According to MRFR analysis, the global smart contracts in healthcare market was valued at USD 15.8 million in 2018 and is expected to reach USD 208.1 million growing at a CAGR of 48.2% during the forecast period. The market growth is attributed to an increase in the number of data breaching cases across the healthcare industry, rising need for visibility offered by distributed ledger technology, and surge in threat of forged medicines in pharmaceuticals. However, lack of visibility to access the data and technical expertise associated with smart contracts in healthcare are some of the challenging factors for the growth of the smart contracts in healthcare market during the assessment period.
The global smart contracts in the healthcare market have been segmented based on application, blockchain platform, end user, and region.
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By application, the market 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. The supply chain management segment accounted for the largest market share in 2018 owing to increasing number of cases regarding forged medicines which is driving the adoption of the smart contract in healthcare supply chain management. Additionally, claims adjudication and billing management is expected to be the fastest growing segment due to the rising need for visibility in transaction processes.
By blockchain platform, the smart contracts in the healthcare market has been segmented into Bitcoin, Sidechains, NXT and Ethereum. Ethereum being the seamless coding and processing platform of the smart contracts accounts for the largest share followed by Bitcoin and NXT.
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. The pharmaceutical companies segment accounted for the largest share in 2018 in the smart contracts in the healthcare market. The market growth is attributed to government regulations to ensure a secure pharmaceutical supply chain and prevent forgery of medicines. However, the healthcare providers segment is expected to grow at the highest CAGR during the forecast period.
The key players in the global smart contracts in healthcare market are Blockpharma (France), Microsoft Corporation (US), Guardtime (Netherlands), Medicalchain (UK), Factom (US), Proof.Work (UK), PokitDok, Inc (US), Hashed Health (US), Chronicled (US), smartData Enterprises (India), FarmaTrust (UK), IBM Corporation (US), Patientory (US), SimplyVital Health (US), Gem (US), and iSolve (US).
By region, the global smart contracts in the healthcare market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Asia-Pacific is expected to be the fastest-growing market over the next few years. The market growth is due to rising government initiatives such as Ayushman Bharat to promote the benefits of smart contracts in the healthcare market. North America accounted for the largest market in 2018 owing to the availability of high technical expertise in the US and Canada.
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