April 24, 2024
Robotic Process Automation in Healthcare Market

Robotic Process Automation in Healthcare Market is Transforming Operations with AI

The healthcare industry globally is complex with high volume of repetitive tasks and documentation work. Robotic process automation (RPA) helps capture and interpret existing applications for processing a transaction, manipulating data, triggering responses and communicating with other digital systems. RPA works by monitoring the activities of users and repeating the steps taken to complete a task. This allows RPA the ability to understand, interpret, and mimic human interactions with digital systems and software applications.

The Global Robotic Process Automation in Healthcare Market is estimated to be valued at US$ 1.77 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period of 2024 to 2031.

Key Takeaways

Key players operating in the Robotic Process Automation in Healthcare are Blue Prism, UiPath, Automation Anywhere, IBM, Pegasystems, WorkFusion, Kofax, Celonis, NICE LTD., Datamatics, Intellibot, Redwood Software, Nintex UK Ltd, FeatSystems, EnterBridge, Element5, Ashling Partners, Glanbia PLC.

The Robotic Process Automation in Healthcare Market Growth offers opportunities as it helps reduce healthcare costs, improves efficiency and frees up healthcare workers from mundane administrative tasks to spend more time with patients. RPA allows for improved operational efficiencies across revenue cycle management, clinical documentation, supply chain management and more.

Global expansion of robotic process automation in healthcare market is supported by growing investments from healthcare IT vendors, increasing digitalization budgets of hospitals and favorable government regulations supporting adoption of emerging technologies. North America dominates the global RPA in healthcare market currently owing to advanced healthcare infrastructure and early adoption of new technologies. Asia Pacific offers lucrative growth opportunities with increasing healthcare expenditures and expanding medical tourism industries in the region.

Market key trends

Adoption of AI and machine learning capabilities by RPA vendors is a key trend. Integration of AI abilities like natural language processing helps automate more complex tasks. For example, AI-powered RPA can extract information from unstructured medical reports, images and convert them into structured data for EHRs or billing purposes. This is reducing manual workloads of clinicians and allowing them to focus on direct patient care activities.

Porter’s Analysis

  • Threat of new entrants: The threat of new entrants is moderate as the healthcare industry requires high initial investments and expertise. However, the growing demand for automation provides opportunities for new players.
  • Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many players providing similar products. However, the benefits of automation retain buyers.
  • Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many technology solution providers. However, domain expertise is important which gives suppliers an edge.
  • Threat of new substitutes: The threat of new substitutes is low as RPA is core to healthcare organizations’ digital transformation goals.
  • Competitive rivalry: The competitive rivalry is high due to many global and regional players offering RPA solutions. However, collaborations are happening between players to enhance their offerings.

Geographical regions

North America dominates the market in terms of value at present due to high healthcare costs and regulatory pressures for automation.

The Asia Pacific region is expected to grow at the fastest rate during the forecast period owing to increasing healthcare expenditure and focus on cost optimization through automation in countries like India, China and Japan.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it