Growing use of Smart Contracts across Healthcare Verticals Drives the Market
New York, US, March 15, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Smart Contracts in Healthcare Market By Blockchain Platform, By Application – Forecast till 2030”, The global smart contracts in healthcare market is projected to garner huge gains in the next few years.
The rapidly growing medical device industry would drive the growth of the market. According to Market Research Future (MRFR), the global smart contracts in healthcare market is projected to grow to USD 5.6 billion by 2030, registering a 16.82% CAGR throughout the forecast period (2022-2030).
Global Smart Contracts in Healthcare Market Competitive Analysis
Players leading the global smart contracts in healthcare market include:
- Patientory (US)
- IBM Corporation (US)
- Factom (US)
- SimplyVital Health (US)
- Proof. Work (UK)
- Gem (US)
- Hashed Health (US)
- PokitDok, Inc (US)
- Chronicled (US)
- iSolve (US)
- smartData Enterprises (India)
- FarmaTrust (UK)
- Microsoft Corporation (US)
- Blockpharma (France)
- Guardtime (Netherlands)
- Medicalchain (UK)
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Over recent years, the use of smart contracts in healthcare systems has grown exponentially. Smart contracts are used to track patients’ health information and progress toward their health goals. Patients’ health information gathered from wearable monitoring devices and social media platforms are posted to their Blockchain ledger, adding another layer of usefulness.
Smart contracts and Blockchain technology can also enable medical device manufacturers, suppliers, distributors, and other mediators throughout the value chain to automate, clear, and settle these transactions. These systems witness vast demand from hospitals, pharmaceutical companies, and healthcare providers across the globe.
Smart Contracts in Healthcare Market Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 5.6 Billion |
| CAGR during 2022-2030 | 16.82% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| 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. |
The rapidly growing medical device industry, witnessing increasing numbers of companies and business models combining consumables and equipment usage, has enabled the market to witness constant revenue growth. Smart contracts find applications across the healthcare industry. From insurance to telehealth, smart contracts can improve efficiency in healthcare.
The healthcare sector is immensely benefitted from the widespread implementation of self-executing smart contracts programs. Especially in the case of streamlining laborious manual processes, automating bureaucratic procedures, and growing issues caused by human error, smart contracts are more useful.
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Most healthcare institutions are increasingly relying on highly centralized conventional management systems to handle sensitive tasks such as record keeping, transactions, and correspondences. Though traditional systems can efficiently perform some of the tasks, they are often susceptible to failure due to limited interoperability, vulnerabilities to data corruption, and lack of transparency.
Industry Trends
The emergence of innovative technologies and major growth in the healthcare IT sector substantiate the market shares. The high adoption of healthcare IT solutions to improve healthcare services creates vast market demand. Additionally, the increasing demand for maintaining electronic health records is a major driving force for market growth.
Conversely, the lack of standardization of healthcare protocols and lower budget allocation to hospitals impede the growth of the market. Also, the shortage of in-house IT expertise in hospitals is a major obstacle to market growth. Nevertheless, the rising pressure to improve the quality of healthcare, proactively attract and engage new patients, and ensure financial viability would support the market growth throughout the review period.
Segments
The market is segmented into Blockchain platforms, applications, end-users, and regions. The Blockchain platform segment is bifurcated into Bitcoin, Sidechains, NXT, and Ethereum. The application segment is bifurcated into patient data management, electronic health records (EHRs), supply chain management, clinical data exchange & interoperability, claims adjudication & billing management, and others. The end-user segment is bifurcated into pharmaceutical companies, healthcare providers, healthcare payers, and others. The region segment is bifurcated into the Americas, Asia-Pacific, MEA, Europe, and rest-of-the-world.
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Geographical Analysis
North America leads the global smart contracts in healthcare market. Factors such as the presence of many key technology providers, such as SimplyVital Health, IBM Corporation, and Microsoft Corporation, and increased investments by tier 1 companies drive market growth.
Besides, rising research activities boost the market size, significantly contributing to the development of smart contract solutions in the region. Also, the rising numbers of hospitals and specialty care centers foster market revenues. Growing research activities boost the market size, significantly contributing to the development of smart contract solutions for the healthcare sectors in the region.
Favorable government initiatives, technological advances, and huge investments from healthcare IT industries propel the region’s market shares. Canada and the US are the major markets for smart contracts in healthcare solutions in the region. The region is anticipated to retain its leading position in the smart contracts in healthcare market throughout the assessment period.
Competitive Analysis
The highly competitive smart contracts in healthcare market appears fragmented, with several well-established players forming a competitive landscape. To gain a larger competitive share, brand reinforcement, mergers & acquisitions, and innovation remain popular trends of the key players. The market competition is estimated to grow further due to the expected extensions in products and services. Industry players strive to develop decentralized health technology networks to power smart contracts, transacting secure medical solutions.
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For instance, on Feb.23, 2023, The Defense and Security Accelerator (DASA) and the Cabinet Office or Office for Veterans’ Affairs, the UK, announced that 22 projects had won a fair share of £5 million in funding to develop cutting-edge healthcare technologies for the defense sector. Contracts are awarded to fund innovations that enhance veterans’ healthcare in the UK. These projects are aimed at enabling better future commissioning of treatments.
Secured through DASA’s Themed Competition, Veterans’ Health Innovation Funds will be utilized to advance technologies, interventions, and health treatments to improve the capability to save and enhance lives. Veterans’ Health Innovation Fund will seek innovations to improve the techniques and pathways for meeting the physical and mental health needs of military personnel.
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