Market Analysis
The global digital payment in healthcare market size will touch USD 9.62 billion at a 22.6% CAGR during the forecast period 2020- 2027, states the latest Market Research Future (MRFR) analysis. Digital payment solutions in healthcare provide an online payment platform which connects payers, providers, and consumers for every healthcare payment transaction. Such solutions are accessible as on the cloud and on-premise. The payee and the payer use electronic modes for sending and receiving money. The payment is done through digital wallets, bank cards, net banking, digital currencies, digital currencies, and contactless and contact payment methods.
Various factors are fuelling the global digital payment healthcare market growth. As per the recent MRFR market estimates, such factors include the growing digital transformation in the healthcare vertical, increasing digital payments in the health insurance sector, the rising adoption of smartphones, rapidly increasing internet penetration, the demand for hassle-free and fast transaction services, increasing internet penetration, increasing digitalization in the healthcare vertical, increasing use during COVID-19 pandemic, and most health insurance providers showing preference to digital payments over hard cash payments.
On the contrary, concerns regarding security and domination of paper-based billing and the growing number of cyber-attacks may limit the global digital payment healthcare market growth over the forecast period.
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Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global digital payment healthcare market based on vertical, organization size, deployment mode, and component.
By component, the global digital payment healthcare market is segmented into services and solutions. Of these, the solutions segment will lead the market over the forecast period.
By deployment mode, the global digital payment healthcare market is segmented into cloud and on-premise. Of these, the cloud segment will dominate the market over the forecast period.
By organization size, the global digital payment healthcare market is segmented into large enterprises and small and medium-sized enterprises. Of these, the large enterprises will spearhead the market over the forecast period.
Regional Analysis
By region, the global digital payment healthcare market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, North America will remain domineer in the market over the forecast period as healthcare providers, HMO (health maintenance organizations), and other organizations in the healthcare vertical are transforming and getting more inclined towards being digitalized. US has the utmost market share for the presence of several leading market players and the growing adoption of digital payment methods in the healthcare industry.
In Europe, the global digital payment healthcare market is predicted to have the second-largest share over the forecast period for the establishment of digital methods in healthcare software start-ups and increasing need for hassle-free and fast transaction services.
In the APAC region, the global digital payment healthcare market is predicted to have healthy growth over the forecast period. Growing demand in developing countries of China and India, growing internet penetration, and significant rise in the number of smartphones are adding to the global digital payment healthcare market growth in the region.
In RoW, the global digital payment healthcare market is predicted to have sound growth over the forecast period.
Key Players
The leading players profiled in the global digital payment healthcare market report include Zelis Payments (US), Elavon Inc. (US), Change Healthcare (US), BillingTree (US), InstaMed (US), Fiserv, Inc. (US), Wirecard AG (Germany), Worldpay, LLC (UK), PayPal (US), First Data Corporation (US), Global Payments Direct, Inc. (US), ACI Worldwide, Inc. (US), Stripe (US), Aliant Payments (US), and Aurus Inc. (US), among others.
The global digital payment healthcare market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.
Table of Contents
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Market Structure
Continued…
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