Healthcare Data Monetization Market

According to Stratistics MRC, the Global Healthcare Data Monetization Market is accounted for $0.40 billion in 2023 and is expected to reach $1.48 billion by 2030 growing at a CAGR of 20.5% during the forecast period. Healthcare data monetization is the process of extracting value from health-related information for financial gain. This data, collected from various sources such as electronic health records (EHRs), wearables, and medical devices, is analyzed and transformed into insights or services that can be sold to interested parties. The monetization of healthcare data can lead to innovations in medical research, improved patient care, and the development of new products and services.

Market Dynamics: 

Driver: 

Increasing Volume of Healthcare Data

With the widespread adoption of electronic health records (EHRs), wearable devices, and other digital health technologies, there has been an exponential growth in the amount of data generated within the healthcare sector. Data monetization involves extracting actionable insights from this vast pool of data and converting them into valuable assets that can be sold or exchanged. Additionally, the monetization of healthcare data opens up new revenue streams for healthcare providers, payers, technology companies, and other stakeholders, thereby driving growth and innovation within the healthcare industry.

Restraint:

Data quality and accuracy

In healthcare, data is generated from various sources, such as electronic health records, medical devices, wearables, and patient-reported information. It is crucial that this data be of high quality and accuracy to ensure its usability and reliability in decision-making processes and research. However, poor data quality and accuracy can have significant consequences in healthcare. It can lead to incorrect diagnoses, ineffective treatments, compromised patient safety, and unreliable research outcomes, which in turn impact market demand.

Opportunity:

Technological advancements

The continuous development of advanced analytics tools, artificial intelligence (AI), and machine learning (ML) algorithms enables healthcare organizations to extract deeper insights, unlock hidden patterns, and derive actionable intelligence from vast volumes of data. Furthermore, innovations such as block chain technology offer enhanced security and transparency, facilitating secure data sharing and monetization while maintaining patient privacy and confidentiality. These factors accelerate market demand.

Threat:

Security concern

Healthcare data is highly coveted by cybercriminals due to its value on the black market and for various illicit activities, such as identity theft and insurance fraud. Moreover, the interconnected nature of healthcare systems and the increasing adoption of digital technologies amplify the risk of security breaches as attackers exploit vulnerabilities in network infrastructure, software applications, and human error. A breach in healthcare data not only compromises patient privacy but also undermines trust in healthcare organizations and erodes their reputation. Therefore, a security concern is a significant factor limiting market expansion.

Covid-19 Impact

The COVID-19 pandemic has significantly impacted the healthcare data monetization market. The sudden surge in healthcare data generated during the pandemic, including patient health records, diagnostic testing results, and vaccine distribution data, has highlighted the critical importance of data-driven decision-making in healthcare. On one hand, the pandemic has accelerated the adoption of digital health technologies and spurred collaboration among stakeholders to collect, analyze, and share data in real-time.

The on-premise segment is expected to be the largest during the forecast period

The on-premise segment is estimated to hold the largest share. They provide greater control and customization options, allowing organizations to configure the software according to their unique data monetization strategies, compliance standards, and security protocols. Additionally, on-premise solutions often offer enhanced data privacy and security measures compared to cloud-based alternatives. Healthcare organizations implement robust encryption, access controls, and other security measures to protect sensitive patient information while leveraging data monetization strategies.

The precision medicine segment is expected to have the highest CAGR during the forecast period

The precision medicine segment is anticipated to have lucrative growth during the forecast period. Data monetization strategies in precision medicine involve responsibly leveraging valuable information for various purposes, such as drug development, clinical trial optimization, and healthcare resource allocation. Moreover, this may include licensing data to pharmaceutical companies for research, partnering with healthcare institutions for data-driven initiatives, or developing proprietary algorithms and tools for predictive analytics.

Region with largest share:

North America commanded the largest market share during the extrapolated period. The region is characterized by a well-established healthcare infrastructure and extensive adoption of digital health technologies, resulting in vast amounts of healthcare data being generated continuously. This data encompasses electronic health records (EHRs), clinical data, patient demographics, and more, creating a rich resource for monetization. Moreover, stringent regulations such as HIPAA (Health Insurance Portability and Accountability Act) in the United States ensure the protection and privacy of healthcare data, fostering trust among consumers and facilitating secure data sharing and monetization practices.

Region with highest CAGR:

Asia Pacific is expected to witness profitable growth over the projection period, due to the region's burgeoning population, increasing healthcare expenditures, and expanding digital infrastructure. The region is experiencing a digital transformation in healthcare, with the adoption of electronic health records (EHRs), telemedicine, wearable devices, and other health technologies, offering significant monetization prospects. Furthermore, governments across Asia Pacific are prioritizing healthcare reforms and investing in health information systems, promoting interoperability and data exchange among healthcare stakeholders.

Key players in the market

Some of the key players in the Healthcare Data Monetization Market include Oracle Corporation, Google, Microsoft Corporation, SAS Institute Inc., Salesforce, Inc., Sisense Inc., TIBCO Software Inc., Informatica Inc., Infosys Limited, Accenture Plc, OpenText Corporation, Siemens and Virtusa Corp.

Key Developments:

In November 2023, Accenture announced partnership with Vodafone Group Plc to commercialize Vodafone’s shared operations to accelerate growth, enhance customer service and drive significant efficiencies for Vodafone’s operating companies and partner markets, as well as create new career opportunities for its people.

In September 2023, Microsoft and Oracle expand partnership to deliver oracle database services on oracle cloud infrastructure in microsoft azure.

In May 2023, Microsoft Corporation and Fujitsu Limited announced partnership to significantly expand their existing collaboration. The agreement, which will involve investment by both companies to drive the expansion of Fujitsu’s multibillion dollar Uvance business, leverages the Microsoft Cloud and industry-leading technologies to digitally transform how organizations around the world develop more sustainable practices and solutions that address societal needs, and unlock new streams of business growth.

In June 2022, Oracle announced partnership with Kyndryl the world’s largest IT infrastructure services provider to help customers accelerate their journey to the cloud by delivering managed cloud solutions to enterprises around the world.

Types Covered:
• Direct Data Monetization 
• Indirect Data Monetization 

Data Types Covered:
• Patient Demographics
• Electronic Health Records
• Claims and Billing Data
• Pharmaceutical Research Data
• Clinical Data
• Other Data Types

Deployment Types Covered:
• On-Premise
• Cloud

Applications Covered:
• Disease Surveillance and Outbreak Prediction
• Clinical Trial Optimization
• Precision Medicine
• Predictive Analytics for Healthcare
• Health Policy and Regulation
• Healthcare Marketing and Sales
• Other Applications

End Users Covered:
• Pharmaceutical & Biotechnology Companies 
• Healthcare Payers 
• Healthcare Providers 
• Medical Technology Companies 
• Research Institutions 
• Government Agencies 
• Other End Users 

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances