The Smart Contracts in Healthcare Market is expected to register a CAGR of 16.82% during the forecast period to reach USD 5.6 Billion by 2030.

Smart Contracts in Healthcare Market Overview

As one of the disruptive technologies, blockchain technology has revolutionized the entire healthcare industry. Current healthcare ecosystem models include many stakeholders that add cost and complexity to the ecosystem. The number of stakeholders involved includes pharmaceutical manufacturers, pharmacy benefit managers (PBMs), healthcare providers, consumers, retail pharmacies, and drug wholesalers. These involved stakeholders add to the complexity of setting drug prices. For example, PBMs negotiate prices with drug manufacturers and pass on reimbursement from health plans, resulting in low drug prices. However, due to the lack of visibility in the transaction process, PBMs earn more profit from drug manufacturers, thereby increasing the overall cost of medicines for patients.
Smart contracts help reduce such hassle and complexity. The shared ledger functionality of the healthcare blockchain provides complete visibility to all stakeholders and allows patients and healthcare providers to negotiate complex bundled claims. Additionally, integrating smart contract solutions with healthcare reduces the claims adjudication process and makes it seamless. It also reduces the complexity of setting drug prices by eliminating middlemen such as PBMs, retail pharmacies, and drug wholesalers.

The Smart Contracts in Healthcare Market has been recently published by Contrive Datum Insights to its huge database which helps to shape the future of businesses by making well-informed business decisions. It offers a comprehensive analysis of various business aspects such as global market trends, recent technological advancements, market size, shares, and new innovations. Furthermore, this analytical data has been compiled through data exploratory techniques such as primary and secondary research. Moreover, an expert team of researchers throws light on various static as well as dynamic aspects of the global Smart Contracts in Healthcare market.

Some of the key players profiled in the study are:

Different leading key players have been profiled to get better insights into the businesses. It offers detailed elaboration on different top-level industries which are functioning in global regions. It includes informative data such as company overview, contact information, and some significant strategies followed by key players:

IBM, ScienceSoft USA Corporation, Blockchain AI Solutions Ltd (FarmaTrust), SmartData Enterprises, ION Medical Safety, Aetsoft Inc., Apriorit, ELEKS, Medicalchain, PokitDok

Industry Development:

In May 2017, PokitDok announced that it had selected The Linux Foundation's Hyperledger Sawtooth as its leading platform for recording DokChain healthcare transactions.

What are the major Applications, Types, and Regions for Smart Contracts in Healthcare Market?

By Blockchain Platform

• Ethereum
• Bitcoin
• NXT
• Sidechains

By End User

• Pharmaceutical Companies
• Healthcare Providers
• Healthcare Payers
• Other End Users

By Application

• Patient Data Management
• Electronic Health Records (EHRS)
• Supply Chain Management
• Clinical Data Exchange and Interoperability

Claims Adjudication and Billing Management

Smart Contracts in Healthcare Market Regional Insights:

Europe dominated the Smart Contracts in the Healthcare market and accounted for the largest revenue share of over 35.0% in 2021. The European Union plans to invest billions of euros in technology development by investing funds in blockchain, high-performance computing, and data infrastructure. North America is expected to hold the second-largest market share during the forecast period. Recent advancements in blockchain technology and numerous government initiatives supporting the acceptance of innovative platforms in healthcare are supporting market growth.

Rising investment in developing technologies in the U.S. healthcare industry further strengthens the market growth. This has proliferated the need for safe, secure, and managed data sharing among companies, hence major players and other healthcare organizations are investing in Smart Contracts in the Healthcare market. In November 2018, Change Healthcare and TIBCO Software announced a partnership to build the first healthcare smart contract system utilizing TIBCO's smart contract development project "Project Dovetail" and Change Healthcare Intelligent Healthcare Network blockchain technology.

Geographically, the global Smart Contracts in Healthcare market have been analyzed in various regions such as North America, Europe, Asia-Pacific, Latin America, Middle East, and India. The global region is dominating this market in the upcoming future.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
  • Denmark
  • Finland
  • Iceland
  • Sweden
  • Norway
  • Belgium
  • The Netherlands
  • Luxembourg
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Benelux Union
• Rest of Europe
• Asia-Pacific
  • Indonesia
  • Thailand
  • Malaysia
  • Singapore
  • Rest of Southeast Asia
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Market Dynamics:

Trend:

Using block-chain technology in health care

In the healthcare industry, the use of block chain technology is a major trend. Smart contracts are one of the block chain-based solutions that healthcare providers are using to make processes like managing medical records, processing claims, and settling payments more efficient and clear.

Driver:

Security and openness are becoming more important.

Concerns about data breaches and privacy issues are growing in the healthcare industry, so more and more people want solutions that are more open and safe. Smart contracts provide a ledger that can't be changed and can't be erased. This can keep healthcare data private and safe.

Cost cutting and improving efficiency

By automating administrative tasks, cutting down on paperwork, and getting rid of the need for middlemen in healthcare processes, smart contracts can help save a lot of money and improve efficiency.

Opportunity:

Getting clinical trials organised

Smart contracts can speed up clinical trials by automating the process of checking if a patient is eligible and if they follow the rules, keeping track of trial data, and settling payments between stakeholders.

Getting better at managing the supply chain

Smart contracts can make the healthcare supply chain more open and efficient by tracking the movement of drugs and medical devices, confirming the authenticity of products, and making sure they meet regulatory requirements.

Smart Contracts in Healthcare Market Report Scope:

Report Attributes	Details
Growth Rate	CAGR of 16.82% from 2022 to 2030.
By Blockchain Platform	Ethereum Bitcoin NXT Sidechains
By End User	Pharmaceutical Companies Healthcare Providers Healthcare Payers Other End Users
By Application	Patient Data Management Electronic Health Records (EHRS) Supply Chain Management Clinical Data Exchange and Interoperability Claims Adjudication and Billing Management
By Companies	IBM, ScienceSoft USA Corporation, Blockchain AI Solutions Ltd (FarmaTrust), SmartData Enterprises, ION Medical Safety, Aetsoft Inc., Apriorit, ELEKS, Medicalchain, PokitDok
Regions and Countries Covered	North America: (US, Canada, Mexico, Rest of North America) Europe(Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe) Asia-Pacific (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific) The Middle East & Africa(Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa) Latin America(Brazil, Argentina, Rest of Latin America) Rest Of the World
Base Year	2022
Historical Year	2017 to 2022
Forecast Year	2023 to 2030

Frequently Asked Questions (FAQ) about the Smart Contracts in Healthcare market:

What is the CAGR of the global Smart Contracts in Healthcare market?

The Smart Contracts in Healthcare Market is growing at a CAGR of 16.82% during the forecast period.

Which region would offer high growth for vendors in the Smart Contracts in Healthcare market?

Europe dominated the Smart Contracts in the Healthcare market and accounted for the largest revenue share of over 35.0% in 2021.

Which Is the Most potential market segment?

By Blockchain Platform

• Ethereum
• Bitcoin
• NXT
• Sidechains

Which are the top industry players in Smart Contracts in Healthcare market?

IBM, ScienceSoft USA Corporation, Blockchain AI Solutions Ltd (FarmaTrust), SmartData Enterprises, ION Medical Safety, Aetsoft Inc., Apriorit, ELEKS, Medicalchain, PokitDok

 

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