–2027

    10.2.5.4 Market Estimates & Forecast, by End user, 2020–2027

    10.2.6 Canada

    10.2.6.1 Market Estimates & Forecast, 2020–2027

    10.2.6.2 Market Estimates & Forecast, by Blockchain Platform, 2020–2027

    10.2.6.3 Market Estimates & Forecast, by Application, 2020–2027

    10.2.6.4 Market Estimates & Forecast, by End user, 2020–2027

    10.2.7 Mexico

    10.2.7.1 Market Estimates & Forecast, 2020–2027

    10.2.7.2 Market Estimates & Forecast, by Blockchain Platform, 2020–2027

    10.2.7.3 Market Estimates & Forecast, by Application, 2020–2027

    10.2.7.4 Market Estimates & Forecast, by End user, 2020–2027

    10.3 Europe

    10.3.1 Market Estimates & Forecast, by Country, 2020–2027

    10.3.2 Market Estimates & Forecast, by Blockchain Platform, 2020–2027

    10.3.3 Market Estimates & Forecast, by Application, 2020–2027

    10.3.4 Market Estimates & Forecast, by End user, 2020–2027

    10.3.5 Germany

    10.3.5.1 Market Estimates & Forecast, 2020–2027

    10.3.5.2 Market Estimates & Forecast, by Blockchain Platform, 2020–2027

    10.3.5.3 Market Estimates & Forecast, by Application, 2020–2027

    10.3.5.4 Market Estimates & Forecast, by End user, 2020–2027

    10.3.6 France

    10.3.6.1 Market Estimates & Forecast, 2020–2027

    10.3.6.2 Market Estimates & Forecast, by Blockchain Platform, 2020–2027

    10.3.6.3 Market Estimates & Forecast, by Application, 2020–2027

    10.3.6.4 Market Estimates & Forecast, by End user, 2020–2027

    10.3.7 UK

    10.3.7.1 Market Estimates & Forecast, 2020–2027

    10.3.7.2 Market Estimates & Forecast, by Blockchain Platform, 2020–2027

    10.3.7.3 Market Estimates & Forecast, by Application, 2020–2027

    10.3.7.4 Market Estimates & Forecast, by End user, 2020–2027

    10.3.8 Rest of Europe

    10.3.8.1 Market Estimates & Forecast, 2020–2027

    10.3.8.2 Market Estimates & Forecast, by Blockchain Platform, 2020–2027

    10.3.8.3 Market Estimates & Forecast, by Application, 2020–2027

    10.3.8.4 Market Estimates & Forecast, by End user, 2020–2027

    10.4 Asia-Pacific

    10.4.1 Market Estimates & Forecast, by Country, 2020–2027

    10.4.2 Market Estimates & Forecast, by Blockchain Platform, 2020–2027

    10.4.3 Market Estimates & Forecast, by Application, 2020–2027

    10.4.4 Market Estimates & Forecast, by End user, 2020–2027

    10.4.5 China

    10.4.5.1 Market Estimates & Forecast, 2020–2027

    10.4.5.2 Market Estimates & Forecast, by Blockchain Platform, 2020–2027

    10.4.5.3 Market Estimates & Forecast, by Application, 2020–2027

    10.4.5.4 Market Estimates & Forecast, by End user, 2020–2027

    10.4.6 India

    10.4.6.1 Market Estimates & Forecast, 2020–2027

    10.4.6.2 Market Estimates & Forecast, by Blockchain Platform, 2020–2027

    10.4.6.3 Market Estimates & Forecast, by Application, 2020–2027

    10.4.6.4 Market Estimates & Forecast, by End user, 2020–2027

    10.4.7 Japan

    10.4.7.1 Market Estimates & Forecast, 2020–2027

    10.4.7.2 Market Estimates & Forecast, by Blockchain Platform, 2020–2027

    10.4.7.3 Market Estimates & Forecast, by Application, 2020–2027

    10.4.7.4 Market Estimates & Forecast, by End user, 2020–2027

    10.4.8 Rest of Asia-Pacific

    10.4.8.1 Market Estimates & Forecast, 2020–2027

    10.4.8.2 Market Estimates & Forecast, by Blockchain Platform, 2020–2027

    10.4.8.3 Market Estimates & Forecast, by Application, 2020–2027

    10.4.8.4 Market Estimates & Forecast, by End user, 2020–2027

    10.5 Middle East & Africa

    10.5.1 Market Estimates & Forecast, by Blockchain Platform, 2020–2027

    10.5.2 Market Estimates & Forecast, by Application, 2020–2027

    10.5.3 Market Estimates & Forecast, by End user, 2020–2027

    10.6 South America

    10.6.1 Market Estimates & Forecast, by Blockchain Platform, 2020–2027

    10.6.2 Market Estimates & Forecast, by Application, 2020–2027

    10.6.3 Market Estimates & Forecast, by End user, 2020–2027

    11. Company Landscape

    11.1 Competitive Overview

    11.2 Competitor Dashboard

    11.3 Major Growth Strategies in the Global Smart Contracts in Healthcare Market

    11.4 Competitive Benchmarking

    11.5 Vendor Share Analysis

    11.6 XXXX: The leading player in terms of number of developments in the Global Smart Contracts in Healthcare Market

    11.7 Key Developments & Growth Strategies

    11.7.1 Product Launches/Service Deployment

    11.7.2 Mergers & Acquisitions

    11.7.3 Joint Ventures

    11.7.4 Business Expansion

    12. Company Profiles

    12.1 IBM Corporation.

    12.1.1 Company Overview

    12.1.2 Product/Business Segment Overview

    12.1.3 Financial Updates

    12.1.4 Key Developments

    12.1.5 Key Strategies

    12.2 Patientory.

    12.2.1 Company Overview

    12.2.2 Product/Business Segment Overview

    12.2.3 Financial Updates

    12.2.4 Key Developments

    12.2.5 Key Strategies

    12.3 Factom.

    12.3.1 Company Overview

    12.3.2 Product/Business Segment Overview

    12.3.3 Financial Updates

    12.3.4 Key Developments

    12.3.5 Key Strategies

    12.4 Proof.Work.

    12.4.1 Company Overview

    12.4.2 Product/Business Segment Overview

    12.4.3 Financial Updates

    12.4.4 Key Developments

    12.4.5 Key Strategies

    12.5 SimplyVital Health

    12.5.1 Company Overview

    12.5.2 Product/Business Segment Overview

    12.5.3 Financial Updates

    12.5.4 Key Developments

    12.5.5 Key Strategies

    12.6 Gem

    12.6.1 Company Overview

    12.6.2 Product/Business Segment Overview

    12.6.3 Financial Updates

    12.6.4 Key Developments

    12.6.5 Key Strategies

    12.7 PokitDok, Inc

    12.7.1 Company Overview

    12.7.2 Product/Business Segment Overview

    12.7.3 Financial Updates

    12.7.4 Key Developments

    12.7.5 Key Strategies

    12.8 Hashed Health

    12.8.1 Company Overview

    12.8.2 Product/Business Segment Overview

    12.8.3 Financial Updates

    12.8.4 Key Developments

    12.8.5 Key Strategies

    12.9 Chronicled

    12.9.1 Company Overview

    12.9.2 Product/Business Segment Overview

    12.9.3 Financial Updates

    12.9.4 Key Developments

    12.9.5 Key Strategies

    12.10 smartData Enterprises.

    12.10.1 Company Overview

    12.10.2 Product/Business Segment Overview

    12.10.3 Financial Updates

    12.10.4 Key Developments

    12.10.5 Key Strategies

    12.11 iSolve

    12.11.1 Company Overview

    12.11.2 Product/Business Segment Overview

    12.11.3 Financial Updates

    12.11.4 Key Developments

    12.11.5 Key Strategies

    12.12 FarmaTrust

    12.12.1 Company Overview

    12.12.2 Product/Business Segment Overview

    12.12.3 Financial Updates

    12.12.4 Key Developments

    12.12.5 Key Strategies

    12.13 Blockpharma

    12.13.1 Company Overview

    12.13.2 Product/Business Segment Overview

    12.13.3 Financial Updates

    12.13.4 Key Developments

    12.13.5 Key Strategies

    12.14 Microsoft Corporation

    12.14.1 Company Overview

    12.14.2 Product/Business Segment Overview

    12.14.3 Financial Updates

    12.14.4 Key Developments

    12.14.5 Key Strategies

    12.15 Guardtime

    12.15.1 Company Overview

    12.15.2 Product/Business Segment Overview

    12.15.3 Financial Updates

    12.15.4 Key Developments

    12.15.5 Key Strategies

    12.16 Medicalchain

    12.16.1 Company Overview

    12.16.2 Product/Business Segment Overview

    12.16.3 Financial Updates

    12.16.4 Key Developments

    12.16.5 Key Strategies

    LIST OF TABLES

    Table 1 Global Smart Contracts in Healthcare Market, by Region, 2020–2027

    Table 2 North America: Smart Contracts in Healthcare Market, by Country, 2020–2027

    Table 3 Europe: Smart Contracts in Healthcare Market, by Country, 2020–2027

    Table 4 Asia-Pacific: Smart Contracts in Healthcare Market, by Country, 2020–2027

    Table 5 Middle East & Africa: Smart Contracts in Healthcare Market, by Country, 2020–2027

    Table 6 South America: Smart Contracts in Healthcare Market, by Country, 2020–2027

    Table 7 Global Smart Contracts in Healthcare Blockchain Platform Market, by Region, 2020–2027

    Table 8 North America: Smart Contracts in Healthcare Blockchain Platform Market, by Country, 2020–2027

    Table 9 Europe: Smart Contracts in Healthcare Blockchain Platform Market, by Country, 2020–2027

    Table10 Asia-Pacific: Smart Contracts in Healthcare Blockchain Platform Market, by Country, 2020–2027

    Table11 Middle East & Africa: Smart Contracts in Healthcare Blockchain Platform Market, by Country, 2020–2027

    Table12 South America: Smart Contracts in Healthcare Blockchain Platform Market, by Country, 2020–2027

    Table13 Global Smart Contracts in Healthcare Application Market, by Region, 2020–2027

    Table14 North America: Smart Contracts in Healthcare Application Market, by Country, 2020–2027

    Table15 Europe: Smart Contracts in Healthcare Application Market, by Country, 2020–2027

    Table16 Asia-Pacific: Smart Contracts in Healthcare Application Market, by Country, 2020–2027

    Table17 Middle East & Africa: Smart Contracts in Healthcare Application Market, by Country, 2020–2027

    Table18 South America: Smart Contracts in Healthcare Application Market, by Country, 2020–2027

    Table19 Global Smart Contracts in Healthcare End user Market, by Region, 2020–2027

    Table20 North America: Smart Contracts in Healthcare End user Market, by Country, 2020–2027

    Table21 Europe: Smart Contracts in Healthcare End user Market, by Country, 2020–2027

    Table22 Asia-Pacific: Smart Contracts in Healthcare End user Market, by Country, 2020–2027

    Table23 Middle East & Africa: Smart Contracts in Healthcare End user Market, by Country, 2020–2027

    Table24 South America: Smart Contracts in Healthcare End user Market, by Country, 2020–2027

    LIST OF FIGURES

    FIGURE 1 Global Smart Contracts in Healthcare Market Segmentation

    FIGURE 2 Forecast Methodology

    FIGURE 3 Porter’s Five Forces Analysis of the Global Smart Contracts in Healthcare Market

    FIGURE 4 Value Chain of the Global Smart Contracts in Healthcare Market

    FIGURE 5 Share of the Global Smart Contracts in Healthcare Market, by Country, 2020 (in %)

    FIGURE 6 Global Smart Contracts in Healthcare Market, 2020–2027

    FIGURE 7 Sub-Segments of Type

    FIGURE 8 Global Smart Contracts in Healthcare Market Size, by Blockchain Platform, 2020

    FIGURE 9 Share of the Global Smart Contracts in Healthcare Market, by Blockchain Platform, 2020–2027

    FIGURE 10 Global Smart Contracts in Healthcare Market Size, by Application, 2020

    FIGURE 11 Share of Global Smart Contracts in Healthcare Market, by Application, 2020–2027

    FIGURE 12 Global Smart Contracts in Healthcare Market Size, by End user, 2020–2027

    FIGURE 13 Share of Global Smart Contracts in Healthcare Market, by End user 2020–2027