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Healthcare Data Monetization Market: Major Trends Reshaping the Future of the Industry
Healthcare Data Monetization Market
What Will the Healthcare Data Monetization Industry Market Size Be by 2025?
The market for healthcare data monetization has seen substantial expansion in the recent past. The market is set to inflate from $0.83 billion in 2024 to $0.99 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 19.9%. Factors such as heightened emphasis on data privacy and security, as well as a surge in the employment of external data sources, contribute to the growth experienced during the historical period.
What's the Long-Term Growth Forecast for the Healthcare Data Monetization Market Size Through 2029?
The market for healthcare data monetization is predicted to witness swift expansion in the coming years, escalating to $2.04 billion by 2029, with a compound annual growth rate (CAGR) of 19.7%. The expected growth in the forecast period can be credited to the prevalent use of electronic health records (EHR), amplified regulatory compliance, and standards. Major projected trends within the forecast period consist of an enhanced emphasis on data privacy and security, the growth of data exchange platforms, advancement of value-based care models, incorporation of artificial intelligence and machine learning, and the rise of data monetization partnerships.
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What Are the Key Growth Drivers Fueling the Healthcare Data Monetization Market Expansion?
The boom in the healthcare data monetization industry is thought to be driven by the rising acceptance of electronic health records. Electronic health records, which are digital representations of patients' health histories, diagnoses, medications, and treatments, provide essential information for the monetization of healthcare data in fields such as medical research, drug innovation, and clinical studies, contributing to improved treatment methods and personalized medication. To provide an example, a survey conducted by Munich Re Group, an insurance company based in Germany, in June 2023 found that approximately 90% of surveyed companies are currently deploying electronic health records, marking a 38% increase in electronic health record adoption since 2020. As such, the increased acceptance of electronic health records is steering the healthcare data monetization market's expansion.
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What Are the Key Trends Driving Healthcare Data Monetization Market Growth?
Leading enterprises in the healthcare data monetization market are introducing innovative methods for digital transformation like Software as a Service (SaaS) which assist healthcare suppliers in offering more personalized patient care. SaaS refers to a software delivery approach in which applications are cloud-hosted and users can access them online, normally through a web browser or mobile app. For instance, Salesforce, an American company specializing in cloud-based software, launched new Customer 360 for Health functionalities in April 2023 planned to enhance healthcare suppliers' ability to provide a more personalized patient experience. The innovations are primarily aimed at simplifying processes, reducing expenses, and improving patient care through real-time data, AI, and automation. These functionalities allow healthcare and life science organizations to enhance the overall care experience using the full strength of Salesforce technology, which includes real-time data from Data Cloud, Einstein AI, and Flow automation.
How Is the Healthcare Data Monetization Market Segmented?
The healthcare data monetization market covered in this report is segmented -
1) By Type: Direct Data Monetization, Indirect Data Monetization
2) By Deployment: On-Premise, Cloud
3) By End User: Pharmaceutical And Biotechnology Companies, Healthcare Providers, Healthcare Payers, Medical Technology Companies
Subsegments:
1) By Direct Data Monetization: Data Licensing And Sales, Data Sharing Agreements, Subscription-Based Access To Data
2) By Indirect Data Monetization: Enhanced Patient Care Services, Improved Operational Efficiency, Targeted marketing And Advertising, Research And Development Collaborations
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Which Companies Are Leading the Charge in Healthcare Data Monetization Market Innovation?
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
Which Regions Are Leading the Global Healthcare Data Monetization Market in Revenue?
North America was the largest region in the healthcare data monetization market in 2024. The regions covered in the healthcare data monetization market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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