Global Robotic Process Automation (RPA) in Healthcare Market 2023-2030

Global Robotic Process Automation (RPA) in Healthcare Market 2023-2030

Global Robotic Process Automation (RPA) for Healthcare Market Size, Share, and Trends Analysis Report by Application (Claims Management, Workflow Management, Clinical Documentation, Revenue Cycle Management, Billing and Compliance Management, and Appointment Scheduling), and by End-User (Hospitals, Clinics, Pharmacies, Insurance companies and Others) Forecast Period (2023-2030)

The global robotic processing automation for healthcare market is anticipated to grow at a CAGR of 25.0% during the forecast period (2023-2030). Growing investments in healthcare from government and private organizations, adoption of advanced technologies such as AI/ML, the growing need for operational efficiency in the healthcare industry, and increasing disposable income drive demand for RPA for the healthcare market. RPA technology utilizes software to automate repetitive and rule-based tasks, including data manipulation and integration across various systems. It presents an opportunity for healthcare organizations to enhance operational efficiency, reduce costs, elevate quality and compliance standards, and, in turn, contribute to improved patient outcomes and satisfaction.

Segmental Outlook

The global robotic processing automation for the healthcare market is segmented by application and end-user. Based on the application, the market is sub-segmented into claims management, workflow management, clinical documentation, revenue cycle management, billing and compliance management, and appointment scheduling. Based on the end-user, the market is sub-segmented into hospitals, clinics, pharmacies, insurance companies, and other applications such as BPOs and clinical research organizations. The insurance industry is expected to hold a considerable share in the global RPA market. In the insurance industry, RPA software is used for automating administrative tasks such as claim processing, automating the management of policies, such as updating customer information, generating renewal notices, and handling payments. Apart from this, it is also used to automate the underwriting process, and regulatory compliance and detect fraudulent claims and transactions. Apart from these growing investments in the RPA industry. For instance, In June 2023, Quandri announced it raised $8.5 million in Series A funding to bring process automation to insurance brokers and agencies.

The Hospitals Sub-Segment is Anticipated to Hold a Considerable Share of the Global robotic processing automation for the healthcare Market.

The global hospital industry has seen significant growth in recent years owing to factors such as the rising prevalence of chronic diseases, increasing disposable income and affordability of healthcare treatments globally, growing healthcare awareness among the population, technological advancements in healthcare treatments which are helping to reduce treatment costs and growing government support in terms of policies and infrastructure investments primarily after Covid-19. With growth in the sector, the government and private organizations are also looking to reduce operational costs to make treatments more affordable by using solutions such as robotic processing automation. In hospitals, RPA can be used to automate tasks such as appointment scheduling, streamlining data management, claims management, billing, and payments management. By automating repeated tasks hospitals can improve operational efficiency and accuracy, improve patient experience and treatment quality, eliminate human error, which is also a serious problem in healthcare, and improve employee satisfaction. Considering the wide range of applications and advantages of RPA in healthcare, hospitals are introducing RPA software in their operations and also benefiting from it. For instance, In July 2023, Singapore General Hospital was reported to have 52,500 man-hours and gained over $1.8 million in productivity since the implementation of robotic processing automation technologies. The company has implemented 36 RPA use cases since 2020 with the most recent being patient-reported outcome measures collection at the SGH Physiotherapy Department. According to the Singapore General Hospital, The Physiotherapy Department is working on a new system to improve the response rate of patient-reported outcome measures (PROMs) from 25% to 50%. This system will use robotic process automation (RPA) to translate PROMs into other local languages, making them more accessible to patients.

Regional Outlook

The global robotic processing automation for healthcare market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, The European healthcare sector is growing significantly due to growing disposable income and access to healthcare services. Growing government spending in healthcare is driving growth for the regional healthcare industry.

The North American region is Expected to Grow significantly in the Global robotic processing automation market for healthcare Market.

North America is anticipated to hold a prominent share in RPA for healthcare due to factors such as the increasing aging population, increasing health insurance premiums, and significant presence of RPA software market players in the region such as Baker Tilly, Tangentia Inc., and increasing healthcare infrastructure. According to National Health Expenditures 2021 of the US, U.S. healthcare spending grew 2.7 percent in 2021, reaching $4.3 trillion or $12,914 per person. The total share of health spending in the country’s GDP was 18.3%. Hospital care spending accounted for 31.0%, which was the highest followed by Physician and Clinical Services (20.0%). Private health insurance spending increased by 5.8% in 2021 to $2.1 trillion. Growing end-user industries in the region are driving market growth for the regional RPA healthcare market.

Market Players Outlook

The major companies serving the global robotic processautomation (RPA) market for the healthcare market include UiPath Inc., NICE Ltd., Pegasystems Inc. WorkFusion Inc. among others. Companies are adopting strategies such as offering AI/ML-based products, mergers, and acquisitions. For instance, in August 2022, UiPath acquired Re:infer, a startup that specializes in using natural language processing (NLP) to transform unstructured text-based data from documents and emails into structured data. By combining Re:infer with UiPath’s existing solutions, companies will be able to automate personalized responses to customer emails.

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 robotic process automation (RPA) market for the 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.