Healthcare Data Monetization Market in terms of revenue was estimated to be worth $0.4 billion in 2023 and is poised to reach $0.9 billion by 2028, growing at a CAGR of 18.5% from 2023 to 2028 according to a new report by MarketsandMarkets™. Factors such as exponentially increasing data volume and generation of large and complex healthcare datasets, the need to curtail escalating healthcare costs, expanding partnerships and collaborations among players, and growing investments in the adoption of EHR systems primarily drive the growth of this market. Furthermore, the rising adoption of AI in precision medicine and the growing demand for real-world evidence (RWE) would provide lucrative opportunities to solution providers.
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The cloud segment is expected to be the fastest-growing healthcare data monetization market, by deployment, during the forecast period.
Based on deployment, the market is segmented into on-premise and cloud. The cloud segment is expected to grow at a higher CAGR during the forecast period due to increased agility and scalability offered by cloud-based data monetization solutions. Cloud platforms provide secure and scalable storage solutions for vast amounts of healthcare data, including electronic health records, medical images, and patient-generated data. Furthermore, cloud-based analytics tools enable healthcare organizations to perform advanced data analysis, leveraging machine learning algorithms and artificial intelligence to gain valuable insights from complex datasets.
The pharmaceutical & biotechnology companies segment, by end-user, is expected to be the largest healthcare data monetization market in 2023
Based on the end user, the market is broadly segmented into pharmaceutical & biotechnology companies; healthcare payers; healthcare providers; medical technology companies; and other end users. Pharmaceutical & biotechnology companies would account for the largest share of the global end-user market in 2023. Market growth can be attributed to the rising demand for solutions to cut the time and costs of drug development. Pharmaceutical and biotechnology companies can benefit significantly from healthcare data monetization, as it can help them develop new drugs, identify potential markets, and improve patient outcomes.
Asia Pacific is expected to be the fastest-growing in healthcare data monetization market during the forecast period.
The global market has been segmented based on region: North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Asia Pacific market is projected to register the highest CAGR during the forecast period. Emerging countries in the Asia Pacific, such as India and China, offer lucrative growth opportunities for market players, primarily due to the increasing adoption of digital healthcare technologies, increasing public and private funding, improving IT infrastructure, the demand for affordable healthcare, favorable government norms, growing awareness about precision medicine, and the high incidence of cancer and chronic diseases are expected to boost the adoption of healthcare data monetization solutions in Asia Pacific.
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Key Market Players:
Major players operating in the healthcare data monetization market are Oracle Corporation (US), Microsoft Corporation (US), Google (US), Salesforce, Inc. (US), SAS Institute Inc. (US), SAP SE (Germany), TIBCO Software Inc. (US), Sisense Inc. (US), Snowflake Inc. (US), QlikTech International AB (US), HealthVerity, Inc. (US), Accenture (Ireland), Availity, LLC (US), Domo, Inc. (US), Komodo Health, Inc. (US), ThoughtSpot Inc. (US), Datavant (US), Verato (US), Infor, Inc. (US), Virtusa (US), Infosys (India), Particle Health, Inc. (US), Innovaccer, Inc. (US), H1 (US), and Medoble Inc. (US).
Healthcare Data Monetization Market Dynamics
Driver: Increase in use of external data sources
External data sources refer to data collected from sources outside of a healthcare organization, such as social media, wearables, consumer data brokers, and other sources. By incorporating external data sources into their analytics and insights, healthcare organizations can gain a more comprehensive view of patient health and behavior, which can lead to improved outcomes and new revenue streams.
Restraint: Regulatory constraints to impact the growth of the market during the forecast period
Regulatory constraints are a significant challenge impacting healthcare data monetization growth. Healthcare data is subject to various laws and regulations governing data privacy, security, and use, making it challenging for organizations to collect, store, and use data for commercial purposes.
Opportunity: Rising Demand for Real-World Evidence
The rising demand for real-world evidence (RWE) presents a significant market opportunity for healthcare data monetization. Real-world evidence refers to data collected from real-world patient populations in everyday clinical practice, outside the controlled environment of clinical trials. This type of data provides valuable insights into treatment outcomes, safety profiles, comparative effectiveness, and patient experiences, which are essential for evidence-based decision-making in healthcare. Healthcare organizations that possess extensive and high-quality RWE datasets can monetize this data by collaborating with various stakeholders in the healthcare ecosystem.
Challenge: Security concerns
Increased use of automated technologies such as EHRs, medical claims processing, and the move towards healthcare integration and health information exchanges (HIEs) have helped expand healthcare privacy and security landscape. Electronic exchange of patient data offers greater reach and efficiency in healthcare delivery but has high-security risks due to the broader access offered.
Report Link: (Healthcare Data Monetization Market)
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