Overview and Scope
Healthcare data monetization refers to the process of using healthcare data to obtain quantifiable economic benefits. It involves the practice of selling or licensing patient data to third-party organizations to generate revenue (direct monetization) or using healthcare data to improve existing products or create new ones that generate revenue (indirect monetization).
Sizing and Forecast
The healthcare data monetization market size has grown exponentially in recent years. It will grow from $0.69 billion in 2023 to $0.83 billion in 2024 at a compound annual growth rate (CAGR) of 20.0%. The growth in the historic period can be attributed to increased focus on data privacy and security, increase in use of external data sources.
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 growth in the forecast period can be attributed to widespread adoption of electronic health records (ehr), increasing regulatory compliance and standards. Major trends in the forecast period include increased focus on data privacy and security, rise of data exchange platforms, expansion of value-based care models, integration of artificial intelligence and machine learning, emergence of data monetization partnerships.
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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
The widespread adoption of electronic health records is expected to propel the growth of the healthcare data monetization market going forward. Electronic health records are digital versions of patients’ medical records that contain information about their health history, diagnoses, medications, and treatments. EHRs (Electronic Health Records) are used in healthcare data monetization for medical research, drug development, and clinical trials, to better treatments and personalized medicine. For instance, in June 2023, according to a survey of 32 companies by Munich Re Group, a Germany-based insurance company, around 90% of carriers are currently using EHRs, and EHR adoption has increased by 38% since 2020. Therefore, the widespread adoption of electronic health records is driving the growth of the healthcare data monetization market.
Key Industry Players
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
The healthcare data monetization market report table of contents includes:
1. Executive Summary
2. Healthcare Data Monetization Market Characteristics
3. Healthcare Data Monetization Market Trends And Strategies
4. Healthcare Data Monetization Market – Macro Economic Scenario
5. Global Healthcare Data Monetization Market Size and Growth
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32. Global Healthcare Data Monetization Market Competitive Benchmarking
33. Global Healthcare Data Monetization Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Healthcare Data Monetization Market
35. Healthcare Data Monetization Market Future Outlook and Potential Analysis
36. Appendix
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