The healthcare data monetization industry is poised for significant growth in the near future. With the increasing digitalization of healthcare systems and the abundance of data being generated, healthcare organizations are recognizing the immense value of their data assets. In the coming years, we can expect to see a surge in initiatives focused on leveraging healthcare data for monetization purposes. This industry will witness the emergence of innovative data monetization platforms, advanced analytics tools, and secure data marketplaces. Healthcare organizations will actively explore opportunities to collaborate with research institutions, pharmaceutical companies, and technology firms to unlock the potential of their data for research, development, and commercial purposes.
The Global 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.
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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.
By Type
· Direct Data Monetization
· Indirect Data Monetization
By Deployment
· On-premise
· Cloud
By End User
· Pharmaceutical & Biotechnology Companies
· Healthcare Providers
· Healthcare Payers
· Medical Technology Companies
· Other End Users
Key Market Players:
Oracle, Microsoft, Google, Salesforce, SAS Institute, SAP, TIBCO, Sisense
North America is expected to account for the largest share in healthcare data monetization market in 2023
The global market has been segmented based on region: North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. In 2023, North America is expected to account for the largest market share followed by Europe. The large share of North America in the global healthcare analytics market can be attributed to the implementation of federal health mandates that encourage the adoption of HCIT solutions, an increasing focus on population health management, a significant amount of VC investments, growing pressure to reduce healthcare costs, technological advancements, and high product & service availability in this region. Moreover, most of the leading players in the healthcare analytics market have their headquarters in North America.
Recent Developments
· In October 2022, Oracle Corporation introduced a planning solution for the healthcare industry as part of its Fusion Cloud Enterprise Performance Management (EPM) offering. The solution aims to help healthcare organizations improve financial performance and patient care by enabling them to model scenarios, optimize resources, and make better finance, workforce, and patient care decisions.
· In April 2023, Microsoft Corporation and Epic Systems expanded their collaboration to integrate generative AI into healthcare by combining Azure OpenAI Service with Epic’s electronic health record (EHR) software. The collaboration aimed to enhance patient care, increase productivity, and improve financial integrity in health systems globally.
· In February 2023, Redox and Google Cloud partnered to simplify the exchange of healthcare data, enabling better and faster decision-making for healthcare organizations. Redox’s platform would be replicated on Google Cloud, offering customers access to Redox’s products and services.
· In April 2023, Salesforce announced new Customer 360 for Health capabilities aimed at enhancing personalized patient experiences and reducing operational costs for healthcare providers. These innovations leverage real-time data, AI, and automation to address the challenges faced by healthcare organizations in meeting customer expectations.
· In May 2023, HTEC Group joined the SAS IoT Partner Ecosystem to partner on delivering innovative solutions in industries such as healthcare, life sciences, logistics, and more. The partnership aimed to develop joint offerings that enable global enterprise companies to apply cutting-edge data-driven, IoT, edge, and cloud-enabled solutions to their business challenges.
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