Market Research Future (MRFR), in its newly published report, states that the global market is booming and slated to grow exponentially over the review period, recording substantial revenue generation at a healthy CAGR a CAGR of 22.6% over the forecast period to reach USD 9.62 Billion by 2024, in the forecast period.
Primary Drivers and Key Barriers
Digital payment in healthcare market is growing in response to the mounting awareness among people regarding the benefits of digital payment. Digital payment is more reliable and safer compared to traditional methods since it helps eliminate the risk of theft and robbery. Some of the common types of payment gateway used in healthcare include payment security and fraud management solutions, POS solutions and payment wallet solutions.
Healthcare costs in recent years have risen significantly and consumers are facing massive problems in understanding medical bills as well as their healthcare insurance benefits. This gives rise to the need for more online tools that help consumers gain better understanding of the processes online. With internet coming into the picture and gaining a foothold in the past decade across the world, the digital payment market has benefitted immensely, especially with the proliferation of smartphones. With the increasing usage of mobile payment systems like Google Pay and Apple Pay, consumers are expecting similar mobile offerings from the heathcare sector as well.
Furthermore, a number of initiatives undertaken by government bodies all over the world for the promotion of digital payment help with market advancement. Besides, massive expansion in the e-commerce industry is deemed to work in favor of the global digital payment market in the ensuing years.
The major market players acknowledged in the global market as identified by MRFR are Aurus Inc. (US), Global Payments Direct, Inc. (US), Aliant Payments (US), Stripe (US), First Data Corporation (US), ACI Worldwide, Inc. (US), PayPal (US), Wirecard AG (Germany), Worldpay, LLC (UK), Fiserv, Inc. (US), BillingTree (US), InstaMed (US), Elavon Inc. (US), Change Healthcare (US), and Zelis Payments (US). The major strategies implemented by most of the market players are partnerships, collaborations, agreements, and launch of solutions.
The geographic analysis of the global digital payment in healthcare industry has been carried out in four major regions, covering the Asia Pacific, Europe, North America, and the rest of the world (Latin America, the Middle East and Africa). The digital payment in healthcare market in North America is slated to hold the largest market share during the forecast period. Healthcare market players, health maintenance organizations (HMO), and other organizations in the healthcare vertical are transforming and becoming more inclined toward being digitalized. This is the primary fueling factor for the high adoption rate of digital payment methods in the healthcare industry in North America. The market in Europe is expected to be the second-largest during the review period due to the growing demand for fast and hassle-free transaction services and the establishment of digital payment approaches in healthcare software start-ups. The digital payment in healthcare market in Asia-Pacific is expected to be the fastest-growing during the review period as demand in the region is poised to rise more than the global CAGR of 22.6%. Developing nations such as India and China are driving the expansion of the digital payment in healthcare market with constant demand with rapidly growing internet penetration as well as significant increase in the number of smartphones. The digital payments in healthcare market in the rest of the world provides numerous opportunities to market players as the majority of the countries in the region are yet to adopt digital payment in healthcare solutions.
The global market for digital payment in healthcare has been segmented based on deployment mode, component, organization size, vertical, and region.
Based on the component, the global digital payment in healthcare market has been bifurcated into solutions and services.
Based on deployment mode, the global market has been divided as on-premise and cloud.
The organization size segmentation of the global digital payment in healthcare market include small and medium-sized enterprises (SMEs) and large enterprises.
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