Digital payments have grown in popularity over the last few years as people seek out more convenient and secure alternatives to traditional, cash-based transactions. In the healthcare industry, digital payments are now becoming the norm for patients, providers, and insurers alike.
According to a recent survey, over 80% of consumers want to make all their healthcare payments in one place 1, and a similar percentage of patients prefer electronic payment options. Digital payments can be faster, more secure, and more convenient than traditional payment methods, reducing friction and improving overall satisfaction with the healthcare experience.
According to Market Research Future, the global digital payment in healthcare market size has been segmented based on component, deployment mode, organization size, and region/country.
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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. A large number of 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 payments solution providers.
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-premise. 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-premise 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.
The key players in the global digital payment in healthcare market are Aurus Inc. (US), Aliant Payments (US), Stripe (US), ACI Worldwide, Inc. (US), Global Payments Direct, Inc. (US), First Data Corporation (US), PayPal (US), Worldpay, LLC (UK), Wirecard AG (Germany), Fiserv, Inc. (US), InstaMed (US), BillingTree (US), Change Healthcare (US), Elavon Inc. (US), and Zelis Payments (US).
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 of 2020 to 2027.
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