Healthcare Data Monetization Market 2023 : Industry Growth, Demands, Trends, and Forecast to 2028

Northbrook, IL 60062 -- (SBWire) -- 07/31/2023 --According to a recent report by MarketsandMarkets™, the healthcare data monetization market is experiencing significant growth, with an estimated revenue of $0.4 billion in 2023. The market is expected to reach $0.9 billion by 2028, exhibiting a robust compound annual growth rate (CAGR) of 18.5% during the forecast period from 2023 to 2028.

Several key factors are contributing to this remarkable expansion in the healthcare data monetization sector. First and foremost, the exponential increase in data volume and the generation of large, complex healthcare datasets have become a significant driving force. The healthcare industry's transition to digital platforms and electronic health records (EHR) has resulted in the accumulation of vast amounts of valuable data.

The healthcare data monetization industry is poised for significant growth in the near future. With the increasing digitalization of healthcare systems and the abundance of data being generated, healthcare organizations are recognizing the immense value of their data assets. In the coming years, we can expect to see a surge in initiatives focused on leveraging healthcare data for monetization purposes. This industry will witness the emergence of innovative data monetization platforms, advanced analytics tools, and secure data marketplaces. Healthcare organizations will actively explore opportunities to collaborate with research institutions, pharmaceutical companies, and technology firms to unlock the potential of their data for research, development, and commercial purposes. The healthcare data monetization industry will not only drive additional revenue streams for healthcare organizations but also foster data-driven decision-making, accelerate medical research, and ultimately contribute to improved patient outcomes. However, it will be crucial to address concerns related to data privacy, security, and regulatory compliance to build trust and ensure ethical data practices in this evolving landscape.

Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=56622234

Browse in-depth TOC on "Healthcare Data Monetization Market"

217 - Tables
60 - Figures
292 – Pages

Key Market Players:

Major players operating in the healthcare data monetization market are 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), Snowflake Inc. (US), QlikTech International AB (US), HealthVerity, Inc. (US), Accenture (Ireland), Availity, LLC (US), Domo, Inc. (US), Komodo Health, Inc. (US), ThoughtSpot Inc. (US), Datavant (US), Verato (US), Infor, Inc. (US), Virtusa (US), Infosys (India), Particle Health, Inc. (US), Innovaccer, Inc. (US), H1 (US), and Medoble Inc. (US).

The cloud segment is expected to be the fastest-growing healthcare data monetization market, by deployment, during the forecast period.

Based on deployment, the market is segmented into on-premise and cloud. The cloud segment is expected to grow at a higher CAGR during the forecast period due to increased agility and scalability offered by cloud-based data monetization solutions. Cloud platforms provide secure and scalable storage solutions for vast amounts of healthcare data, including electronic health records, medical images, and patient-generated data. Furthermore, cloud-based analytics tools enable healthcare organizations to perform advanced data analysis, leveraging machine learning algorithms and artificial intelligence to gain valuable insights from complex datasets.

The pharmaceutical & biotechnology companies segment, by end-user, is expected to be the largest healthcare data monetization market in 2023

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. Pharmaceutical & biotechnology companies would account for the largest share of the global end-user market in 2023. Market growth can be attributed to the rising demand for solutions to cut the time and costs of drug development. Pharmaceutical and biotechnology companies can benefit significantly from healthcare data monetization, as it can help them develop new drugs, identify potential markets, and improve patient outcomes.

Asia Pacific is expected to be the fastest-growing in healthcare data monetization market during the forecast period.

The global market has been segmented based on region: North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Asia Pacific market is projected to register the highest CAGR during the forecast period. Emerging countries in the Asia Pacific, such as India and China, offer lucrative growth opportunities for market players, primarily due to the increasing adoption of digital healthcare technologies, increasing public and private funding, improving IT infrastructure, the demand for affordable healthcare, favorable government norms, growing awareness about precision medicine, and the high incidence of cancer and chronic diseases are expected to boost the adoption of healthcare data monetization solutions in Asia Pacific.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=56622234

Healthcare Data Monetization Market Dynamics:

Drivers:

1. Increase in use of external data sources

Restraints:

1. Regulatory constraints to impact the growth of the market during the forecast period

Opportunities:

1. Rising Demand for Real-World Evidence

Challenges:

1. Security concerns

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=56622234

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.