Healthcare Data Monetization Market worth $0.9 billion | MarketsandMarkets

CHICAGO, June 13, 2023 /PRNewswire/ -- 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 healthcare data monetization industry will not only drive additional revenue streams for healthcare organizations but also foster data-driven decision-making, accelerate medical research, and ultimately contribute to improved patient outcomes. However, it will be crucial to address concerns related to data privacy, security, and regulatory compliance to build trust and ensure ethical data practices in this evolving landscape.

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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Healthcare Data Monetization Market Scope:

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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Healthcare Data Monetization Market Dynamics:

Drivers:

1. Increase in use of external data sources

Restraints:

1. Regulatory constraints to impact the growth of the market during the forecast period

Opportunities:

1. Rising Demand for Real-World Evidence

Challenges:

1. Security concerns

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).

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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.

Healthcare Data Monetization Market Advantages:

• Revenue Generation: Healthcare organizations possess vast amounts of valuable data, including patient records, clinical data, claims data, and real-world evidence. By monetizing this data, healthcare organizations can generate additional revenue streams. They can sell anonymized and aggregated data to researchers, pharmaceutical companies, insurance providers, and other interested parties, creating a new source of income.
• Data-Driven Decision Making: Monetizing healthcare data encourages organizations to invest in robust data analytics capabilities. By analyzing and deriving insights from the data, healthcare providers and stakeholders can make informed decisions to improve patient outcomes, optimize operations, and identify opportunities for innovation. Data monetization drives a data-driven culture within the healthcare industry.
• Research and Development: Monetizing healthcare data can accelerate research and development activities. Pharmaceutical companies and medical researchers can access comprehensive datasets for drug discovery, clinical trials, epidemiological studies, and population health research. This fosters collaboration and innovation, ultimately leading to the development of new treatments, therapies, and medical advancements.
• Improving Healthcare Delivery: By monetizing healthcare data, organizations can gain insights into patient populations, disease patterns, and treatment outcomes. This information can be leveraged to enhance care delivery, optimize care pathways, and implement personalized medicine approaches. Data monetization drives continuous improvement in healthcare delivery by facilitating evidence-based decision making and enhancing patient outcomes.
• Cost Optimization: Healthcare data monetization can help organizations optimize costs and resource allocation. By analyzing data on healthcare utilization, supply chain management, and operational efficiencies, organizations can identify areas for cost reduction, waste elimination, and process improvement. This leads to more efficient healthcare operations and better financial sustainability.
• Collaborative Opportunities: Monetizing healthcare data opens up opportunities for collaboration and partnerships. By sharing data with external stakeholders, such as research institutions or technology companies, healthcare organizations can foster innovation, develop new solutions, and drive advancements in healthcare. Collaborative data initiatives promote knowledge exchange, interdisciplinary research, and the overall growth of the healthcare ecosystem.
• Improved Patient Outcomes: Leveraging healthcare data for monetization purposes contributes to the advancement of personalized medicine and precision healthcare. By analyzing patient data, providers can tailor treatment plans, predict disease risks, and implement preventive measures. This leads to improved patient outcomes, reduced healthcare costs, and enhanced patient satisfaction.
• Enhanced Data Governance: Monetizing healthcare data necessitates robust data governance frameworks, ensuring compliance with privacy regulations, data security standards, and ethical considerations. Organizations that engage in data monetization are compelled to prioritize data governance practices, leading to better data management, improved data quality, and increased patient privacy protection.
• Overall, healthcare data monetization offers numerous advantages, including revenue generation, data-driven decision making, research acceleration, improved healthcare delivery, cost optimization, collaborative opportunities, improved patient outcomes, and enhanced data governance. These benefits collectively contribute to the growth and advancement of the healthcare industry.

Healthcare Data Monetization Market - Key Stakeholders:

• Healthcare Data Monetization Solution Providers
• Platform Providers
• Technology Providers
• AI System Providers
• Raw Data Providers
• Data Buyers
• Data Sellers
• Healthcare Providers
• Healthcare Payers
• Pharmaceutical & Biotechnology Companies
• Medical Technology Companies
• Physician Groups and Organizations
• Universities and Research Organizations
• Forums, Alliances, and Associations
• Academic Research Institutes
• Healthcare Institutions
• Distributors
• Venture Capitalists
• Government Organizations
• Institutional Investors and Investment Banks
• Investors/Shareholders
• Consulting Companies in the Data Monetization Sector
• Raw Materials and Component Manufacturers

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