The global digital payment in healthcare market has the potential to touch a valuation of USD 9.62 Billion by 2024, estimate Market Research Future (MRFR). The market is poised to garner a tremendous CAGR of 22.6% during the forecast period (2018-2024).
Primary Drivers and Key Barriers
Healthcare costs in recent years have risen significantly and consumers are facing massive problems in understanding medical bills as well as their healthcare insurance benefits. This gives rise to the need for more online tools that help consumers gain better understanding of the processes online. With internet coming into the picture and gaining a foothold in the past decade across the world, the digital payment market has benefitted immensely, especially with the proliferation of smartphones. With the increasing usage of mobile payment systems like Google Pay and Apple Pay, consumers are expecting similar mobile offerings from the heathcare sector as well.
Digital payment in healthcare market is growing in response to the mounting awareness among people regarding the benefits of digital payment. Digital payment is more reliable and safer compared to traditional methods since it helps eliminate the risk of theft and robbery. Some of the common types of payment gateway used in healthcare include payment security and fraud management solutions, POS solutions and payment wallet solutions.
Furthermore, a number of initiatives undertaken by government bodies all over the world for the promotion of digital payment help with market advancement. Besides, massive expansion in the e-commerce industry is deemed to work in favor of the global digital payment market in the ensuing years.
The worldwide economy seems to be heading towards seamless digital transactions, in particular the healthcare industry. With the continuously evolving trends in digital payment, consumer technology is also observing changes. Credit cards are now accepted via a digital account.
In the year 2017, Visa released a highly innovative solution called mVisa, which lets a third party pay using mobile with unique QR codes. It works when a QR code is scanned on a smartphone, which allows customers to pay directly from their digital account into the merchant’s card.
The worldwide digital payment in healthcare market report has been studied considering segments like component, deployment mode, organization size, and vertical.
Component-wise, the global digital payment in healthcare market includes solutions and services.
The deployment modes mentioned in the report are on-premise and cloud.
The organization size-based segments of the digital payment in healthcare market include small and medium-sized enterprises (SMEs) and large enterprises.
The digital payment in healthcare market is spread across the primary regions of Asia Pacific (APAC), Europe, North America, along with the rest of the world (RoW).
The North America market has the highest possibility to gain the top position in the global digital payment in healthcare market, with the largest share. Healthcare providers along with health maintenance organizations (HMO) and others within the healthcare sector are increasingly opting for digitalization. This has resulted in the high adoption rate of digital payment methods within the healthcare sector in the region.
During the evaluation period, Europe is expected to seize the second-largest market for digital payment in healthcare, thanks to the mounting demand for hassle-free and fast transaction services. Strong government support promoting the use of advanced technology across various industries in the region stimulates market growth. Also, presence of esteemed software companies in the region boosts market demand.
The fastest-growing market for digital payment in healthcare belongs to the APAC region, with the rate expected to more than 22.6% during the review period. Emerging economies like India and China stand at the vanguard of the digital payment in healthcare market in the region, given the unceasing demand for digital payment due to rapidly growing internet penetration. Also, the massive surge in the number of smartphones in the region adds to the market strength.
The RoW market offers a host of opportunities to players since most of the countries are still working towards adopting digital payment in healthcare solutions.
Significant companies in the worldwide digital payment in healthcare market include ACI Worldwide, Inc. (US), Change Healthcare (US), Elavon Inc. (US), Aurus Inc. (US), PayPal (US), Worldpay, LLC (UK), Wirecard AG (Germany), Fiserv, Inc. (US), InstaMed (US), BillingTree (US), First Data Corporation (US), Stripe (US), Zelis Payments (US), Aliant Payments (US), Global Payments Direct, Inc. (US), and others.
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