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Digital Payment Healthcare Market Share

ID: MRFR//6505-HCR | 111 Pages | Author: Ankit Gupta| November 2024

The digital payment industry has emerged as a key player in the quickly changing healthcare scene, revolutionizing the way financial transactions take place in the sector. The success and long-term viability of digital payment systems in the healthcare industry are significantly influenced by market share positioning tactics. The establishment of seamless interaction with current healthcare platforms is one of the company's primary strategies. This entails working together with medical billing software and electronic health record systems to guarantee a seamless and effective payment procedure for patients and healthcare providers.
Gaining market share also depends on providing safe and legal payment options. To foster confidence between healthcare institutions and patients, digital payment providers need to abide by certain requirements. Putting in place strong encryption standards, two-factor authentication, and additional cybersecurity measures makes a business stand out from the competition and establishes it as a safe and dependable payment partner for the healthcare industry.
Customizing digital payment systems to the requirements of healthcare transactions is another important tactic. This can entail adding automated claims processing, customizable invoicing choices, and support for several payment methods. Businesses can establish themselves as specialized and essential partners for medical facilities and get a substantial market share by comprehending the nuances of healthcare payments. Apart from collaborations, emphasizing the user experience can be a crucial approach to gain market share. The adoption rates of healthcare applications and services by consumers and healthcare professionals can be greatly impacted by the design of user-friendly interfaces and simple payment procedures. A smooth user experience strengthens an electronic payment solution's position in the market by promoting faster adoption and continuous usage.
Moreover, digital payment solutions may be continuously improved and optimized by using a data-driven strategy to comprehend consumer behavior and preferences. A progressive method of developing new products makes businesses appear adaptable and progressive, which is important in a market where technology is driving change. Finally, one of the most important aspects of market share leadership is educating and raising awareness among patients and healthcare professionals about the advantages of digital payments. Traditional payment methods may be familiar to many healthcare industry stakeholders; a thorough education effort might close this knowledge gap. Showcasing the effectiveness, affordability, and reliability of digital payment systems can encourage uptake and acceptance, which will eventually result in a bigger market share.

Covered Aspects:

Report Attribute/Metric Details
Base Year For Estimation 2022
Historical Data 2018- 2022
Forecast Period 2023-2032
Growth Rate 24.23% (2023-2032)

Digital Payment in Healthcare Market Overview


The Digital Payment in Healthcare Market is projected to grow from USD 10.99 billion in 2024 to USD 30.69 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.70% during the forecast period (2024 - 2032). Additionally, the market size for Digital Payment in Healthcare was valued at USD 9.66 billion in 2023.


The key market drivers enhancing market growth are the increased need to drive efficiency and effectiveness and growing adoption across various verticals, including energy and utilities, healthcare, and life sciences.


Figure 1: Digital Payment in Healthcare Market Size, 2024 - 2032 (USD Billion)

Digital Payment in Healthcare Market Overview

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Digital Payment in Healthcare Market Trends


Technological advancements are driving the market growth


The expansion of digital payment in the healthcare industry during the forecast period is being driven by the most recent technology to facilitate corporate operations. Companies are eager to implement these technologies to increase their scalability and flexibility and lower overall operating costs. With the aid of software as a service, businesses are outsourcing their business operations to a third-party company so they can concentrate on their core capabilities. Additionally, automation of corporate operations is aided by artificial intelligence and machine learning. This factor drives the market CAGR.


Additionally, the growth of digital payment in the healthcare market is driven by several factors, including the need to adopt new IT solutions aligned with consumer trends, the demand for simplified procurement processes by enterprises, and the management of compliance policies and agreements. However, outsourcing risks and management difficulties could be improved to market growth. On the other hand, technological advancements, increased demand from the manufacturing sectors, and the adoption of AI and big data technologies present promising opportunities for market growth in the forecast period. Thus, driving the Digital Payment in Healthcare market revenue.


Digital Payment in Healthcare Market Segment Insights


Digital Payment in Healthcare Component Solution Insights


The Digital Payment in Healthcare market segmentation, based on component solutions, includes solutions and services. The solution segment dominated the market because solutions streamline payment processes by allowing patients to electronically make secure and convenient transactions. They eliminate the need for manual paperwork, reduce administrative costs, and improve overall efficiency. Additionally, digital payment solutions provide greater transparency and accuracy in financial transactions, enhancing the patient experience.


Figure 2: Digital Payment in Healthcare Market, by Component Solution, 2022 & 2032 (USD billion)


Digital Payment in Healthcare Market, by Component Solution, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Digital Payment in Healthcare Deployment Insights


Based on Deployment, the Digital Payment in Healthcare market segmentation includes on-premise and Cloud. The dominance of the cloud segment in the digital payment in the healthcare market can be attributed to its inherent benefits, such as scalability, flexibility, cost-effectiveness, and ease of implementation. Cloud-based solutions enable organizations to access services and data seamlessly, anytime and anywhere, using any device, providing convenience and accessibility.


Digital Payment in Healthcare Organization Size Insights


Based on organization size, the Digital Payment in Healthcare market segmentation includes small and medium-sized enterprises (SMEs) and large enterprises. The large enterprise segment dominated the market because large enterprises typically have more complex needs, higher transaction volumes, and larger budgets, making outsourcing a more viable option for them. Large enterprises often have diverse supplier networks, operations, and the need for specialized digital expertise.


Digital Payment in Healthcare Regional Insights


By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Digital Payment in the Healthcare market will dominate due to the increased need to drive efficiency and effectiveness and will boost the market growth in this Region.


Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 3: DIGITAL PAYMENT IN HEALTHCARE MARKET SHARE BY REGION 2022 (%)


DIGITAL PAYMENT IN HEALTHCARE MARKET SHARE BY REGION 2022

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe's Digital Payment in the Healthcare market accounts for the second-largest market share because digital payment in healthcare is witnessing growth across various verticals, including energy and utilities, healthcare, and life sciences. The increased adoption of digital payment in healthcare services in these industries contributes to market expansion. Further, the German Digital Payment in the Healthcare market held the largest market share, and the UK Digital Payment in the Healthcare market was the fastest-growing market in the European Region.


The Asia-Pacific Digital Payment in Healthcare Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to adoption in the manufacturing vertical. The verticals include retail and consumer goods, manufacturing, IT, and telecommunications. Moreover, China’s Digital Payment in the Healthcare market held the largest market share, and Indian Digital Payment in the Healthcare market was the fastest-growing market in the Asia-Pacific region.


Digital Payment in Healthcare Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development to expand their product lines, which will help digital payment in the healthcare market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To thrive in the increasingly competitive healthcare industry, digital payment solutions must provide cost-effective options to expand their reach and meet the growing market demands.


Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Digital Payment in the Healthcare industry to benefit clients and increase the market sector. In recent years, the Digital Payment in Healthcare industry has offered some of the most significant advantages to medicine. Major players in the Digital Payment in the Healthcare market, including Aurus Inc. (US), Aliant Payments (US), Stripe (US), ACI Worldwide, Inc. (US), Payments Direct, Inc. (US), First Data Corporation (US), PayPal (US), Worldpay, LLC (UK), Wirecard AG (Germany), Fiserv, Inc. (US), InstaMed (US), Billing Tree (US), Change Healthcare (US), Elavon Inc. (US), and Zelis Payments (US)., and To boost market demand, some companies are focusing on enhancing their research and development capabilities.


ParkMobile, a subsidiary of EasyPark Group, is a leading provider of smart parking and mobility solutions in North America. It offers a contactless approach that enables millions of users to easily locate, reserve, and pay for parking through their mobile devices. With a wide presence in over 3,000 locations, including 39 of the top 100 U.S. cities, ParkMobile has gained popularity among more than 40 million consumers. Its services encompass various parking options such as on- and off-street parking, airport and event reservations, transient reservations, and municipal parking permit solutions. Recently, ParkMobile announced a partnership with EasyPark, a cooperative specializing in office solutions.


Aliant is an international law firm comprised of carefully selected elite law firms worldwide. These independent firms combine expertise in cross-border transactions and litigation, combining knowledge with local understanding to deliver top-notch legal advice. In a pioneering move, Aliant became one of the first payment processors to offer a cryptocurrency payment solution called CryptoBucks. This strategic initiative aims to expand partnerships with major retailers, fintech companies, and software developers, fostering greater adoption of cryptocurrency payments.


Key Companies In The Digital Payment in Healthcare Market Include




  • Fiserv, Inc




  • Aliant Payments




  • First Data Corporation




  • Wirecard AG




  • Stripe




  • Worldpay, LLC




  • Payments Direct, Inc




  • PayPal




  • Aquanima S.A. (Spain)




Digital Payment in Healthcare Industry Developments


July 2020: ParkMobile, a stopping arrangement provider, announced its partnership with EasyPark, a cooperative specializing in offices.


April 2017: Aliant became one of the first payment processors to offer a cryptocurrency payment solution to merchants. The CryptoBucks app launch is the latest development in a growth strategy to partner with both major retailers and fintech and software developers to increase the use of cryptocurrency payments.


Digital Payment in Healthcare Market Segmentation


Digital Payment in Healthcare By Component Solution Outlook




  • Solution




  • Service




Digital Payment in Healthcare By Deployment Outlook




  • On-Premise




  • Cloud




Digital Payment in Healthcare By Organization Size Outlook




  • Small and medium-sized enterprises (SMEs)




  • Large enterprises




Digital Payment in Healthcare Regional Outlook




  • North America








    • US




    • Canada








  • Europe








    • Germany




    • France




    • UK




    • Italy




    • Spain




    • Rest of Europe








  • Asia-Pacific




    • China




    • Japan




    • India




    • Australia




    • South Korea




    • Australia




    • Rest of Asia-Pacific






  • Rest of the World




    • Middle East




    • Africa




    • Latin America





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