The worldwide smart contracts in the healthcare market has been segmented based on block chain platform, application, region, and end user. Based on block chain platform, the smart contracts in the healthcare market has been classified into Sidechains, Bitcoin, Ethereum, and NXT. Based on application, the market has been classified into electronic health records (EHRs), patient data management, clinical data exchange, supply chain management, interoperability, billing management, claims adjudication, and others. Based on end user, the global smart contracts in the healthcare market has been divided into healthcare payers, healthcare providers, pharmaceutical companies, and other end users.
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In 2018, the worldwide market for smart contracts in healthcare represented a worth of USD 15.8 million. The market is likely to witness growth at 48.2% CAGR throughout the assessment period and is likely to attain USD 208.1 mn by the conclusion of 2024. The growth can be credited to the spurring instances of data breaching within the healthcare sector, rising threat of forged medications in the pharmaceutical sector, and improved visibility extended by distributed ledger technology. Block chain technology has modernized the entire healthcare sector, being one of the most disruptive technologies. Block chain technology, being one of the disruptive technologies, has transformed the entire healthcare sector. The prevailing healthcare ecosystem model comprises a number of stakeholders that add complexity and cost to the environment. The number of contributing stakeholders include pharmacy benefits managers (PBMs), pharma manufacturers, consumers, healthcare providers, drug wholesalers, and retail pharmacies. These participating stakeholders surge the intricacy of setting up the prices of medication. For example, PBMs negotiate the price with drug makers and pass on the repayment of health plans which leads to low prices of medicines. However, owing to the lack of discernibility in the transaction procedure, PBMs earn more profit from the drug makers that propels the overall cost of medication for the patients. Smart contracts aid in reducing such complexity and hassle. The shared ledger ability of a healthcare block chain extends wide-ranging visibility to all stakeholders and facilitate healthcare providers and patients to negotiate complex bundle claims. Moreover, assimilating smart contracts solution with healthcare curbs the claims adjudication procedure, making it unified. It also removes middlemen such as retail pharmacies, drug wholesalers, and PBMs that in turn curtails the intricacy of setting up the drug prices. On the other hand, lack of systems assimilation capabilities and technical know-how related to smart contracts in healthcare are some of the key factors that can restrict the expansion of the smart contracts in healthcare market over the upcoming years.
Smart Contracts in Healthcare Market is largely dominated by key players such as Patientory (US), IBM Corporation (US), Proof.Work (UK), Factom (US), Gem (US), SimplyVital Health (US), Hashed Health (US), PokitDok, Inc (US), smartData Enterprises (India), Chronicled (US), FarmaTrust (UK), iSolve (US), Microsoft Corporation (US), Blockpharma (France), Medicalchain (UK), Guardtime (Netherlands), MediLedger (US), MedRec (US), Robomed Network (US), and SimplyVital Health(US).
Geographically, the worldwide Smart contracts in healthcare market has been segregated into Europe, North America, the Middle East and Africa, South America, and Asia-Pacific. North America accounted for the largest market share during 2018 and likely to rule the global smart contracts in healthcare market throughout the estimation period. The market development can be attributed to the surged investment by tier 1 businesses such as SimplyVital Health, Microsoft Corporation, and IBM Corporation. Besides, the academic and research institutions are also contributing substantially to the growth of smart contracts solutions in the region. Europe is anticipated to be the fastest-growing segment in the smart contracts in healthcare market over the review period. The market growth can be credited to the surging healthcare expenditure in the established economies of Western Europe.
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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