The rising threat of forged medicine in the pharmaceutical industry is a major reason for the global smart contracts market to grow, reveals Market Reseach Future (MRFR). MRFR states that the global smart contracts in healthcare market is expected to strike a CAGR of 48.2% during the forecast period (2017-2024). MRFR also mentions that the market is poised to scale to USD 208.1 Million by 2024 from USD 15.8 million in 2018.
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The growing number of cases of data breaching in the healthcare industry is surging the rate of adoption of smart contracts across different healthcare organizations, which is expected to promote the growth of the global smart contracts in healthcare market. Smart contracts help in maintaining transparency in business transactions. The enhanced visibility offered by smart contracts is expected to intensify the growth of the smart contracts in healthcare market. Smart contracts aid in the simplification of complexities due to the high number of stakeholders in the heathcare ecosystem that can encourage the market growth. However, lack of technical expertise can interfere the smart contracts in healthcare market expansion.
MRFR identified some of the eminent companies which are operating in the global Smart Contracts in Healthcare Market. They are; Microsoft Corporation (US), Proof.Work (UK), IBM Corporation (US), Blockpharma (France), Factom (US), SimplyVital Health (US), PokitDok, Inc (US), Hashed Health (US), Chronicled (US), Gem (US), smartData Enterprises (India), Patientory (US), Guardtime (Netherlands), iSolve (US), FarmaTrust (UK), and Medicalchain (UK).
The global smart contracts in the healthcare market have been segmented on the basis of application, end use, and blockchain platform.
Based on the application, the global market has been segmented into patient data management, claims adjudication and billing management, supply chain management, clinical data exchange and interoperability, electronic health records (EHRs), and others. In 2018, the supply chain management held the largest market share and is expected to grasp the same over the forecast period. The high rate of adoption of smart contract in healthcare supply chain management is expected to reinforce the global smart contracts in healthcare market growth. The adjudication and billing management segment is likely to exhibit a healthy growth owing to the growing need for transparency in transaction processes.
Based on the blockchain platform, the global smart contracts in the healthcare market has been segmented into Bitcoin, NXT, Sidechains, and Ethereum. The Ethereum segment is likely to register considerable growth over the review period as it noted to be a seamless coding and processing platform of the smart contracts. The Bitcoin segment, followed by the NXT segment is expected to expand at a healthy CAGR.
Based on the end-user, the global smart contracts in the healthcare market has been segmented into healthcare providers, pharmaceutical companies, healthcare payers, and others. In 2018, the pharmaceutical companies segment held the largest share of the market and is likely to maintain the same over the review period. The strict government regulations regarding the security of the pharmaceutical supply chain due to the growing cases of medicines forgery can contribute to the fast-paced expansion of the pharmaceutical companies segment.
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Regionally, the smart contracts in healthcare market has been studied across North America, South America, Europe, Asia Pacific, and the Middle East Asia and Africa.
In 2018, North America held the largest share of the global smart contracts in healthcare market and is likely to retain its position over the forecast period. The presence of giant companies is also expected to bolster the North American smart contracts in healthcare market growth. The European smart contracts in healthcare market is expected to demonstrate the fastest growth over the evaluation period and the health of the regional market can be attributed to the strong economy of countries like Germany and France.
HCXI Inc, a AI and Blockchain based InsurTech company, is set to develop a system that can be used to produce, manage, and exchange parametric insurance along with its derivative products. HCXI Inc, a smart contract startup, filed its first Autonomous Parametric Insurance Product patent in the US.
LIST OF TABLES
Table 1 Global Smart Contracts In Healthcare Market, By Region, 2019–2024
Table 2 North America: Smart Contracts In Healthcare Market, By Country, 2019–2024
Table 3 Europe: Smart Contracts In Healthcare Market, By Country, 2019–2024
Table 4 Asia-Pacific: Smart Contracts In Healthcare Market, By Country, 2019–2024
Table 5 Middle East & Africa: Smart Contracts In Healthcare Market, By Country, 2019–2024
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LIST OF FIGURES
FIGURE 1 Global Smart Contracts In Healthcare Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of The Global Smart Contracts In Healthcare Market
FIGURE 4 Value Chain Of The Global Smart Contracts In Healthcare Market
FIGURE 5 Share Of The Global Smart Contracts In Healthcare Market, By Country, 2018 (In %)
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