Digital Payment in Healthcare Market Expected To Reach USD 35.64 Billion By 2030 - Report by Market Research Future (MRFR)
Market Research Future
Updated 7 min read
Market Research Future
Need to Safeguard Patient Data to Boost Digital Payment in Healthcare Market Growth
New York, US, March 16, 2023 (GLOBE NEWSWIRE) -- Market Analysis
According to a comprehensive research report by Market Research Future (MRFR), “Digital Payment in Healthcare Market By Component, By Deployment, By Organization Size, By Region - Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 24.23% to attain a valuation of around USD 35.64 Billion by the end of 2030.
Digital Payment in Healthcare Market Competitive Analysis
Key Players
Eminent industry players profiled in the digital payment in healthcare market report include
Digital Payment in Healthcare Market Report Scope:
Report Metrics
Details
Digital Payment in Healthcare Market Size by 2030
USD 35.64 Billion (2030)
Digital Payment in Healthcare Market Growth during 2022-2030
31% CAGR
Base Year
2021
Forecast
2022-2030
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Market Drivers
The primary driving factor for the high adoption rate of digital payment methods in the healthcare industry in North America. The market in Europe is expected to be the second-largest during the review period due to the increasing demand for fast and hassle-free transaction services and the establishment of digital payment methods in healthcare software start-ups.
Drivers
Need to Safeguard Patient Data to Boost Market Growth
During the course of the projection period, market expansion will be aided by the increased emphasis on patient safety & data security. In order to protect patient data, there is a need for effective and secure payment mechanisms as the use of the digital health solutions grows.
Opportunities
Increasing Use of Smartphones by Physicians to Offer Robust Opportunities
The strong acceptability of digital health is a result of increasing smartphone use among doctors. One-third of all adults use smartphones & other smart gadgets, with doctors using them twice as frequently as the general public. This is the primary driver causing a sharp rise in mobile applications for the healthcare needs, which is advancing the industry.
Concerns about Data Security to act as Market Restraint
The concerns about data security and the prevalence of the paper-based billing may act as market restraints over the forecast period.
Challenges
Rise in Cyber-attacks to act as Market Challenge
The rise in cyber-attacks and lack of standardization may act as market challenges over the forecast period.
Market Segmentation
The global digital payment in healthcare market is bifurcated based on components, deployment, and organization size.
By components, solutions will lead the market over the forecast period.
By deployment, cloud will domineer the market over the forecast period due to the widespread adoption of cloud computing and the improvements in technology that provide the cloud with security and privacy.
By organization size, large enterprise will spearhead the market over the forecast period. Over the study period, it is anticipated that the market size of the big enterprises sector would increase. The extensive use of digital payment method in healthcare solutions by large enterprises aims to address the high demand for seamless and quick transaction services. While SMEs favor just cloud-based solutions, large organizations adopt both on-premises and cloud-based solutions.
The COVID-19 outbreak had an impact on a number of market operations. These days, there are many issues affecting the commercial, industrial, and logistics sectors. The benefits are greater for this market, though. The pandemic has increased demand for contactless payments. The transmission of disease is slowed by digital payments. Numerous healthcare organizations are quickly embracing their technology. The deployment is taking place on an enormous scale because the healthcare sector provides a necessary service. The market for digital payments now has many prospects for expansion thanks to this circumstance. Governments are advising the healthcare sector to adopt fewer payment contacts. Digital payments' adaptability, simplicity, and effectiveness are crucial for the healthcare sector. In recent years, the cloud-based industry's adoption rate has increased to its highest level. There are anticipated to be further market advancements following COVID. It is anticipated that enhanced digital payments would be introduced to the healthcare sector. The global digital payment in healthcare market has grown significantly since the COVID-19 crisis because it reduces the necessity for physical presence and the likelihood of physical contact. Both of these services can aid in limiting the disease's spread. The COVID-19 outbreak helped the market grow, and the post-pandemic phase will continue to accelerate market growth. Contactless payment methods, namely e-wallets, have gained widespread popularity as a result of the pandemic phase. Even though the manufacturing sector was severely affected, peer-to-peer transfers, bill payments, and customer-to-business (C2B) payments all rose in popularity during the lockdown.
Regional Analysis
North America to Head Digital Payment in Healthcare Market
In 2021, the market share that North America accounted for was 34%. The regional market gains from elements including smart parking meters' expanding adoption and technological advancements. For instance, ParkMobile, a provider of stopping arrangements, in July 2020 announced its partnership with EasyPark, a cooperative that specializes in offices. The previous organization provided contactless payment locations around Vancouver city through this organization. In addition, the increase in automated stores within the United States is boosting the interest for the advanced payment arrangements. This region's significant market share can be ascribed to the early uptake of digital health solutions & the presence of numerous important players there. As healthcare providers, HMOs or (health maintenance organizations), and other businesses in the healthcare sector modernize and lean more towards digitalization, North America will continue to dominate the market during the projected period. US have the utmost market share for the existence of multiple prominent market players and the growing usage of the digital payment methods within the healthcare industry.
APAC to Have Favorable Growth in Digital Payment in Healthcare Market
The worldwide healthcare digital payment market is anticipated to expand strongly in the APAC region over the forecast horizon. Increasing internet usage, an increase in the usage of smartphones, and rising demand from developing nations like China and India are all contributing to the expansion of the worldwide digital payment healthcare industry in the area.
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