Healthcare Digital Payment Market To Reach $54.80 Billion By 2030

Healthcare Digital Payment Market Growth & Trends

The global healthcare digital payment market size is expected to reach USD 54.80 billion by 2030, expanding at a CAGR of 21.5% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The growth of the market can be attributed to the demand for digital payment methods from patients. For instance, in May 2023, according to the survey of 1,348 U.S. healthcare consumers conducted by Salucro, a software company, around 62% of the respondents said patient portals were their preferred method for paying medical bills.

The growing smartphone and internet penetration also have resulted in the growth of the telemedicine industry. Hence, such widespread digitalization in the healthcare sector is anticipated to fuel the growth of the market. Furthermore, several pharmacies have adopted an e-commerce business module for delivering medicines to the doorstep of patients to offer them convenience while purchasing medicines, thereby fueling online payments in the healthcare industry.

The increasing partnerships and collaborations between the hospitals and the digital payment provider are another major factor driving the market's growth. Similarly, the increasing use of digital wallets, credit & debit cards, and other online payment modes among customers across the globe bode well for the market's growth. Moreover, the increased financial transparency to both providers and patients while improving the overall healthcare experience has demanded digital payment in the healthcare sector.

Governments and healthcare regulatory bodies implemented changes to facilitate the use of telehealth and digital healthcare services during the pandemic, thereby driving market growth. Furthermore, digital payment systems allowed for easier billing, electronic statements, and payment plans, improving the overall patient financial experience during a challenging time. Hence, the COVID-19 pandemic accelerated the adoption and innovation of digital payment solutions in healthcare, and these changes are expected to have a lasting impact on the industry's landscape.

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Healthcare Digital Payment Market Report Highlights

• In terms of solution, the payment processing segment dominated the market in 2022 with a a revenue share of more than 22.0%. The increasing launches and offerings for payment processing solutions across the globe have accelerated the growth of this segment

• Based on mode of payment, the bank cards segment dominated the market in 2022 with a share of above 33.0% of the global revenue. Features such as easy EMIs on credit cards and loyalty benefits have driven segmental growth

• In terms of deployment, the cloud segment dominated the market in 2022 with a share of more than 52.0% of the global revenue. This dominance can be attributed to the increasing cloud adoption and developing cloud infrastructure in the industry

• Based on enterprise size, the large enterprises segment dominated the market in 2022 with a share of more than 58.0% of the global revenue. The large enterprises segment dominance is attributed to the increasing adoption of digital payment methods to enhance the customer experience and drive efficiency in the payment process

• Based on end-user, the hospitals segment dominated the market in 2022 with a share of more than 27.0% of the global revenue. This dominance can be attributed to the hospitals adopting digital payment solutions for allowing contactless payments to patients

• The North America region dominated the market in 2022 with a share of over 39.0% of the global revenue. The presence of prominent market players and tech-savvy populations across the region is one of the major factors fueling segment growth

Healthcare Digital Payment Market Segmentation

Grand View Research has segmented the global healthcare digital payment market based on solution, mode of payment, deployment, enterprise size, end-user, and region.

Healthcare Digital Payment Solution Outlook (Revenue, USD Billion, 2017 - 2030)

• Application Program Interface

• Payment Gateway

• Payment Processing

• Payment Security & Fraud Management

• Transaction Risk Management

• Others

Healthcare Digital Payment Mode of Payment Outlook (Revenue, USD Billion, 2017 - 2030)

• Bank Cards

• Digital Wallets

• Net Banking

• Others

Healthcare Digital Payment Deployment Outlook (Revenue, USD Billion, 2017 - 2030)

• Cloud

• On-premise

Healthcare Digital Payment Enterprise Size Outlook (Revenue, USD Billion, 2017 - 2030)

• Large Enterprises

• Small & Medium Enterprises

Healthcare Digital Payment End-user Outlook (Revenue, USD Billion, 2017 - 2030)

• Hospitals

• Medical Clinics

• Pharmacies

• Health Insurance Companies

• Telemedicine and Remote Health Services

• Others

Healthcare Digital Payment Regional Outlook (Revenue, USD Billion, 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • UK

  • France

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Mexico

• Middle East & Africa

  • The Kingdom Of Saudi Arabia (KSA)

  • UAE

  • South Africa

List of Key Players in the Healthcare Digital Payment Market

• ACI Worldwide

• InstaMed

• Bank of America Corporation

• Osplabs

• REPAY

• Elavon Inc.

• ClearGage

• PaymentVision

• HealthPay24

• KeyCorp