Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
Recent years have seen a radical change in the digital payment environment in the healthcare industry, fueled by several market forces that together influence its future. A significant contributing aspect is the increasing focus in the healthcare sector on increasing productivity and cutting expenses associated with operations. Digital payment solutions provide a practical way for healthcare providers to accomplish their goals of improving patient experiences and streamlining their operations. Transaction times are sped up and the administrative load related to conventional payment methods is reduced when digital payment systems are integrated.
Furthermore, the spread of digital payments in the healthcare industry is greatly aided by the growing use of mobile technologies. Since smartphones are owned by most people on the planet, the ease of use and accessibility provided by mobile platforms greatly aid in the uptake of solutions for digital payments. User-friendly mobile applications allow patients to easily schedule appointments, make payments, and obtain billing information, thereby improving total patient engagement. The growth of telehealth services, which allows for digital payments to conduct remote visits and transactions and promote a more affordable and patient-centered healthcare experience, further supports this trend.
Concerns about security and the requirement for strict data protection constitute yet another important market element driving the widespread utilization of digital payments in the healthcare industry. Digital payment systems must have strong security measures in place as the sector struggles to protect sensitive patient data. Encryption technology, safe authentication techniques, and regulatory compliance all work together to protect patient privacy and financial transactions while fostering trust between healthcare professionals and patients. A favorable climate for medical professionals to use these technologies is created by financial incentives, tax breaks, and regulations that support the compatibility and uniformity of digital payment systems. These kinds of programs encourage creativity and help modernize the healthcare system.
Key elements driving the expansion of digital payments in the medical industry include scalability and integration with current healthcare systems. Digital payment methods that interface with other healthcare systems of record and electronic health records effortlessly give healthcare providers a competitive advantage as they search for seamless interoperability across multiple platforms and systems. The total effectiveness of healthcare operations is improved, errors are decreased, and administrative procedures are streamlined by this integration.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2023 | USD 10.55955 Billion |
| Growth Rate | 24.23% (2023-2032) |
Digital Payment Healthcare Market Highlights:
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)
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)
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 (%)
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
-
-
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
-
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
