Global Digital Payment in Healthcare Market 2023-2030

Global Digital Payment in Healthcare Market 2023-2030

Global Digital Payment in Healthcare Market Size, Share & Trends Analysis Report by Component Solution (Solution and Service), by Deployment (On-Premises and Cloud), and by Organization Size (Small and Medium-Sized Enterprises (SMEs) and Large Enterprises), Forecast Period (2023-2030)

The global digital payment in healthcare market is anticipated to grow at a considerable CAGR of 20.2% during the forecast period. The digital payment in healthcare market is experiencing significant growth and transformation due to factors such as the rising technology adoption, consumer preference for convenience, regulatory support, security and fraud prevention, integration with healthcare systems, and the impact of the COVID-19 pandemic. For instance, in June 2022, the Centers for Medicare & Medicaid Services (CMS) established standards for electronic funds transfer (EFT) and electronic remittance advice (ERA) to help streamline healthcare payment and reduce administrative costs. Digital payment solutions in healthcare offer electronic transactions and technologies to process payments related to healthcare services, medical bills, insurance claims, and other healthcare-related financial transactions. These solutions aim to improve efficiency, reduce administrative costs, enhance security, and provide convenience to both healthcare providers and patients.

Segmental Outlook

The global digital payment in healthcare market is segmented based on its component solution, deployment and organization size. Based on component solution, the market is segmented into solution and service. Based on the deployment, the market is categorized into on-premise and cloud. Based on the organization size, the market is segmented into SMEs and large enterprises. Among the deployment, cloud-based sub-segment is anticipated to register significant growth over the coming years. The convenience, efficiency, and contactless nature of cloud-based payment solutions make them appealing to both patients and healthcare providers. Enhanced security measures instill confidence in patients regarding the protection of their financial data. These payment systems seamlessly integrate with existing healthcare management platforms, reducing operational expenses and promoting a global reach.

Software based sub segment digital payment in healthcare anticipated to register significant growth

The software-based subsegment of digital payment in healthcare is poised for substantial growth due to several compelling factors. These includes the increasing demand for digital health services, the need for convenient and accessible payment solution, the drive to manage costs and revenue cycles effectively, compliance with security regulations, integration with electronic health records (EHR), and governmental initiatives promoting digital health innovations. For instance, in November 2022, Nomi Health launched Nomi Connect, a business operating system and payment platform. The platform enables organizations to purchase healthcare directly and providers to be paid in real time. Nomi Connect aims to make real-time healthcare payments a reality, improving access and reducing costs.

Regional Outlook

The global digital payment in healthcare market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, the Europe market is anticipated to cater to a prominent growth over the forecast period. The growth of digital payment in the healthcare market in Europe is driven by increasing demand for fast and hassle-free transaction services, establishment of digital payment methods in healthcare software start-ups, changing consumer behavior, technological innovation, and regulatory developments.

North America is anticipated to Hold a Significant Share of the Digital Payment in Healthcare Market during the Forecast Period

North America, particularly the US and Canada, has been a significant player in the digital payment in healthcare market. This growth is attributed to its advanced healthcare infrastructure and the widespread adoption of technology. Other factor propelling the market growth is owing to the offered be convenience, efficiency, and security of digital payment methods. Additionally, the major market players are in the US region, further solidifying its significance. To maintain their competitive edge in the market, these industry leaders are implementing diverse strategies, including mergers, acquisitions, partnerships, collaborations, funding initiatives, and the launch of novel software and services. For instance, in June 2021, Bank of America completed the acquisition of AxiaMed, a healthcare payment solutions company. The acquisition aims to digitize healthcare payment, offering a simplified and streamlined payment system. Additionally, the major goal of this acquisition is to enhance the healthcare payment experience for both patients and providers, aligning with the broader trend of digitalization in the industry.

Market Players Outlook

The major companies serving the global digital payment in healthcare market include Fiserv, Inc, Aliant Payments, First Data Corp., Worldpay, LLC, and Payments Direct, Inc, among others. These market players contribute significantly to the market growth through the adoption of various strategies such as mergers and acquisitions, partnerships, collaborations, funding, and new product launches to stay competitive in the market. Their innovative products and focus on meeting customer requirements are driving the market forward. For instance, in January 2021, Fiserv and First Data Corporation joined forces, forming a dominant entity in the payments and financial technology sector. This merger, valued at $22 billion, brings together two industry leaders to create a powerhouse in the field of payments and fintech. By combining their strengths, the newly formed company gains enhanced scale and establishes itself as a global frontrunner in the realm of payments and financial technology. As part of the process outlined in the Merger Agreement, Fiserv is planning to submit a registration statement on Form S-4 to formalize the proposed transaction.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global digital payment in healthcare market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.