Healthcare Data Monetization Market Share, Size, Trends, Industry Analysis Report, By Method (Insight as a service, Data as a service, Analytics enabled platform as a service, Embedded Analytics); By Organization Size; By End-User; By Region; Segment Fore

Healthcare Data Monetization Market Share, Size, Trends, Industry Analysis Report, By Method (Insight as a service, Data as a service, Analytics enabled platform as a service, Embedded Analytics); By Organization Size; By End-User; By Region; Segment Forecast, 2023 - 2032

The global healthcare data monetization market size is expected to reach USD 2,370.63 million by 2032, according to a new study by Polaris Market Research. The report “Healthcare Data Monetization Market Share, Size, Trends, Industry Analysis Report, By Method (Insight as a service, Data as a service, Analytics enabled platform as a service, Embedded Analytics); By Organization Size; By End-User; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Healthcare Data Monetization is the process of extracting value or generating revenue from the massive amounts of data collected and stored within the healthcare industry. This data includes electronic health records (EHRs), clinical notes, medical images, billing information, patient demographics, and more.

Embracing the latest advancements in technologies such as Artificial Intelligence, Blockchain, cloud computing, big data analytics, and Machine Learning (ML) is crucial for driving the growth of data monetization in the healthcare industry. These cutting-edge tools and services enable pharmaceutical, healthcare, and medical technology companies to unlock valuable insights, powering their business progress.

The healthcare data monetization market is growing due to the rising use of Electronic Health Records (EHRs), significant investments in advanced analytics, and the need to reduce healthcare costs.

Additionally, these software and services play a pivotal role in optimizing the operational efficiency of diverse business models by predicting potential risks and anomalies, thereby nurturing the expansion of the healthcare data monetization market.

COVID-19 has significantly impacted the healthcare data monetization market. The need for real-time data has accelerated data-sharing initiatives, leading to more collaboration and growth in data monetization. However, concerns around privacy and security have increased regulatory inspection. The pandemic has emphasized responsible data handling and the potential for data-driven innovations to improve healthcare outcomes.

Additionally, a study published in the National Library of Medicine in June 2021 highlighted the significant impact of coronary artery disease (CAD) on global health. CAD alone is responsible for approximately 610,000 deaths annually, accounting for an estimated one in four deaths and making it the foremost cause of mortality in the United States. With the incidence of CAD rising, there is a growing demand for effective coronary stent devices to address this pressing medical need. Consequently, this factor is projected to drive the demand for coronary stents throughout the forecast period.

Healthcare Data Monetization Market Report Highlights

The Analytics-enabled platform as a service segment held the largest revenue share in healthcare data monetization market. Analytics-enabled platform services in healthcare are rising due to the need for consistent data pattern assessment. Improving statistical and computational capabilities is the focus, and the pharmaceutical industry's demand sensing drives data monetization in healthcare.

The pharmaceutical and biotechnology segment accounted for the highest market share during the forecast period. Pharmaceutical and biotech companies, including contract research and manufacturing organizations, play a critical role in healthcare. They rely on comprehensive health data to make informed decisions, prioritize research, and forecast growth potential for medications.

North America dominated the largest market North America's healthcare industry is experiencing growth in data monetization due to big data analytics and digital transformation. The U.S. government's emphasis on digitization is creating opportunities for healthcare data monetization. North America's healthcare analytics market is currently focused on population health management, with significant investments from venture capitalists due to an increased demand for cost reduction. Technological advancements have led to a wide range of available products and services.

The Asia-Pacific region accounted for the fastest growth in the healthcare data monetization market. The market is anticipated for fast growth, driven by several positive factors. These include the rising popularity of cloud computing, increased integration of AI, and substantial investments in data centers by major industry players. Moreover, the growing accessibility of healthcare services and the increasing commitment of healthcare firms to implementing data management solutions in the region are likely to fuel market expansion during the forecast period.

The global key market players include Accenture Plc, H1, Infor, Informatica Inc., Infosys Limited, Innovaccer, Inc., Microsoft Corporation, OpenText Corporation, Oracle Corporation, Salesforce, Inc., SAP SE, SAS Institute Inc., Siemens, TIBCO Software Inc., and Virtusa Corp.

Polaris Market Research has segmented the healthcare data monetization market report based on method, organization size, end-user, and region:

Healthcare Data Monetization, Method Outlook (Revenue - USD Billion, 2019 - 2032)

Insight as a service

Data as a service

Analytics-enabled Platform as a service

Embedded Analytics

Healthcare Data Monetization, Organization Size Outlook (Revenue - USD Billion, 2019 - 2032)

Large Enterprises

Small & Medium Enterprises (SMEs)

Healthcare Data Monetization, End-User Outlook (Revenue - USD Billion, 2019 - 2032)

Healthcare Players

Medical Technology Companies

Pharmaceutical and Biotechnology Companies

Others

Healthcare Data Monetization, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa