Global Healthcare Data Monetization Market

Global Healthcare Data Monetization Market

Global Healthcare Data Monetization market reached US$ YY million in 2023 and is expected to reach US$ YY million by 2031, growing at a CAGR of YY% during the forecast period 2024-2031.

The healthcare industry is emerging and so is the importance of healthcare data. The monetization of healthcare data is a holy grail for the clinical research, population health management, and predictive analysis. Software platforms providing various software help monetize the healthcare data that is taken from the healthcare organization.

The importance of personalized medicine and telemedicine has increased in recent years due to effectiveness in the treatment outcomes that could be influenced by healthcare data. It consists of electronic health records, patient data, and health history which is monetized by pharmaceutical and other biotechnological companies for various purposes.

Market Dynamics: Drivers & Restraints

Rising Adoption of Electronic Healthcare Records

Electronic healthcare records hold the data of a patient's entire medical history in the cloud which is easier to store than the book records. Due to increasing digitalization in the healthcare system, EHRs have become an easy and reliable source to store all the relevant healthcare data of the patient individually or in sets from the hospital.

According to Oxford Academic Journal, 2023, approximately 82% of hospitals with basic EHR offer telemedicine, while only 28% of hospitals without basic EHR do so. The study found that EHR adoption surged from around 6.6% to over 81.2% during the COVID-19 pandemic. This surge is seen due to the increase in the usage of telehealth platforms.

Furthermore, according to HealthIT.gov, more than half of the hospitals indicated they were electronically reporting to clinical data registries (51%) or public health registries (63%) in 2022, a significant increase from 2021. The share of hospitals that were engaged in at least one type of public health reporting increased significantly between 2021 and 2022. Hence, owing to the above factors healthcare data monetization is expected to drive the market in the forthcoming period.

Security concerns

Security Concerns like data privacy come into existence with the extensive usage of technology everywhere especially in the healthcare industry. Healthcare data is sensitive and kept confidential by healthcare organizations as the data contains information related to diseases, diagnoses treatments, etc. According to the National Center for Biotechnology Information, the use of new technologies like the use of electronic medical records, and telehealth platforms paves the way for cybersecurity attacks that harm the healthcare organizations that handles sensitive information of the patients.

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Segment Analysis

The global healthcare data monetization market is segmented based on type, deployment, end user and region.

Cloud-based deployment is Expected to Dominate Market

The cloud-based deployment segment is expected to hold the largest share due to more safety and accessibility. Cloud provides more efficiency in the management of healthcare data because of the remotely accessible servers that have large storage volumes. Large amounts of healthcare data can be stored in the cloud unlike on site or on-premise servers. Market developments by key companies drive the market in the forthcoming period.

For instance, in February 2023, Google Cloud entered into a partnership with Redox, which aims to simplify the interchange of healthcare data and decrease the burden on enterprises.

In March 2022, Snowflake launched the healthcare and life Sciences Data Cloud that aims to help providers offer better patient outcomes, optimize care delivery, improve clinical and operational decision-making, and boost clinical research.

Geographical Analysis

North America is Expected to Dominate the Global Market

North America is expected to hold the largest share of the market due to well-established healthcare infrastructure and increasing investments in healthcare information technology.

North America benefits from advanced healthcare infrastructure and a supportive regulatory environment. For instance, according to Becker’s health IT, the adoption of EHRs has increased rapidly around the world. In the United States, it has increased dramatically from 10% to nearly 96% in just 10 years. The regulatory environment in North America has been conducive to innovation and commercialization, attracting investments and fostering growth in the electronic health records market.

Market Segmentation

By Type
• Indirect
• Direct

By Deployment
• On-Premise
• Cloud

By End User
• Pharmaceutical Companies
• Biotechnology Companies
• Medical Technology Companies
• Research Organizations
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Spain
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• 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. It aims to enhance patient care and improve financial integrity in health systems globally.
• In May 2023, HTEC Group joined the SAS IoT Partner Ecosystem to partner on the delivery of innovative solutions in industries such as healthcare, life sciences, logistics, and more.

Competitive Landscape

The major global players in the market include Oracle Corporation, Microsoft Corporation, Accenture plc, Verato, Inc, Medable Inc, Komodo Health Inc, TIBCO Software Inc., Salesforce, Inc., Snowflake Inc, Virtusa Corporation among others.

Why Purchase the Report?
• To visualize the global healthcare data monetization market segmentation based on type, deployment, end user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of healthcare data monetization market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global healthcare data monetization market report would provide approximately 58 tables, 57 figures and 186 pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies