The global Smart Contracts For Healthcare Market is likely to grow at a healthy 48.2% CAGR in the forecast period 2020- 2027, according to the latest Market Research Future (MRFR) analysis. Though smart contracts possess the potential of benefitting any sector, it is extremely helpful in the healthcare industry. Managing patients’ data, records, and health information has become a huge task for most practitioners. Besides, there has been an increase in fraud cases owing to the vulnerability of the outdated systems that are currently in use. These issues cannot be solved alone by practitioners. It is here where smart contracts acts as a savior. The three ways in which smart contracts are used in the healthcare industry include health insurance, health records, and telemedicine.
Various factors are fuelling the global smart contracts in healthcare market share. As per the recent MRFR market estimates, such factors include the increase in data breaching cases in the healthcare industry, improved visibility offered by distributed ledger technology, increase in threat of forged medicines in the pharmaceutical industry, increasing popularity of Blockchain technology, growing awareness of its different benefits such as transparency and accuracy, secure, time-saving, and cost-effective, supportive government initiatives, and increasing use for scalable and secure COVID-19 diagnostics and data management.
On the contrary, lack of systems integration capabilities and lack of technical expertise associated with smart contracts in healthcare may limit the global smart contracts in healthcare market growth in the forecast period.
The COVID-19 pandemic has proven to be a valid testing ground for all digital technologies as blockchain aims to provide an additional moat of security to healthcare organizations. Smart contracts can be used in providing solutions for COVID-19 testing and data management. The ability to attain the right data from state agencies, insurance companies, and health clinics to get insurance and provide the right equipment to patients in time constraints can be achieved rapidly.
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The notable players profiled in the global smart contracts in healthcare market report include Medicalchain (UK), Guardtime (Netherlands), Microsoft Corporation (US), Blockpharma (France), FarmaTrust (UK), iSolve (US), smartData Enterprises (India), Chronicled (US), Hashed Health (US), PokitDok, Inc (US), Gem (US), SimplyVital Health (US), Proof.Work (UK), Factom (US), Patientory (US), and IBM Corporation (US), among others.
The MRFR report throws light on an inclusive segmental analysis of the global smart contracts in healthcare market based on end user, blockchain platform, and application.
By blockchain platform, the global smart contracts in healthcare market is segmented into ethereum, NXT, sidechains, and bitcoin. Of these, the ethereum segment will lead the market over the forecast period.
By application, the global smart contracts in healthcare market is segmented into claims adjudication & billing management, supply chain management, clinical data exchange & interoperability, electronic health records, patient data management, and others. Of these, the supply chain management segment will dominate the market over the forecast period for the rise in cases of forged medicines.
By end user, the global smart contracts in healthcare market is segmented into healthcare payers, healthcare providers, pharmaceutical companies, and others. Of these, the pharmaceutical companies will spearhead the market over the forecast period.
By region, the global smart contracts in healthcare market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), South America, North America, and the Middle East and Africa (MEA). Of these, North America will sway the market over the forecast period. Increased investment by tier 1 companies, research and academic institutions contributing significantly to develop smart contract solutions, increased backing by the trade bodies and government, the robust marketing activities by contenders, the presence of leading players that are investing capital and fortifying their assets along with their competencies, and increase in focus in R&D activities are adding to the global smart contracts in healthcare market growth in the region.
In Europe, the global smart contracts in healthcare market is predicted to hold the second-largest share over the forecast period for the increase in healthcare expenditure in Western Europe’s developed economies.
In the APAC region, the global smart contracts in healthcare market is predicted to have promising growth in the forecast period for the rising government initiatives to promote the perks of smart contracts in the healthcare market.
In Rest of the World, the global smart contracts in healthcare market is predicted to have steady growth over the forecast period.
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Table of Contents:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
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