Digital Payment in Healthcare Market Trends, Application, Growth Rate, and Future Forecast till 2032
Market Scenario:
According to Market Research Future, the global digital payment in healthcare market has been segmented based on component, deployment mode, organization size, and region/country. Digital Payment in Healthcare Market Size will grow by 13.70% in the forecast year 2032. Digital payments have a massive impact on the healthcare industry.
The major factors boosting market growth are increasing internet penetration and the digitalization in the healthcare vertical. Furthermore, there has been a significant increase in the adoption of smartphones, which is driving market growth as smartphone users prefer payment via digital modes. Many health insurance providers also prefer digital payments over hard cash payments. This fuels the growth of digital payments in healthcare market. However, concerns regarding data security and dominance of paper-based billing are expected to restrain market growth. Also, the rising number of cyber-attacks is a challenge for the digital payment’s solution providers.
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Key Players: -
· Aurus Inc. (US)
· Aliant Payments (US)
· Stripe (US)
· ACI Worldwide Inc. (US)
· GLOBAL PAYMENTS DIRECT, INC. Inc. (US)
· First Data Corporation (US)
· PayPal (US)
· Worldpay (UK)
· Wirecard AG (Germany)
· Fiserv Inc. (US)
· Instamed (US)
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-premises. 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.
Segmentation:
By component, the global digital payment in healthcare market has been divided into solutions and services. The solutions segment is expected to have a larger market share while the services segment is projected to register the higher CAGR during the forecast period.
Based on deployment mode, the market has been segmented into cloud-based and on-premises.
The cloud-based segment is expected to exhibit the higher CAGR during the forecast period due to the increasing adoption of cloud technology globally and technological advancements that offer security and privacy over the cloud.
Based on organization size, the market has been segmented into large enterprises and small and medium enterprises (SME). The large enterprises segment is expected to have a greater market size during the review period. Large organizations deploy digital payment methods in healthcare solutions extensively to meet the considerable demand for fast and hassle-free transaction services. Large enterprises adopt on-premises or cloud-based solutions, while SMEs prefer only cloud-based solutions.
By region, the global digital payment in healthcare market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
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Regional Analysis:
The global digital payment in healthcare market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world. North America was the largest market in 2018 as the US has the maximum number of leading market players. The market in Asia-Pacific is expected to be the fastest-growing during the forecast period. The market includes a variety of digital payment modes , such as mobile payment, point of sale, and online payment, that are increasingly being adopted by the healthcare industry. The growth of the market can be attributed to factors such as the increasing demand for contactless payment options, the growing use of mobile devices, and the need for increased payment security and transparency in healthcare.
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