Smart Contracts In Healthcare Market Growth, Industry Analysis, Deployment, Latest Innovations
Market Synopsis
The global market for smart contracts in the healthcare was valued at USD 15.8 million in 2020; it is expected to register a CAGR of 48.2% during the forecast period to reach USD 208.1 Million by 2026. 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 Players
The noteworthy players in the smart contracts in the healthcare market are Patientory (US), Factom (US), Proof.Work (UK), SimplyVital Health (US), Guardtime (Netherlands), FarmaTrust (UK), Gem (US), PokitDok, Inc (US), Microsoft Corporation (US), IBM Corporation (US), Chronicled (US), smartData Enterprises (India), Hashed Health (US), iSolve (US), Blockpharma (France), and Medicalchain (UK).
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Smart Contracts in Healthcare Market -Overview
The dynamic nature of blockchain has created a favorable niche for smart contracts in the healthcare market 2020. The semiconductors and electronics industry reports are created by Market Research Future, which centers on market choices for expansion. A CAGR of 48.2 % is expected to lead to income level, such as USD 208.1 Million by 2024.
The participation of stakeholders is estimated to guide the development of smart contracts in the healthcare market in the upcoming period. The need to reduce hassles and complexity in the medical and pharmaceutical sector is anticipated to boost the smart contracts in the healthcare market in the approaching years.
Segmental Analysis
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.
Detailed Regional AnalysisÂ
The regional assessment of the Smart Contracts in Healthcare Market has been segmented into the Middle East, North America, Europe, Asia-Pacific, Africa, and South America.
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 2020 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.
Industry Updates:
Oct 2019 IBM was selected by smart contract supplier Proof of Trust to create a multi-platform blockchain application for undecided resolution and smart contract validation. The smart contracts are digitally encoded agreements that are routinely implemented when certain circumstances are met. The automated process eliminates the need for mediators and intermediaries.
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LIST OF TABLES
Table 1 Global Smart Contracts In Healthcare Market, By Region, 2019–2024
Table 2 North America: Smart Contracts In Healthcare Market, By Country, 2019–2024
Table 3 Europe: Smart Contracts In Healthcare Market, By Country, 2019–2024
Table 4 Asia-Pacific: Smart Contracts In Healthcare Market, By Country, 2019–2024
Table 5 Middle East & Africa: Smart Contracts In Healthcare Market, By Country, 2019–2024
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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 %)
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