Smart Contracts in Healthcare Market, Outlook by Types, Applications, Opportunity, Technology, and End-User Analysis, Market Dynamics Innovation and Expansion in Next Upcoming Year 2027
Market Scenario:
Smart contracts are programs executed on blockchain platforms on the basis of preset conditions. The digitization of patient data, insurance information, and management of data can be lucrative for smart contracts being accepted. The global smart contracts in healthcare market report by Market Research Future (MRFR) covers latest trends in the industry and projections for growth and revenue for the forecast period (2020-2027). The COVID-19 pandemic and its implications for the market are explained in great detail.
The global Smart Contracts in Healthcare Market size can reach
The decentralized nature of blockchain technology and its added security benefits for protecting patient data can bode well for the market. Huge cases of data breaches has led to healthcare organizations opting for the nascent solution. The shared ledgers can provide transparency during transactions and help in negotiating complex claims. Moreover, the procurement of health insurance by patients through smart contracts and elimination of signing paper contracts can bolster market demand significantly.
Utilization of telemedicine for allowing communication between patients and doctors through smartphones can favor the market. Smart contracts can provide protection to patient data and store it on the blockchain.
But lack of technical personnel capable of integrating smart contracts in existing systems can hamper market growth.
COVID-19 Analysis
The COVID-19 pandemic has proven to be a valid testing ground for all digital technologies as blockchain aims to provide an additional moat of security to healthcare organizations. Smart contracts can be used in providing solutions for COVID-19 testing and data management. The ability to attain the right data from state agencies, insurance companies, and health clinics to get insurance and provide the right equipment to patients in time constraints can be achieved rapidly.
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Competitive Outlook:
Guardtime,
Segmentation:
Ethereum to be the Leading Blockchain Platform
Ethereum is expected to be the leading blockchain platform in the smart contracts in healthcare market. This is attributed to execution of smart contracts on virtual machines. Its application in running comparisons of interactions between drugs and genes and storage of data in an efficient manner.
Supply chain management is expected to capture a large market share owing to the transparency provided by the platform in all steps in the value chain. This is exemplified by the use of blockchain networks by Chronicled, a
Pharmaceutical Companies to be Biggest End-user
Pharmaceutical companies are expected to be the biggest end-user owing to stringent government laws in preventing sale of fraudulent medicines and tracing of medical goods.
Regional Analysis:
North America Touted to Dominate Global Market
Ripple has announced the use of Federated Sidechains to keep its XRL Ledger lean enough to accept payments as well as accept user requests for smart contracts. The new feature can incorporate functionalities and issue tokens between chains.
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Table of Contents:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
Continued....
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