Smart Contracts in Healthcare Market  Analysis

The Smart Contracts in Healthcare Market will touch USD 5.6 Billion at a whopping 16.82% CAGR in the forecast period (2022- 2030), as per the latest Market Research Future (MRFR) report.

Drivers

Rise in Data Breaches in Healthcare Industry to Boost Market Growth

The rise in the number of data breach cases across the healthcare industry to boost market growth over the forecast period.

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Opportunities

Implementation of Smart Contracts that Need Less Human Involvement to offer Robust Opportunities

The implementation of smart contracts by government bodies that need less human involvement and dramatically reduce the cost of contract handling may offer robust opportunities for the market over the forecast period.

Restraints and Challenges

Lack of Visibility to Access Data to act as Market Restraint

The lack of visibility to access the data and technical expertise related to smart contracts in healthcare may act as market restraint over the forecast period.

Market Segmentation

The smart contracts in healthcare market is bifurcated based on application, blockchain platform, and end user.

By application, the supply chain management segment will lead the market over the forecast period for the increasing number of cases regarding forged medicines that is driving the adoption of the smart contract in healthcare supply chain management.

By blockchain platform, ethereum segment will dominate the market over the forecast period. Ethereum is a seamless coding and processing platform of the smart contracts.

By end user, the pharmaceutical companies will spearhead the market over the forecast period for the government regulations for ensuring a secure pharmaceutical supply chain and also prevent forgery of medicines.

COVID-19 Analysis

Several industries have been impacted by the COVID-19 crisis and the global smart contracts in the healthcare market too is no exception. It has also gone through the brunt of the outbreak. Supply chain disruptions, economic situations, fluctuations in demand share, as well as long-term & immediate effect of the COVID-19 pandemic possessed a negative effect on this market growth. But following the relaxation of lockdowns, the market is likely to get back into normalcy soon.

Regional Analysis

North America to Command Smart Contracts in Healthcare Market

North America will command this market in the forecast period. The increased investment by tier 1 companies, the significant contributions made by research and academic institutions to develop smart contract solutions, increasing adoption of digitalization, and the presence of diversified international and domestic organizations are adding to the global smart contracts in the healthcare market growth in the region.

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Key Players

Eminent industry players profiled in the global smart contracts in the healthcare market report include IBM Corporation (US), Hashed Health (US), Patientory (US), iSolve (US),Factom (US), Gem (US),Proof.Work (UK), SimplyVital Health (US), PokitDok, Inc (US), Chronicled (US), smartData Enterprises (India), Microsoft Corporation (US), FarmaTrust (UK), Blockpharma (France), Guardtime (Netherlands), and Medicalchain (UK).

The global smart contracts in the healthcare market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.

Industry Updates

Tech Mahindra, a leading IT firm will roll out a blockchain-based open source system for tracking vaccine supply chains across the globe. Vaccine manufacturers can utilize the system for tracking inventory and vendor payments through IoT integration and smart contracts.

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