Robotic Process Automation In Healthcare Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends | International Business Machines Corporation, EnterBridge, NICE Ltd

"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 growth in the historic period can be attributed to rising demand for telehealth services, growing focus on supply chain optimization, growing need for interoperability solutions, increasing complexity of healthcare billing processes, accelerating 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 attributed to increased emphasis on cost reduction, growing demand for enhanced operational efficiency, rising demand for enhanced patient experience, increasing adoption of electronic health records (EHR), rising healthcare labor costs. Major trends in the forecast period include advance technology, integration of blockchain technology in healthcare operations shift towards outcome-based reimbursement models, integration of artificial intelligence (AI) in healthcare processes, shift towards value-based care models.

Market Overview -
Robotic process automation (RPA) in healthcare refers to the application of software robots to automate repetitive tasks and workflows within healthcare systems, such as patient data management, claims processing, and appointment scheduling, aiming to improve operational efficiency, reduce errors, and enhance patient care delivery. It transforms healthcare operations by automating tedious and error-prone tasks, ultimately improving operational efficiency and patient outcomes.

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Increasing Adoption Of Electronic Health Records Fuels Growth In Robotic Process Automation In Healthcare Market
The increasing adoption of electronic health records (EHR) is expected to propel the growth of robotic process automation in healthcare market going forward. Electronic health records are digitalized copies of patient medical records available with authorized healthcare professionals. The rise in EHR systems provide a centralized and easily accessible repository for patient information, allowing healthcare professionals to focus more on patient care rather than administrative tasks. Robotic process automation (RPA) in healthcare is beneficial as it optimizes data accuracy, streamlines repetitive activities, and increases operational efficiency in patient information management. For instance, in 2021, according to a report by HealthIT.gov, a US-based official website of the Office of the National Coordinator for Health Information Technology (ONC), the adoption of electronic health records (EHR) by office-based physicians increased to 78% in 2021 from 72% in 2019. Therefore, the increasing adoption of electronic health records is driving the growth of robotic process automation in healthcare market.

Competitive Landscape -
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.

Advancements In Robotic Process Automation (RPA) Transforming Healthcare Operations
Major companies operating in robotic process automation in the healthcare market are focusing on advanced technology, such as cognitive automation, to gain a competitive edge. Cognitive automation refers to using advanced technologies, particularly artificial intelligence (AI) and machine learning (ML), to automate tasks that traditionally require human intelligence, reasoning, and decision-making. For instance, in June 2021, Exela Technologies, Inc., a US-based business process automation company, introduced EON, Exela's robotic process automation (RPA) platform for a large health insurance company, to speed up digital transformation initiatives. This platform automates manual operations, especially in the fulfillment and claims processing domains. EON automates structured and repetitive computer-based tasks, allowing the health insurance firm to streamline administrative procedures and increase operational efficiency. This RPA platform will enable staff to focus more on patient care and essential decision-making.

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Key Segments -
The robotic process automation in healthcare market covered in this report is segmented -
1) By Solution: Software, Services, Implementation, Support And Maintenance, Training And Consulting
2) By Operations: Rule-based Operation, Knowledge-based Operation
3) By Application: Claims Management, Clinical Documentation, Billing And Compliance Management, Appointment Scheduling, Workflow Management

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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