ID: MRFR/ICT/6505-HCR | February 2021 | Region: Global | 111 pages
The global digital payment in healthcare market is expected to register a CAGR of 22.6% during the forecast period to reach USD 9.62 Billion by 2024.
Digital payment solutions in healthcare offer an online payment platform that connects consumers, providers, and payers for every healthcare payment transaction. These solutions are available as on-premise as well as on the cloud. The payer and payee use electronic modes to send and receive money. The payment is carried out via digital wallets, digital currencies, net banking, bank cards, and contact and contactless payment methods.
The major factors contributing to the market growth are growing digital transformation in the healthcare vertical and increasing digital payments in the health insurance sector. The growing adoption of smartphones and rapidly increasing internet penetration are also some of the factors aiding market growth. However, concerns regarding security and domination of paper-based billing are expected to restrain the market growth during the forecast period. The demand for fast and hassle-free transaction services offer a lucrative opportunity to players in the global digital payment in healthcare market.
The global digital payment in healthcare market has been segmented based on component, deployment mode, organization size, vertical, and region/country.
By component, the global digital payment in healthcare market has been divided into solutions and services.
Based on deployment mode, the global digital payment in healthcare market has been classified as on-premise and cloud.
The organization size segments of the global digital payment in healthcare market are small and medium-sized enterprises (SMEs) and large enterprises.
The global digital payment in healthcare market has been analyzed for four regions—North America, Europe, Asia-Pacific, and the rest of the world.
There are a number of vendors from the US and Europe in the global digital payment in healthcare market. These players are focusing on expanding their customer base across the world by adopting various organic and inorganic growth strategies. For instance, in September 2017, Fiserv, Inc. (US) acquired Monitise, a major mobile payments software and solutions provider in the UK.
The key players in the global digital payment in healthcare market are identified based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. These include Aurus Inc. (US), Aliant Payments (US), Stripe (US), ACI Worldwide, Inc. (US), Global Payments Direct, Inc. (US), First Data Corporation (US), PayPal (US), Worldpay, LLC (UK), Wirecard AG (Germany), Fiserv, Inc. (US), InstaMed (US), BillingTree (US), Change Healthcare (US), Elavon Inc. (US), and Zelis Payments (US). The key strategies adopted by most of the players are partnerships, agreements, collaborations, and launch of solutions.
The global digital payment in healthcare market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
The market in North America is expected to hold the largest market share during the forecast period. Healthcare providers, health maintenance organizations (HMO), and other organizations in the healthcare vertical are transforming and becoming more inclined toward being digitalized. This is the primary driving 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 increasing demand for fast and hassle-free transaction services and the establishment of digital payment methods in healthcare software start-ups. The market in Asia-Pacific is expected to be the fastest-growing during the assessment period as demand in the region is projected to rise more than the global CAGR of 22.6%. Developing countries such as India and China are driving the growth of the digital payment in healthcare market with unceasing demand with rapidly growing internet penetration as well as significant increase in the number of smartphones. The market in the rest of the world offers numerous opportunities to vendors as the majority of the countries in the region are yet to adopt digital payment in healthcare solutions.
Source: MRFR Analysis
Frequently Asked Questions (FAQ) :
The digital payment in healthcare market is expected to reach a signficant market value of USD 9.62 billion by 2024.
The global digital payment in healthcare market is maturing at a whopping 22.6% CAGR over the review period of 2019 to 2024.
A few significant players of the global digital payment in healthcare market are First Data Corporation (US), Aurus Inc. (US), ACI Worldwide, Inc. (US), Aliant Payments (US), Stripe (US), Global Payments Direct, Inc. (US), PayPal (US), among others.
The on-cloud segment is likely to witness the highest demand in the digital payment in healthcare market.
The SME segment is slated to witness higher growth over the assessment period.