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Smart contracts are changing the way the healthcare business works because blockchain technology is becoming more popular. With their terms directly written into code, smart contracts are deals that carry out themselves. They offer an autonomous and safe way to streamline operations in the healthcare environment. One of the main things that drives this business is the rising need for healthcare processes to be open and efficient. Smart contracts let planned actions be carried out automatically when certain conditions are met. This gets rid of the need for middlemen and lowers the chance of mistakes.
The healthcare business has had security problems for a long time. Smart contracts solve this problem by using blockchain's built-in security features. Blockchain, the technology behind smart contracts, keeps a public, unchangeable record that makes data more reliable. This is especially important in healthcare, where keeping patient information safe is very important. Blockchain's immutability means that information recorded on it can't be changed. This makes it a good way to protect the security of medical records and other private patient data.
Another important part of how the market works in smart contracts in the healthcare field is interoperability. Dispersed healthcare systems often make it hard for different groups, like hospitals, clinics, and insurance companies, to share information with each other. By automating the flow of information and deals between different systems, smart contracts can make connectivity go smoothly. This not only makes conversation better, but it also cuts down on the costs of re-entering data and makes sure that the patient record is correct and up to date.
For healthcare professionals, using smart contracts is mostly about cutting costs. Without middlemen, paperwork, and routine checks, smart contracts save a lot of money. This is especially important in an area where costs for administration can be high. Smart contracts make it possible to automate tasks like bills, claims handling, and contract management. This makes operations more efficient and cuts down on administrative costs.
In the healthcare business, following the rules is very important, and smart contracts are a way to do that while keeping up with the changing rules. It is possible to see and check every transaction and exchange recorded in the smart contract, so it is safe and follows the rules.
On the other hand, smart contracts aren't widely used in healthcare because they're hard to use. Many healthcare facilities still use old records and technologies, which makes integration with new systems a big problem. Concerns about blockchain networks' ability to grow and the legal issues that come up when smart contracts are enforced need to be fixed before they can be used more widely.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Blockchain Platform, Application, and Region |
Smart Contracts Healthcare Market Highlights:
Smart Contracts in Healthcare Market Overview
The Smart Contracts in Healthcare Market is projected to grow from USD 2.03 billion in 2024 to USD 6.07 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.64% during the forecast period (2024 - 2032). Additionally, the market size for smart contracts in healthcare was valued at USD 1.75 billion in 2023.
The rise in market growth can be credited to the increased investments made by leading companies like IBM Corporation, simply vital health, and microsoft corporation are the major market drivers enhancing the market growth.
Figure 1: Smart Contracts in Healthcare Market Size, 2023-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Smart Contracts in Healthcare Market Trends
Adoption of smart contracts by government bodies is driving market growth
The public sector is expected to witness a rise in the adoption of smart contracts in the coming years. This can be attributed to government organizations' widespread use of smart contracts worldwide. Smart contracts offer various advantages over traditional contracts, including reduced reliance on human intervention and lower costs associated with contract management. To illustrate, in 2019, the Jurisdiction Task force of the United Kingdom recognized smart contracts as legally binding agreements. Similarly, the Hangzhou Internet Court has integrated smart contracts into its judicial processes. This factor drives the market CAGR.
Additionally, the healthcare industry has experienced an uptick in data breaches, which has resulted in an increase in the market for smart contracts in healthcare. In this sector, healthcare providers and pharmaceutical companies negotiate prices and create a formulary, a list of medications covered by a particular insurance policy. These contracts also ensure that a portion of the co-pay is directly transferred from the customer to the drug manufacturer. Additionally, the market shares in the healthcare industry are substantiated by the emergence of innovative technologies and significant growth in the healthcare IT sector. Furthermore, the market is witnessing growth due to the rising demand for maintaining electronic health records. Thus, driving the Smart Contracts in Healthcare market revenue.
Smart Contracts in Healthcare Market Segment Insights
Smart Contracts in Healthcare Blockchain Platform Insights
Based on the Blockchain Platform, the Smart Contracts in Healthcare market segmentation includes Bitcoin, Sidechains, NXT and Ethereum. The ethereum segment dominated the market because Ethereum is a more flexible and scalable platform than Bitcoin, specifically designed for smart contracts. Ethereum allows inventors to produce custom smart contracts that can be used to automate a variety of healthcare tasks.
Figure 2: Smart Contracts in Healthcare Market, by Blockchain Platform, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Smart Contracts in Healthcare Application Insights
The Smart Contracts in Healthcare request segmentation, grounded on operation, include patient data management, electronic health records (EHRs), supply chain management, clinical data exchange and interoperability, claims adjudication and billing operation. The patient data management electronic health records (EHRs) segment dominated the market because smart contracts can be used to automate patient data management, which can help improve healthcare operations' efficiency and accuracy.
Smart Contracts in Healthcare Regional Insights
The study offers market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Smart Contracts in the Healthcare market in North America are expected to have a dominant position due to the progress in blockchain technology and various government initiatives that promote the adoption of innovative platforms in healthcare, leading to market growth.
The market report also examines the main countries, including the United States, Canada, Germany, France, the United Kingdom, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: SMART CONTRACTS IN HEALTHCARE MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Smart Contracts in Healthcare market is witnessing significant growth in the Smart Contracts sector, securing the second-largest market share. This can be due to the substantial investment in technology development, particularly in blockchain, high-performance computing, and data infrastructure. Notably, the German Smart Contracts in Healthcare market dominates with the largest market share, while the UK Smart Contracts market experiences the highest growth rate in the European region.
The Asia-Pacific Smart Contracts in Healthcare Market is expected to grow at the largest CAGR from 2023 to 2032. This is due to the rising numbers of hospitals and specialty care centers fostering market revenues. Growing research activities. Moreover, China’s Smart Contracts in the Healthcare market held the largest market share, and Indian Smart Contracts in the Healthcare market were the fastest-growing market in the Asia-Pacific region.
Smart Contracts in Healthcare Key Market Players & Competitive Insights
Entrepreneurs are investing heavily in R&D to expand their products to help smart contracts grow further in the healthcare industry. Entrepreneurs are also undertaking various activities to expand their footprint. Key business development activities include new product development, contract deals, joint venture mergers and acquisitions, increased investment and collaboration with other organizations. Smart contracts in the healthcare industry must provide a valuable product to scale and survive in a more competitive and increasingly competitive business environment.
Local manufacturing to reduce operating costs is one of the key business strategies used by smart contract companies in the healthcare industry to benefit customers and business expansion. Smart Contracts in the Healthcare industry have offered some of the most significant advantages. Major players in the Smart Contracts in the healthcare request include IBM Corporation( US), Patientory( US), Factom( US), and Proof. Work( UK), SimplyVital Health( US), Gem( US), PokitDok, Inc( US), Hashed Health( US), told( US), smart Data Enterprises( India), iSolve( US), FarmaTrust( UK), Blockpharma( France), Microsoft Corporation( US), Guardtime( Netherlands), and Medicalchain( UK)., and other companies are trying to meet their business needs by investing in research and development.
International Business Machines Corporation( nicknamed" Big Blue") is an American transnational technology company headquartered in Armonk, New York, with operations in further than 175 countries. IBM allows businesses to keep data secure in a hybrid, multi-cloud environment. We're launching new cloud services designed to help businesses find compliance faster, helping businesses protect data across multiple clouds.
Kadena LLC is a blockchain technology company that provides a high-performance, scalable, secure platform for developing business applications. Blockchain technology provider Kadena LLC has announced the third version of its computer programming language, called Pact 3.0. It was created to secure the construction contract of the blockchain and the implementation of private and public cooperation.
Key Companies in the Smart Contracts in the Healthcare market include
- IBM Corporation (US)
- Patientory (US)
- Factom (US)
- Proof Work (UK)
- SimplyVital Health (US)
- Gem (US)
- PokitDok Inc (US)
- Hashed Health (US)
- Chronicled (US)
Smart Contracts in Healthcare Industry Developments
November 2023, The General Services Administration (GSA) has launched an Artificial Intelligence (AI) Challenge to encourage the development of AI-powered solutions that can improve healthcare outcomes. The challenge focuses on using AI to address some of the most pressing issues in healthcare, such as reducing administrative burdens, improving patient engagement, and enhancing the accuracy of medical diagnoses.
September 2023 - Oracle has introduced enhancements to its healthcare solutions, including a next-generation cloud-based EHR system, generative AI services, public APIs, and back-office improvements tailored for the healthcare industry. These advancements aim to revolutionize care delivery and streamline operations for healthcare providers. With these cutting-edge features, Oracle continues to demonstrate its commitment to transforming healthcare through innovative technology.
March 2022- Nokia's SaaS-based Data Marketplace has been chosen by Equideum Health to power its healthcare blockchain solutions. Through this collaboration, Equideum Health will utilize NDM to create a multi-party ecosystem that enables diverse person-centric use cases leveraging advanced data management, data exchange, and blockchain technologies. This partnership aims to provide a secure and efficient way to manage and share healthcare data, promoting better patient outcomes and more informed decision-making.
February 2020- The UAE's Ministry of Health and Prevention has launched a blockchain platform for securely storing healthcare and pharmaceutical data. The platform was developed in collaboration with various government agencies and health authorities, and will be accessible to users through the ministry's mobile app. The platform allows users to easily search for health facilities, licensed medical professionals, and their areas of expertise.
Smart Contracts in Healthcare Market Segmentation
Smart Contracts in Healthcare Blockchain Platform Outlook
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Bitcoin
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Sidechains
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NXT
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Ethereum
Smart Contracts in Healthcare Application Outlook
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Patient Data Management Electronic Health Records (EHRs)
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Supply Chain Management
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Clinical Data Exchange and Interoperability
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Claims Adjudication And Billing Management
Smart Contracts in Healthcare Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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