Healthcare Data Monetization Market
PUBLISHED: 2024 ID: SMRC25581
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Healthcare Data Monetization Market

Healthcare Data Monetization Market Forecasts to 2030 - Global Analysis By Type (Direct Data Monetization and Indirect Data Monetization), Data Type (Patient Demographics, Electronic Health Records, Claims and Billing Data, Pharmaceutical Research Data, Clinical Data and Other Data Types), Deployment Type, Application, End User and By Geography

4.8 (37 reviews)
4.8 (37 reviews)
Published: 2024 ID: SMRC25581

This report covers the impact of COVID-19 on this global market
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Years Covered

2021-2030

Estimated Year Value (2023)

US $0.40 BN

Projected Year Value (2030)

US $1.48 BN

CAGR (2023 - 2030)

20.5%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

North America

Highest Growing Market

Asia Pacific


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

Table of Contents

1 Executive Summary            
             
2 Preface            
 2.1 Abstract           
 2.2 Stake Holders           
 2.3 Research Scope           
 2.4 Research Methodology           
  2.4.1 Data Mining          
  2.4.2 Data Analysis          
  2.4.3 Data Validation          
  2.4.4 Research Approach          
 2.5 Research Sources           
  2.5.1 Primary Research Sources          
  2.5.2 Secondary Research Sources          
  2.5.3 Assumptions          
             
3 Market Trend Analysis            
 3.1 Introduction           
 3.2 Drivers           
 3.3 Restraints           
 3.4 Opportunities           
 3.5 Threats           
 3.6 Application Analysis           
 3.7 End User Analysis           
 3.8 Emerging Markets           
 3.9 Impact of Covid-19           
             
4 Porters Five Force Analysis            
 4.1 Bargaining power of suppliers           
 4.2 Bargaining power of buyers           
 4.3 Threat of substitutes           
 4.4 Threat of new entrants           
 4.5 Competitive rivalry           
             
5 Global Healthcare Data Monetization Market, By Type            
 5.1 Introduction           
 5.2 Direct Data Monetization           
 5.3 Indirect Data Monetization           
             
6 Global Healthcare Data Monetization Market, By Data Type            
 6.1 Introduction           
 6.2 Patient Demographics           
 6.3 Electronic Health Records           
 6.4 Claims and Billing Data           
 6.5 Pharmaceutical Research Data           
 6.6 Clinical Data           
 6.7 Other Data Types           
             
7 Global Healthcare Data Monetization Market, By Deployment Type            
 7.1 Introduction           
 7.2 On-Premise           
 7.3 Cloud           
             
8 Global Healthcare Data Monetization Market, By Application            
 8.1 Introduction           
 8.2 Disease Surveillance and Outbreak Prediction           
 8.3 Clinical Trial Optimization           
 8.4 Precision Medicine           
 8.5 Predictive Analytics for Healthcare           
 8.6 Health Policy and Regulation           
 8.7 Healthcare Marketing and Sales           
 8.8 Other Applications           
             
9 Global Healthcare Data Monetization Market, By End User            
 9.1 Introduction           
 9.2 Pharmaceutical & Biotechnology Companies           
 9.3 Healthcare Payers           
 9.4 Healthcare Providers           
 9.5 Medical Technology Companies           
 9.6 Research Institutions           
 9.7 Government Agencies           
 9.8 Other End Users           
             
10 Global Healthcare Data Monetization Market, By Geography            
 10.1 Introduction           
 10.2 North America           
  10.2.1 US          
  10.2.2 Canada          
  10.2.3 Mexico          
 10.3 Europe           
  10.3.1 Germany          
  10.3.2 UK          
  10.3.3 Italy          
  10.3.4 France          
  10.3.5 Spain          
  10.3.6 Rest of Europe          
 10.4 Asia Pacific           
  10.4.1 Japan          
  10.4.2 China          
  10.4.3 India          
  10.4.4 Australia          
  10.4.5 New Zealand          
  10.4.6 South Korea          
  10.4.7 Rest of Asia Pacific          
 10.5 South America           
  10.5.1 Argentina          
  10.5.2 Brazil          
  10.5.3 Chile          
  10.5.4 Rest of South America          
 10.6 Middle East & Africa           
  10.6.1 Saudi Arabia          
  10.6.2 UAE          
  10.6.3 Qatar          
  10.6.4 South Africa          
  10.6.5 Rest of Middle East & Africa          
             
11 Key Developments            
 11.1 Agreements, Partnerships, Collaborations and Joint Ventures           
 11.2 Acquisitions & Mergers           
 11.3 New Product Launch           
 11.4 Expansions           
 11.5 Other Key Strategies           
             
12 Company Profiling            
 12.1 Oracle Corporation           
 12.2 Google           
 12.3 Microsoft Corporation           
 12.4 SAS Institute Inc.           
 12.5 Salesforce, Inc.           
 12.6 Sisense Inc.           
 12.7 TIBCO Software Inc.           
 12.8 Informatica Inc.           
 12.9 Infosys Limited           
 12.10 Accenture Plc           
 12.11 OpenText Corporation           
 12.12 Siemens           
 12.13 Virtusa Corp           
             
List of Tables             
1 Global Healthcare Data Monetization Market Outlook, By Region (2021-2030) ($MN)            
2 Global Healthcare Data Monetization Market Outlook, By Type (2021-2030) ($MN)            
3 Global Healthcare Data Monetization Market Outlook, By Direct Data Monetization (2021-2030) ($MN)            
4 Global Healthcare Data Monetization Market Outlook, By Indirect Data Monetization (2021-2030) ($MN)            
5 Global Healthcare Data Monetization Market Outlook, By Data Type (2021-2030) ($MN)            
6 Global Healthcare Data Monetization Market Outlook, By Patient Demographics (2021-2030) ($MN)            
7 Global Healthcare Data Monetization Market Outlook, By Electronic Health Records (2021-2030) ($MN)            
8 Global Healthcare Data Monetization Market Outlook, By Claims and Billing Data (2021-2030) ($MN)            
9 Global Healthcare Data Monetization Market Outlook, By Pharmaceutical Research Data (2021-2030) ($MN)            
10 Global Healthcare Data Monetization Market Outlook, By Clinical Data (2021-2030) ($MN)            
11 Global Healthcare Data Monetization Market Outlook, By Other Data Types (2021-2030) ($MN)            
12 Global Healthcare Data Monetization Market Outlook, By Deployment Type (2021-2030) ($MN)            
13 Global Healthcare Data Monetization Market Outlook, By On-Premise (2021-2030) ($MN)            
14 Global Healthcare Data Monetization Market Outlook, By Cloud (2021-2030) ($MN)            
15 Global Healthcare Data Monetization Market Outlook, By Application (2021-2030) ($MN)            
16 Global Healthcare Data Monetization Market Outlook, By Disease Surveillance and Outbreak Prediction (2021-2030) ($MN)            
17 Global Healthcare Data Monetization Market Outlook, By Clinical Trial Optimization (2021-2030) ($MN)            
18 Global Healthcare Data Monetization Market Outlook, By Precision Medicine (2021-2030) ($MN)            
19 Global Healthcare Data Monetization Market Outlook, By Predictive Analytics for Healthcare (2021-2030) ($MN)            
20 Global Healthcare Data Monetization Market Outlook, By Health Policy and Regulation (2021-2030) ($MN)            
21 Global Healthcare Data Monetization Market Outlook, By Healthcare Marketing and Sales (2021-2030) ($MN)            
22 Global Healthcare Data Monetization Market Outlook, By Other Applications (2021-2030) ($MN)            
23 Global Healthcare Data Monetization Market Outlook, By End User (2021-2030) ($MN)            
24 Global Healthcare Data Monetization Market Outlook, By Pharmaceutical & Biotechnology Companies (2021-2030) ($MN)            
25 Global Healthcare Data Monetization Market Outlook, By Healthcare Payers (2021-2030) ($MN)            
26 Global Healthcare Data Monetization Market Outlook, By Healthcare Providers (2021-2030) ($MN)            
27 Global Healthcare Data Monetization Market Outlook, By Medical Technology Companies (2021-2030) ($MN)            
28 Global Healthcare Data Monetization Market Outlook, By Research Institutions (2021-2030) ($MN)            
29 Global Healthcare Data Monetization Market Outlook, By Government Agencies (2021-2030) ($MN)            
30 Global Healthcare Data Monetization Market Outlook, By Other End Users (2021-2030) ($MN)            
             
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above. 

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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