Market Trends of Global Healthcare Customer Data Platform Industry
This section covers the major market trends shaping the Healthcare Customer Data Platform Market according to our research experts:
The Cloud-Based Segment is Expected to Account for the Significant Market Share During the Forecast Period
Cloud-based solutions are comparatively newer approaches and are mostly used by organizations that lack the internal infrastructure to support them. The installation cost of this software is lower than the on-premise systems. Moreover, this software eradicates the need for in-house maintenance, which is likely to be the primary factor driving its increasing demand. Cloud-based systems are ideal for complex, multisite clinical studies because all information (study protocols, patient data, outcomes, etc.) is stored in a central location and maintained by a third-party service provider.
Increasing adoption of these platforms by pharmaceutical companies, product launches by key players, and contract research organizations are driving the segment. For instance, in March 2022, Microsoft launched a cloud-based data platform for health care, Azure Health Data Services, a platform for managing and analyzing various forms of patient data. The Azure Health Data Services platform-as-a-service (PaaS) helps organizations manage disparate forms of protected health information (PHI) across multiple data stores, letting them work with -- and make sense of -- patient data using less time and resources.
Furthermore, key market players are involved in continuous product development, collaborations, partnerships, alliances, and other strategic initiatives to augment market penetration. For instance, in December 2021, CVS Health and Microsoft started collaborating to accelerate digital healthcare via AI and cloud computing.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
The primary driving factors for the growth of the North American healthcare customer data platform market are technological innovations and the growing burden of diseases in the region. In addition, rising product launches and other strategic initiatives such as mergers and acquisitions, and partnerships are also expected to drive the market. For instance, as per the 'HIV/AIDS Prevalence and Mortality Report' published in 2021, 9,697 people were living in Minnesota with HIV/AIDS as of December 2021. This included 5,476 (56%) living with HIV infection (non-AIDS) and 4,221 (44%) living with AIDS. Thus, the growing burden of diseases increases the demand for proper maintenance of patient records, which can be accessed across healthcare institutions for ease in emergency care delivery, thereby driving market growth.
Additionally, product development and associated technological innovation are likely to offer more advantages and overcome the existing challenges, leading to lucrative market growth. For instance, in April 2022, Audiencerate launched its CDP, which promises to significantly reduce the complexity of orchestrating first-party data, making its technology more accessible to brands of all sizes. Similarly, in March 2022, Adobe expanded the availability of Adobe Experience Cloud for Healthcare, a solution that empowers healthcare enterprises to deliver seamless customer journeys with personalized and secure digital experiences. It enables healthcare and life sciences companies to unlock and activate robust health and behavioral insights that can shape everything from member acquisition and retention to connected health.
Moreover, strategic initiatives such as partnerships and acquisitions are also likely to expand the product offerings of key market players and their geographical footprint, thus driving the market. For instance, in June 2021, Cloudera entered into a definitive agreement to be acquired by affiliates of Clayton, Dubilier & Rice, and KKR in an all-cash transaction valued at approximately USD 5.3 billion.
