Healthcare Smart Contracts Industry Overview
The global healthcare smart contracts market size was valued at USD 1.6 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 20.5% from 2022 to 2030. Increased application of the blockchain technology in healthcare is anticipated to augment the demand for smart contracts in healthcare industry. The existing competencies of the healthcare industry are further improved by the introduction of modern and novel computer technologies comprising smart contracts. Healthcare organizations suffer from an inability to securely share data across platforms. Better data collaboration amongst providers could ultimately mean more effective treatments, more precise diagnoses, and more cost cost-effective care. Smart contracts play the role of rule as code-free with the advantages of automating platforms and reducing human control of platforms. Thus, it makes work simpler and cheaper for humans as well as for organizations which, in turn, contributes to market growth.
The COVID-19 Pandemic has shattered the financial system globally which exposing age-old cracks within supply chain systems. The pandemic has adversely affected facets of human life and various sectors, particularly the health sector. Healthcare systems are overwhelmed, with scientists and entrepreneurs scurrying to the help of all. Such conditions headed to the creation of new patterns of life that individuals have had to deal with to ease the spread of the pandemic by committing to social distancing, and others. Hence, technological organizations and governments had to take advantage of technological developments in the current era to overcome these challenges. Besides, Blockchain was identified as a critical infrastructure service under the COVID 19 guidelines by the U.S. government.
Gather more insights about the market drivers, restrains and growth of the Global Healthcare Smart Contracts market
Besides, the advent and rapid spread of the COVID-19 pandemic have showed the restrictions in existing healthcare systems to handle patient records securely and transparently, and innovative protocols are essential to address such shortcomings. Application of Blockchain technology is gaining traction in healthcare and has the ability to alleviate these issues. For instance, a study published in January 2022 demonstrated that securely and quickly storing and retrieving COVID-19-related health information using smart contracts with the Ethereum blockchain allows the patient information protection while enabling more efficient research and communication. Thus, an attractive option of smart contracts to safeguard the storage of medical records and associated data logs will support the growth of the market for healthcare smart contracts.
Interoperability disparities are a top priority for the healthcare sector. Current industry statistics show the existing centralized IT systems for exchange of health data, utilizes the services of 150,000 individuals and costs $18.6 billion globally each year. Blockchain technology provides a decentralized system of health data exchange which protects and supports authenticate health information. Additionally, blockchain reduces the burden and cost related with data reconciliation by supporting easy access to real-time health information. Thus, promotes in market growth during forecast period.
Currently, reliable Blockchain type quality is crucial to being competitive in the market for healthcare smart contracts. Expectations on quality assurance and control in value chains are growing. For most manufactured and distributed goods, quality control is lawfully mandatory or a prerequisite for payment by the partners along the value chain. Quality control and assurance are still firmly human-based processes and thus relatively manual, costly, and prone to error. Thus, the corporations are utilizing digital technology to mitigate such issues, which in turn, supports market growth. For instance, the solution Merck KGaA are developing offers a framework to produce digital trust by simply transforming human trust in quality control into a more effective machine-to-machine (M2M) interaction. Its new, multi-patented technology, which is built on numerous blockchain layers, digital certificates, crypto anchors, and smart contracts will offer one “single source of truth”.
Browse through Grand View Research’s Healthcare IT Industry Research Reports.
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Healthcare Smart Contract Market Segmentation
Grand View Research has segmented the global Healthcare Smart Contract Market based on blockchain type, application, end-use, and region:
Healthcare Smart Contract Blockchain Type Outlook (Revenue, USD Million, 2017 – 2030)
- Hyperledger Fabric
- MultiChain56
- Ethereum
- Others
Healthcare Smart Contract Application Outlook (Revenue, USD Million, 2017 – 2030)
- Data Exchange and Interoperability
- Clinical Trials
- Supply Chain Management
- Claims Adjudication and Billing Management
- Others
Healthcare Smart Contract End-use Outlook (Revenue, USD Million, 2017 – 2030)
- Healthcare Provider
- Healthcare Payer
- Drug and Medical Device Companies
- Others
Healthcare Smart Contract Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- May 2017: PokitDok proclaimed that it has chosen the Linux Foundation’s Hyperledger Sawtooth, as its leading platform for recording DokChain healthcare transactions.
Key Companies profiled:
Some of the prominent players in the healthcare smart contracts market include:
- IBM
- ScienceSoft USA Corporation
- Blockchain AI Solutions Ltd (FarmaTrust)
- SmartData Enterprises
- ION Medical Safety
- Aetsoft Inc.
- Apriorit
- ELEKS
- Medicalchain
- PokitDok
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