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. 
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 |
|
| 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