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. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The growth of EHR adoption primarily drives the market growth, the increase in use of external data sources, the need to curtail escalating healthcare costs, increasing partnerships and collaborations among players, and growing investments in advanced analytics. Additionally, factors such rising adoption of AI in precision medicine, and the explosion in bioinformatics data and large healthcare datasets are also contributing to the market growth.
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Key Market Players:
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), among others.
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.
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Direct data monetization is expected to acquire the largest size of healthcare data monetization market, by type
Based on type, the market is segmented into direct data monetization and indirect data monetization. The direct data monetization segment is expected to dominate the market in 2023. Direct data monetization is becoming popular in healthcare due to the need for efficient data management, interoperability, cost reduction, and improved patient outcomes. It allows healthcare providers to access data from multiple sources in real-time, standardize data formats, reduce infrastructure costs, and make informed decisions about patient care by identifying trends and patterns in patient data.
Based on deployment, on-premise segment is anticipated to dominate the healthcare data monetization market in 2023
Based on deployment, the market is segmented into on-premise and cloud. On-premise segment is expected to dominate the market in 2023. On-premise models offer multivendor architecture, which lowers the risk of data breaches and external attacks. Buyers mainly opt for these delivery models due to the security benefits associated with them. These factors are driving the growth of the on-premise deployment model segment.
Based on the end user, pharmaceutical & biotechnology companies segment of the healthcare data monetization market is expected to register the highest CAGR during the forecast period
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. The pharmaceutical & biotechnology companies segment is expected to register the highest CAGR during the forecast period. The pharma and biotech companies segment includes pharma and biotech companies, and contract research and manufacturing organizations. Pharmaceutical companies are one of the key stakeholders in the healthcare ecosystem and are likely to benefit the most from comprehensive health data. The data serves to inform decision making, influence the direction of research efforts, as well as provide information on the potential expansion of certain medications. For instance. Data that is linked in any way to health behavior, such as medication usage patterns, is also a hot commodity for many pharmaceuticals. Hence, this segment represents a key source to fund the collection/procurement of health data that they will then utilize for their operations. Pharma companies often able to use that data or resell it for large profits to other interested entities.
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.
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.
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