Smart Contracts in Healthcare Market Size, Enormous Growth with Recent Trends & Demand by Top Vendors, Industry Size, Future Business Scope Innovation and Expansion in Next Upcoming Year 2027

 



 

Market Scenario:

Smart contracts are programs executed on blockchain platforms on the basis of preset conditions. The digitization of patient data, insurance information, and management of data can be lucrative for smart contracts being accepted. The global Smart Contracts in Healthcare Market Size report by Market Research Future (MRFR) covers latest trends in the industry and projections for growth and revenue for the forecast period (2020-2027). The COVID-19 pandemic and its implications for the market are explained in great detail.

The global Smart Contracts in Healthcare Market Size can sreach USD 208.1 million by 2024. It can register 48.2% CAGR over the forecast period.

The decentralized nature of blockchain technology and its added security benefits for protecting patient data can bode well for the market. Huge cases of data breaches has led to healthcare organizations opting for the nascent solution. The shared ledgers can provide transparency during transactions and help in negotiating complex claims. Moreover, the procurement of health insurance by patients through smart contracts and elimination of signing paper contracts can bolster market demand significantly.

Utilization of telemedicine for allowing communication between patients and doctors through smartphones can favor the market. Smart contracts can provide protection to patient data and store it on the blockchain.

But lack of technical personnel capable of integrating smart contracts in existing systems can hamper market growth.

COVID-19 Analysis

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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Competitive Outlook:

Guardtime, IBM Corporation, Patientory, Chronicled, Proof.Work, SmartData Enterprises, Factom, Gem, Hashed Health, iSolve, SimplyVital Health, Microsoft Corporation, FarmaTrust, Blockpharma, Medicalchain, and PokitDok, Inc are key players in the global smart contracts in healthcare market. Collaborations, agreements, and partnerships are major strategies of these companies.

Segmentation:

Ethereum to be the Leading Blockchain Platform

Ethereum is expected to be the leading blockchain platform in the smart contracts in healthcare market. This is attributed to execution of smart contracts on virtual machines. Its application in running comparisons of interactions between drugs and genes and storage of data in an efficient manner. 

Supply Chain Management to be Pivotal Application

Supply chain management is expected to capture a large market share owing to the transparency provided by the platform in all steps in the value chain. This is exemplified by the use of blockchain networks by Chronicled, a U.S. company, for ensuring the safe arrival and departure of goods as well as use of law enforcement to check for suspicious activity.

Pharmaceutical Companies to be Biggest End-user 

Pharmaceutical companies are expected to be the biggest end-user owing to stringent government laws in preventing sale of fraudulent medicines and tracing of medical goods.

 

Regional Analysis:

North America Touted to Dominate Global Market

North America is touted to dominate the global smart contracts in healthcare market owing to increasing digitization in the healthcare sector and a large healthcare budget by the U.S. Protection of patient data and assurance of seamless transactions are two major points driving regional market growth

Industry News

Ripple has announced the use of Federated Sidechains to keep its XRL Ledger lean enough to accept payments as well as accept user requests for smart contracts. The new feature can incorporate functionalities and issue tokens between chains.

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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

Continued….

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About Market Research Future:

Market Research Future (MRFR) has created a niche in the world of market research. It is counted among the top market research companies that offer well-researched and updated market research reports and insights to businesses of all sizes. What sets us apart is our super-responsive team that offers quality work keeping clients abridged of the prospective challenges and opportunities in various markets. Our team is adept in their space as well as patiently listens to every client.

The best part is they know their work inside out and possess the expertise to guide the client in the right direction and achieve results on a tight deadline. We are a one-stop solution for all your data research needs. Our team does not believe in the “one size fits all” approach to creating a report that is detailed and concise. We handle 13 industry verticals including Healthcare, Chemicals and Materials, Information and Communications Technology, Semiconductor and Electronics, Energy and Power, Food, Beverages & Nutrition, Automobile, Consumer and Retail, Aerospace and Defense, Industrial Automation and Equipment, Packaging & Transport, Construction, and Agriculture. With our unique approach for every market report, we aim to reach the zenith in qualitative business intelligence and syndicated market research.

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