Global Healthcare Smart Contracts Market Size USD 8.92 Million By 2030 | CAGR of 21.2%

Introduction

A smart contract is a computer program that runs on a blockchain platform and has predetermined terms. If patient data, insurance details, and data management are digitalized and managed, acceptance of smart contracts may result in financial gains. The decentralized nature of blockchain technology and the additional security benefits it provides for safeguarding patient data may be a sign of a promising healthcare smart contracts market.

Numerous instances of massive data theft have resulted in healthcare organizations deciding to implement the novel approach. The shared ledgers have the potential to provide transparency throughout the transactions and aid in the negotiation of complex claims. Furthermore, purchasing health insurance by patients via smart contracts and eliminating paper contracts can significantly boost market demand. The application of telemedicine to facilitate communication between patients and physicians via mobile devices, such as smartphones, could benefit the market.

Market Dynamics

The adoption of Smart Contracts by Government Bodies and Growing Data Breaches drive the Global Market

Due to the global proliferation of smart contracts among government organizations, it is anticipated that the demand for them within the public sector will rise during the forecast period. Compared to conventional contracts, smart contracts require a great deal less human interaction and significantly lower contract management expenses. There has been an increase in the number of data breaching cases in the healthcare industry. These are prominent drivers behind expanding the global market for smart contracts in healthcare. Healthcare providers and pharmaceutical companies are negotiating prices and compiling a formulary, a list of medications covered by a specific insurance policy. The blockchain has the capability of accepting a smart contract. The blockchain encrypts the contracts, allowing only those with the appropriate authorization to read them. The smart contract between the customer and the drug manufacturer will also ensure that a small portion of the co-pay is transferred directly from the customer to the drug manufacturer.

Regional Analysis

North America holds the largest market share and is anticipated to dominate the global smart contracts in the healthcare market during the forecast period. The market expansion can be attributed to the increased investments of top-tier companies such as IBM, SimplyVital Health, and Microsoft. In addition, research and academic institutions significantly contribute to developing smart contract solutions in the region. During the forecast period, Europe is anticipated to be the market segment for smart contracts in healthcare with the highest growth rate. The expansion of the market is attributable to rising healthcare spending in the developed economies of Western Europe.

Key Highlights

• The global healthcare smart contracts market was valued at USD 1.58 billion in 2021. It is projected to reach USD 8.92 billion by 2030, growing at a CAGR of 21.2% during the forecast period (2022–2030).
• Based on type, the segment is divided into Hyperledger Fabric, Multichain56, Ethereum, and Others. Ethereum has the largest market share of the revenue.
• Based onapplication, the market is segmented into data exchange and interoperability, clinical trials, supply chain management, claims adjudication, and billing management. Supply chain management holds asignificantshare of the market.
• Based on end-user, the market is categorized into healthcare providers, healthcare payers, and drug and medical device companies. The healthcare payer sector demonstrated the highest growth rate
• North America holds the largest market share and is anticipated to dominate the global smart contracts in the healthcare market during the forecast period.

Competitive Players

Competitive Analysis

The global healthcare smart contracts market’s major key players are Hashed Health, iSolve, Patientory, Medical chain, Chronicled, FarmaTrust, SimplyVital Health, The Link Lab, IBM Corporation, Change Healthcare, Microsoft, and Optum.

Recent Developments

Market News

• May 2022- IBM and MBZUAI Joined Forces to Advance AI Research with a New Center of Excellence. Collaboration was focused on three key pillars: Natural Language Processing (NLP), including Arabic, AI applications in the healthcare industry, and sustainability.
• March 2022- IBM gave Control to Businesses for Securing Data in Hybrid, Multicloud Environments. Launched a new cloud service to help enterprises protect data across multiple clouds, designed to help regulated industries demonstrate their compliance faster.

Segmentation

Global Healthcare Smart Contracts Market: Segmentation

By Type

• Hyperledger Fabric
• MultiChain56
• Ethereum
• Others

By Applications

• Data Exchange and Interoperability
• Clinical Trials
• Supply Chain Management
• Claims Adjudication and Billing Management
• Others

By End-User

• Healthcare Provider
• Healthcare Payer
• Drug and Medical Device Companies
• Others

By Regions

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa