Farmington, March 09, 2023 (GLOBE NEWSWIRE) -- The Smart Contracts in Healthcare Market Is Expected To Register a CAGR of 16.82% During The Forecast Period To Reach USD 5.6 Billion by 2030. Block chain technology is one of the disruptive technologies that have changed the whole healthcare industry. In the current models of the healthcare ecosystem, there are a lot of stakeholders, which adds cost and complexity. Pharmaceutical companies, pharmacy benefit managers (PBMs), health care providers, consumers, retail pharmacies, and wholesalers of drugs are all involved. Setting prices for drugs is hard because there are so many people involved. For instance, PBMs negotiate prices with drug makers and pass on the money they get from health plans. This keeps drug prices low. But because the transaction process isn't clear, PBMs make more money from drug manufacturers, which makes the overall cost of medicines for patients go up.
Smart contracts help get rid of these problems and make things easier. The shared ledger feature of the healthcare block chain let all parties see everything and gives patients and healthcare providers the ability to negotiate complex bundled claims. Also, putting smart contract solutions into healthcare makes the process of handling claims faster and easier. It also makes setting prices for drugs easier by cutting out middlemen like pharmacy benefit managers (PBMs), retail pharmacies, and drug wholesalers.
Request Sample Copy of Report “Smart Contracts in Healthcare Market Size, Share & Trends Estimation Report By Blockchain Platform (Ethereum, Bitcoin, NXT, Sidechains), By End User (Pharmaceutical Companies, Healthcare Providers, Healthcare Payers, Other End Users), By Application (Patient Data Management, Electronic Health Records (EHRS), Supply Chain Management, Clinical Data Exchange and Interoperability, Claims Adjudication and Billing Management), By Region, And Segment Forecasts, 2023 - 2030”, published by Contrive Datum Insights.
Recent Developments:
- In May 2017, PokitDok announced that it had selected The Linux Foundation's Hyperledger Sawtooth as its leading platform for recording DokChain healthcare transactions.
Market Dynamics:
Drivers:
Openness and safety are becoming more and more important.
More and more people in the healthcare industry are worried about data breaches and privacy issues, so they want solutions that are both safe and open. Smart contracts give you a record that can't be changed or lost. This can keep private and safe information about health care.
Getting rid of waste and saving money
Smart contracts can save a lot of money and improve efficiency by automating administrative tasks, cutting down on paperwork, and getting rid of the need for middlemen in healthcare processes.
Trend:
Block-chain technology being used in health care
The use of block chain technology is a big trend in the health care field. Smart contracts are one of the block chain-based solutions that healthcare providers are using to make things like keeping track of medical records, processing claims, and settling payments more efficient and clear.
Opportunity:
Putting together clinical trials
Smart contracts can speed up clinical trials by automating the process of checking if a patient is eligible and if they are following the rules, keeping track of trial data, and settling payments between stakeholders.
Better management of the supply chain
Smart contracts can make the healthcare supply chain more open and efficient by tracking the movement of drugs and medical devices, verifying the authenticity of products, and making sure they meet regulatory requirements.
Regional Outlook:
Europe was the leader in the Smart Contracts in Healthcare market and made up more than 35.0% of the revenue in 2021. The European Union wants to develop technology by putting billions of euros into blockchain, high-performance computing, and data infrastructure. During the forecast period, North America is likely to have the second-largest market share. Recent improvements in blockchain technology and many government programmes that encourage the use of new platforms in healthcare are helping the market grow.
The U.S. healthcare market is growing even faster because more money is being put into developing new technologies. This has made it more important for companies to share data in a safe, secure, and well-managed way, so big players and other healthcare organisations are investing in Smart Contracts in the Healthcare market. Change Healthcare and TIBCO Software announced a partnership in November 2018 to build the first healthcare smart contract system using TIBCO's "Project Dovetail" smart contract development project and the blockchain technology of Change Healthcare's Intelligent Healthcare Network.
The global Smart Contracts in Healthcare market has been looked at in different parts of the world, like North America, Europe, Asia-Pacific, Latin America, the Middle East, and India. In the near future, this market will be dominated by the global region.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 16.82% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 5.6 Billion |
| By Blockchain Platform | Ethereum, Bitcoin, NXT, Sidechains, Others |
| By End User | Pharmaceutical Companies, Healthcare Providers, Healthcare Payers, Other |
| By Application | Patient Data Management, Electronic Health Records (EHRS), Supply Chain Management, Clinical Data Exchange and Interoperability, Claims Adjudication and Billing Management, Other |
| By Companies | IBM, ScienceSoft USA Corporation, Blockchain AI Solutions Ltd (FarmaTrust), SmartData Enterprises, ION Medical Safety, Aetsoft Inc., Apriorit, ELEKS, Medicalchain, PokitDok |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Key Segments Covered:
Top Market Players:
IBM, ScienceSoft USA Corporation, Blockchain AI Solutions Ltd (FarmaTrust), SmartData Enterprises, ION Medical Safety, Aetsoft Inc., Apriorit, ELEKS, Medicalchain, PokitDok, and others.
By Blockchain Platform
- Ethereum
- Bitcoin
- NXT
- Sidechains
- Others
By End User
- Pharmaceutical Companies
- Healthcare Providers
- Healthcare Payers
- Others
By Application
- Patient Data Management
- Electronic Health Records (EHRS)
- Supply Chain Management
- Clinical Data Exchange and Interoperability
- Claims Adjudication and Billing Management
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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