A report on the Global Smart Contracts in Healthcare Market has been published by Contrive Datum Insights. The report provides clients with the latest trending insights into the Smart Contracts in Healthcare market. It can be seen that the report includes market value and growth rate, size, production consumption and gross margin, pricing and other influencing factors. Along with this, in the report, you will get detailed information about every distributor, supplier, and retailer in the market. The competitive scenarios of all industry players are mentioned in detail in the report. The pandemic has caused market participants to strategically change their business plans.
The global Smart Contracts in Healthcare Market size was valued at USD 1.6 billion in 2022 and is expected to grow at a compound annual growth rate CAGR of 20.5% from 2022 to 2030.
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Blockchain technology is one of the disruptive technologies that has 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 blockchain lets 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.
The report also covers the complete competitive landscape of the worldwide market with company profiles of key players such as IBM, ScienceSoft USA Corporation, Blockchain AI Solutions Ltd (FarmaTrust), SmartData Enterprises, ION Medical Safety, Aetsoft Inc., Apriorit, ELEKS, Medicalchain, PokitDok. Geographically, this market has been segmented into regions such as North America, Latin America, Europe, Asia Pacific and Rest of the World. The study details country-level aspects based on each segment and gives estimates in terms of market size.
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.
Smart Contracts in Healthcare Market Segmentation:
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
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Related Sources:
Smart Contracts in Healthcare- https://www.newstrail.com/smart-contracts-in-healthcare-market-to-witness-massive-growth-from-2023-to-2030/
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