Digital Payment in Healthcare Market Research Report - Global Forecast till 2027

Global Digital Payment in Healthcare Market Research Report: by Component (Solutions, Services), Deployment (On-Premise, Cloud), Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2027

ID: MRFR/ICT/6505-HCR | February 2021 | Region: Global | 111 pages

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Digital Payment in Healthcare Market Overview:
The Digital Payment in Healthcare Market Size will grow by 22.6% in the forecast year 2024. Digital payments have a massive impact on the healthcare industry. Also, the health industry has plenty of valuable data. The health industry manages a tremendous amount of data such as patient information. Monitoring the payments is effortless with digital payments in healthcare. Online transactions save time and energy to record payment related details. The digital payments system for healthcare is intelligent. They can keep a record, track and maintain the payments. The adoption of these systems is rapidly increasing in many regions. 

Both the small and the large healthcare industries are adopting this technology. The on-premise segment of the market is not suitable for developing industry needs. However, cloud-based technology suits the digital payment operations of the healthcare industry. Storing data and accessing it is quick with cloud. All these factors contribute to the high Digital Payment in Healthcare Market Profit. As per the digital Payment in Healthcare Market Research Report,  the market value will reach 9.62 billion. 

Digital Payment in Healthcare Market Covid Analysis:
The outbreak of covid 19 is affecting several market operations. The logistics, industrial and commercial sectors are facing plenty of challenges during this period. However, the advantages are more for this market. Pandemic is raising the need for contactless payment. The disease spread is reduced through digital payments. Many healthcare firms are rapidly adapting to their technology. As the healthcare industry is an essential service the deployment is happening at a massive scale. This situation has created plenty of growth opportunities for the digital payments market.

Governments are implying the healthcare industry to adopt to contact fewer payments. The flexibility, ease and efficiency of digital payments are essential for the healthcare industry. The adoption rate of the cloud-based industry has reached the maximum in recent years. Post covid thee is expected to be more developments in the market. The launch of advanced digital payments in the healthcare industry is expected. 

Market Dynamics:
Crucial Market Drivers:
The growing rate of smartphones is a crucial driver of this market. Due to smartphones, many can use digital payments applications. Further, with internet penetration the ease of payments in the health industry is high. Digital payments are faster than cash payments. In today’s situation, patients can pay the bill through detailed payment with ease. There are plenty of benefits of digital payments. The reduction in the transaction payment time is a major factor driving market demand. Due to these factors, the Digital Payment in Healthcare Market Sales will increase.

Further, digital payments in the health insurance sector are constantly growing. It is a crucial driver for the market as it will lead to market expansion. Digital payments in the healthcare industry were adopted only in large enterprises. However, today the small and other sectors in the health industry are adopting this technology. The digital transformation of the healthcare sector is another driver. The healthcare industry is advancing in terms of surgical technologies and payment modes. All these contribute to the maximum demand for this market. 

Market Growth Opportunities:
The fast and secure digital payment services in healthcare will create lucrative growth opportunities in the market. There is going to be high speed and effective digital payment service in the upcoming years. The key players of the market are making more investments to enhance digital payments in healthcare. Also, the developments in the internet and penetration will create plenty of growth opportunities. The 5G network will provide flexible, fast and effective internet services for the users. Smartphones users will rapidly adapt to this network infrastructure. Also, there are plenty of benefits in digital payments in the healthcare sector due to this development.

The services of digital payments will be faster due to 5g networks. All these help in exceptional growth possibilities for the market. The market expansion rate is tremendous for digital payments in healthcare markets. The key players of the market are also developing digital payments API for the healthcare industry. This industry-specific development will lead to a wide range of growth opportunities. 

The Market Restraints:
DP in Healthcare Market has few restraints that can hamper growth. The prevalence of paper-based billing is a major restraint in this market. Also, Digital payments methods in the healthcare sector are highly popular. However, most healthcare firms depend on paper-based billing. The legacy systems are suitable for billing software.

Most of the healthcare industries hesitate to adapt to the new digital payments methods. Also, the lack of global payment platforms is another restraint of this market. The regulatory and compliance standards are not proper in many regions. Cross payment border is another drawback in digital payments in the healthcare market. All these factors can hamper the demand for digital payment in the healthcare market during the forecast period. 

The Market Challenges:
Cyber attacks are threats that are a significant challenge in this market. These attacks can bring a damaging impact on the market. The increasing adoption of digital payments is raising the risks and cyber security issues. Cyber attacks are evolving. Advances cyber attacks require high-end prevention methods.

However, on a large scale, healthcare enterprises plenty of sensitive information is a threat. Due to this, many enterprises hesitate to adapt to this technology. The security features of digital payments in healthcare are not enough. The key players are trying to develop security features. It will likely fix this challenge in the upcoming years. 

Cumulative Growth Analysis:
The growths of Digital Payment in Healthcare Market Trends remain positive in the forecast period. Few factors contribute to the growth of digital payments in the healthcare market. Internet penetration is one crucial driver for this market. Also, the growing rate of Smartphone users is driving the market growth.

The technological advancements in the healthcare industry will increase the adoption of digital payments. Few factors limit digital payments in the healthcare market. The lack of a global digital payment platform will decline the demand. Further, cyber-attacks are a significant challenge in this market. The growth opportunities for the market can decline due to these challenges. 

Value Chain Analysis:
The Asia Pacific will dominate with the highest digital payment in healthcare market shares. There is much Digital Payment in the Healthcare Market-Top Leaders in this region. The initiative to adopt digital payments in the healthcare industry is higher. The demand will increase at an exponential pace in Asia pacific.

The key players are trying to establish an official digital payment platform for healthcare industries. Due to the wide range of benefits, the adoption rate will reach its peak in the forecast period. The increasing internet penetration and Smartphone user’s rate will further widen the overall market growth. 

Digital Payment in Healthcare Market Segment Overview:
By Component:

  • Intelligence 

  • Service 

  • Solutions 

By Organization Size:

  • Small scale organisation 

  • Medium size organisation 

  • Large scale organisation 

By Deployment Type:

  • On-premise 

  • Cloud 

By Region:

  • Asia pacific 

  • North America 

  • Europe 

Digital Payment in Healthcare Market Competitive Landscape:
The competition in the digital payment business is moderate. There are plenty of alternatives for the digital payments platform. The key players are taking efforts to establish a global digital payment platform for the healthcare industry. Market expansion, acquisition and partnership are part of the competitive landscape. 

Digital Payment in Healthcare Market Regional Analysis:
The digital payments in the healthcare market are diversified into Asia Pacific, North America, Europe. The Asia Pacific will lead the Global Digital Payment in Healthcare Market. The growing internet penetration in the region helps in fast and quick digital payment services. Also, the rapid adoption of digital payments in large healthcare enterprises is fuelling the market demand. The developments in Asia pacific region are massive for the forecast period.

The legacy bulling systems leads to several difficulties. However, the use of digital payment results in inefficiency in the healthcare industry. North America is witnessing high demand in the forecast period. The high number of Smartphone users is the crucial factor for high demand. Further, Europe is experiencing moderate demand in 2024. There are plenty of mart expansion possibilities in North America and Europe. 

The key players of the digital payment in the healthcare market are 

  • Fiserv, Inc

  • Aliant Payments

  • First Data Corporation

  • Wirecard AG

  • Stripe

  • Worldpay, LLC

  • Global Payments Direct, Inc

  • PayPal

Recent Developments:

  • The key players are launching QR based digital payment in the healthcare industry. It will increase the efficiency of payments.

  • The key player is introducing the authorization lift feature in the digital payment platform. It is a feature that can easily detect fraud and risks in unauthentic payments.

  • The key players are developing an innovative mobile application for the healthcare industry. All the payments can be quickly done through this application. 

Report Overview:

  • Market overview highlights 

  • Analysis based upon COVID 19

  • Explanation upon the Market Dynamics

  • Value chain analysis

  • Market segmentation overview

  • The regional analysis

  • Competitive landscape analysis

  • Recent Developments

Report Scope:
Report Attribute/Metric Details
  Market Size   USD 9.62 Billion (2024)
  CAGR   22.6% (2019-2024)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   by Component, Deployment
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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).
  Key Market Opportunities   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.
  Key Market Drivers

  • The primary driving factor for the high adoption rate of digital payment methods in the healthcare industry in North America. \r\n
  • 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.

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    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.