The healthcare data monetization market size is expected to see rapid growth in the next few years. It will grow to $1.7 billion in 2028 at a compound annual growth rate (CAGR) of 19.7%. The anticipated growth in the forecast period can be attributed to the widespread adoption of electronic health records (EHR), a rising emphasis on regulatory compliance and standards. Major trends expected in the forecast period include an increased focus on data privacy and security, the rise of data exchange platforms, the expansion of value-based care models, the integration of artificial intelligence and machine learning, and the emergence of data monetization partnerships. These trends are poised to influence and shape the dynamics of the healthcare data monetization landscape.
The widespread adoption of electronic health records (EHRs) is anticipated to drive the growth of the healthcare data monetization market. EHRs, digital versions of patients' medical records containing information about their health history, diagnoses, medications, and treatments, play a crucial role in healthcare data monetization for applications such as medical research, drug development, and clinical trials. In June 2023, a survey conducted by Munich Re Group, a Germany-based insurance company, reported that approximately 90% of carriers are currently using EHRs, indicating a 38% increase in EHR adoption since 2020. This surge in electronic health record adoption serves as a key driver for the expansion of the healthcare data monetization market.
Prominent companies in the healthcare data monetization market are actively introducing innovations in digital transformation, such as Software as a Service (SaaS), to enable healthcare providers to deliver more personalized patient experiences. SaaS is a software delivery model where applications are hosted in the cloud and accessed by users over the internet, typically through a web browser or mobile app. For example, in April 2023, Salesforce, a US-based cloud-based software company, announced new Customer 360 for Health capabilities aimed at helping healthcare providers enhance patient experiences. These innovations streamline processes, reduce costs, and improve patient care by leveraging real-time data, artificial intelligence (AI), and automation. The features, incorporating real-time data from Data Cloud, Einstein AI, and automation with Flow, empower healthcare and life sciences organizations to enhance the overall care experience using Salesforce technology.
In April 2021, Oracle Corporation, a US-based computer technology company, completed the acquisition of Cerner for $28.3 billion. This strategic acquisition is expected to transform healthcare delivery by providing medical information systems that promise to reduce administrative workload, enhance patient privacy and outcomes, and lower overall healthcare costs. Cerner, a US-based provider of health information technologies, offers a range of solutions, including medical devices and electronic health records (EHR), contributing to Oracle's comprehensive approach to revolutionizing healthcare.
Major companies operating in the healthcare data monetization market report are Google LLC, McKesson Corporation, Microsoft Corporation, Siemens AG, Accenture Plc, Oracle Corporation, SAP SE, Salesforce Inc., GE Healthcare, Infosys Limited, Cerner Corporation, OpenText Corporation, Epic Systems Corporation, Snowflake Inc., Informatica Inc., TIBCO Software Inc., QlikTech International AB, Innovaccer Inc., Sisense Inc., H1.Co, Infor, SAS Institute Inc., Virtusa Corp., John Snow Labs Inc., HTEC Group.
North America was the largest region in the healthcare data monetization market in 2023. The regions covered in the healthcare data monetization market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the healthcare data monetization market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The healthcare data monetization market consists of revenues earned by entities by providing various services such as data collection and translation, data analysis, and digital health solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. The healthcare data monetization market also includes sales of wearable devices, diagnostic equipment, and connected medical devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
Healthcare data monetization refers to the process of leveraging healthcare data to attain measurable economic benefits. This involves either selling or licensing patient data to third-party organizations, directly generating revenue, or utilizing healthcare data to enhance existing products or create new ones, indirectly generating revenue.
The primary types of healthcare data monetization include direct data monetization and indirect data monetization. Direct data monetization in the healthcare data monetization market involves the practice of selling or licensing patient data to third-party organizations with the goal of generating revenue. This process can be deployed on-premise or in the cloud, and it serves various end-users such as pharmaceutical and biotechnology companies, healthcare providers, healthcare payers, and medical technology companies.
The healthcare data monetization market research report is one of a series of new reports that provides healthcare data monetization market statistics, including healthcare data monetization industry global market size, regional shares, competitors with a healthcare data monetization market share, detailed healthcare data monetization market segments, market trends, and opportunities, and any further data you may need to thrive in the healthcare data monetization industry. This healthcare data monetization market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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Table of Contents
Executive Summary
Healthcare Data Monetization Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on healthcare data monetization market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description:
Where is the largest and fastest growing market for healthcare data monetization ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The healthcare data monetization market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Type: Direct Data Monetization; Indirect Data Monetization2) By Deployment: On-Premise; Cloud
3) By End User: Pharmaceutical and Biotechnology Companies; Healthcare Providers; Healthcare Payers; Medical Technology Companies.
Key Companies Mentioned: Google LLC; McKesson Corporation; Microsoft Corporation; Siemens AG; Accenture Plc
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Google LLC
- McKesson Corporation
- Microsoft Corporation
- Siemens AG
- Accenture Plc
- Oracle Corporation
- SAP SE
- Salesforce Inc.
- GE Healthcare
- Infosys Limited
- Cerner Corporation
- OpenText Corporation
- Epic Systems Corporation
- Snowflake Inc.
- Informatica Inc.
- TIBCO Software Inc.
- QlikTech International AB
- Innovaccer Inc.
- Sisense Inc.
- H1.Co
- Infor
- SAS Institute Inc.
- Virtusa Corp.
- John Snow Labs Inc.
- HTEC Group
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | March 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 0.83 Billion |
Forecasted Market Value ( USD | $ 1.7 Billion |
Compound Annual Growth Rate | 19.7% |
Regions Covered | Global |