The global market report on digital payment in the healthcare market is expected to surpass a valuation worth USD 9.62 billion by 2024. Market Research Future (MRFR) announced that this growth could attain a CAGR of 22.6% during the forecast period of 2019 to 2024. Major factors like increasing competition in the market, digitization, ease of operation, clarity in transaction, and others can support the proceedings of this market. In addition, the market will also benefit from various collaborations that are happening between companies.
The global digital payment in the healthcare market share, as discussed by the MRFR analysts, includes segments like organization size, deployment mode, component, and vertical. These segments have data and analysis of the market that would inspire better strategic formations in the coming years.
By component, the understanding of the global digital payment in the healthcare market included segments like solutions and services.
By deployment mode, the review of the global digital payment in the healthcare market covers segments like on-premise and cloud. The cloud segment would garner a substantial amount for its cost-efficiency and user-friendly nature.
By organization size, the global digital payment in healthcare market discussion includes small and medium-sized enterprises (SMEs) and large enterprises.
North America and Europe have scopes to benefit from various structural advantages and easy inclusion of technologies are going to create a better space for market growth. In Asia Pacific, the massive population is expected to bolster the market growth.
The global report discussing the digital payment in the healthcare market puts substantial emphasis on the analysis of the latest tactical changes introduced by various companies. These companies are Stripe (US), ACI Worldwide, Inc. (US), Aurus Inc. (US), Aliant Payments (US), First Data Corporation (US), Global Payments Direct, Inc. (US), Wirecard AG (Germany), PayPal (US), Worldpay, LLC (UK), Change Healthcare (US), Elavon Inc. (US), BillingTree (US), Fiserv, Inc. (US), InstaMed (US), and Zelis Payments (US). MRFR included these changes in their report to get a good grasp of trends that are inspiring changes.
In March 2020, Deluxe, a Trusted Business Technology™ company, declared that it is launching a new Medical Payment Exchange (MPX) platform in a joint venture with ECHO Health, a healthcare payment provider. This venture set a new cloud-based digital payment process to address various unmet needs in healthcare payments that include both the healthcare payers’ challenge in finding an efficient electronic payment mode to pay providers whom they pay not so frequently. These claims form a considerable amount of healthcare revenue and the market is expected to benefit from it.
In May 2020, the online medicine and healthcare ordering app PharmEasy announced a collaboration with Amazon India to trigger the growth in the use of digital payments. It would inspire more people to include ‘Amazon Pay wallet’ as a choice. This partnership will ensure that the PharmEasy customers get a fast and seamless checkout system, along with various cashback offers. The intent behind this payment procedure is to ensure a faster method and encourage safer measures. The process will include booking of a test, delivery of medicines, and other services.
During the COVID-19 crisis, the global market for digital payment in healthcare gained significant traction as it curbs the need for physical presence and lessens the chances of physical contact. Both these services can help in the reduction of the spread of the disease.