PUBLISHER: The Business Research Company | PRODUCT CODE: 1465885
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465885
Robotic process automation (RPA) in the healthcare sector entails leveraging software robots to automate repetitive tasks and workflows within healthcare systems, including patient data management, claims processing, and appointment scheduling. This application aims to enhance operational efficiency, reduce errors, and improve patient care delivery. RPA transforms healthcare operations by automating tedious and error-prone tasks, ultimately leading to improved operational efficiency and patient outcomes.
The primary types of robotic process automation solutions in healthcare include software, services, implementation, support and maintenance, and training and consulting. Software comprises sets of instructions or programs that enable computers and electronic devices to execute specific tasks or functions. These operations encompass rule-based and knowledge-based tasks and find application in various areas such as claims management, clinical documentation, billing and compliance management, appointment scheduling, and workflow management.
The robotic process automation in healthcare market research report is one of a series of new reports from The Business Research Company that provides robotic process automation in healthcare market statistics, including robotic process automation in healthcare industry global market size, regional shares, competitors with a robotic process automation in healthcare market share, detailed robotic process automation in healthcare market segments, market trends and opportunities, and any further data you may need to thrive in the robotic process automation in healthcare industry. This robotic process automation in healthcare market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The robotic process automation in healthcare market size has grown rapidly in recent years. It will grow from $1.71 billion in 2023 to $1.97 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. The increase in the historic period can be credited to several factors, including the rising demand for telehealth services, a growing emphasis on supply chain optimization, the increasing need for interoperability solutions, the escalating complexity of healthcare billing processes, and the rapid digitization of healthcare data.
The robotic process automation in healthcare market size is expected to see rapid growth in the next few years. It will grow to $3.46 billion in 2028 at a compound annual growth rate (CAGR) of 15.1%. The growth in the forecast period can be linked to several factors, including an increased emphasis on cost reduction, a growing demand for enhanced operational efficiency, a rising demand for improved patient experience, an increasing adoption of electronic health records (EHR), and rising healthcare labor costs. Major trends anticipated in the forecast period encompass advancements in technology, the integration of blockchain technology in healthcare operations, a shift towards outcome-based reimbursement models, the integration of artificial intelligence (AI) in healthcare processes, and a transition towards value-based care models.
The growth in the robotic process automation (RPA) healthcare market is expected to be driven by the increasing adoption of electronic health records (EHR). Electronic health records are digitalized versions of patient medical records accessible to authorized healthcare professionals. The rise in EHR systems provides a centralized and easily accessible repository for patient information, allowing healthcare professionals to prioritize patient care over administrative tasks. RPA in healthcare optimizes data accuracy, streamlines repetitive activities, and enhances operational efficiency in managing patient information. According to a report by HealthIT.gov in 2021, the adoption of electronic health records (EHR) by office-based physicians increased to 78% from 72% in 2019, indicating the growing adoption driving the RPA in healthcare market.
Major companies in the RPA healthcare market are focusing on advanced technology, such as cognitive automation, to gain a competitive advantage. Cognitive automation utilizes advanced technologies such as artificial intelligence (AI) and machine learning (ML) to automate tasks traditionally requiring human intelligence, reasoning, and decision-making. For instance, in June 2021, Exela Technologies, Inc. introduced EON, its RPA platform, for a large health insurance company, accelerating digital transformation initiatives. EON automates manual operations in fulfillment and claims processing, enabling streamlined administrative procedures and increased operational efficiency. This RPA platform allows staff to devote more time to patient care and essential decision-making.
In March 2022, SS&C Technologies Holdings Inc. acquired Blue Prism Group Plc for $1.6 billion to bolster its position as a software provider and services in the financial and healthcare industries. Blue Prism Group Plc, a UK-based RPA company, offers intelligent automation tools to streamline processes in the healthcare industry.
Major companies operating in the robotic process automation in healthcare market are International Business Machines Corporation, EnterBridge, NICE Ltd., Thoughtonomy Limited, Datamatics Global Services Limited, Pegasystems Inc., iRobot Corp., UiPath Inc., Verint System, Celonis SE, BlackLine Inc., Automation Anywhere Inc., HelpSystems LLC, Kofax Inc., Appian Corp., Kryon Systems Ltd., Digital Workforce Service, Redwood Software Inc., OpenConnect Systems Incorporated, AutomationEdge Solutions Limited, WorkFusion Inc., FortressIQ Inc.
North America was the largest region in the robotic process automation in healthcare market in 2023. The regions covered in the robotic process automation in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the robotic process automation in healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The robotic process automation in the healthcare market consists of revenues earned by entities by providing services such as the development and customization of robotic process automation software, implementation and integration services, training, and support. The market value includes the value of related goods sold by the service provider or included within the service offering. The robotic process automation in healthcare market also includes sales of appointment scheduling bots, automated medical record indexing, and document management systems. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Robotic Process Automation In Healthcare Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on robotic process automation in healthcare market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for robotic process automation in healthcare ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The robotic process automation in healthcare market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.