Healthcare Data Monetization Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 0.54 Billion |
| Market Size (2029) | USD 1.04 Billion |
| CAGR (2024 - 2029) | 14.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Healthcare Data Monetization Market Analysis
The Healthcare Data Monetization Market size is estimated at USD 0.54 billion in 2024, and is expected to reach USD 1.04 billion by 2029, growing at a CAGR of 14.10% during the forecast period (2024-2029).
The major factors driving the market are the growing adoption of electronic health records (EHRS), rising public and private investments in advanced analytics solutions, increasing digitalization of the healthcare sector, and the rising need to reduce healthcare-related costs.
Electronic health records contain valuable patient information; with proper security, this data can be utilized by healthcare organizations and research institutes for various purposes, such as clinical research, predictive analytics, and targeted marketing. Hence, the increasing adoption of electronic health records is expected to drive the market studied over the forecast period.
For instance, in June 2022, the UK National Health Service (NHS) committed to implementing electronic health records for all hospitals and community practices by 2025, backed by EUR 2 billion (USD 2.15 billion) in funding. Similarly, according to an article published in Acta Otorhinolaryngol Ital in April 2024, a study conducted in Italy found that physicians and nurses recognized the potential benefits of EHRs, which led to increased EHR adoption in Italy. Hence, the rising adoption of electronic health records worldwide is expected to drive the demand for healthcare data monetization software solutions for effective utilization of EHR data. This is expected to drive the market studied over the forecast period.
Furthermore, the increasing investments in the development of novel healthcare data monetization solutions are also expected to increase the launch of new software solutions to optimize healthcare data and give better insights for decision-making. For instance, in December 2022, OMNY Inc., a healthcare data company, raised USD 17 million in series B funding from the Chicago Pacific Founders (CPF). The company is expected to use this funding to develop real-world data (RWD) monetization solutions. Hence, such investments are expected to increase the launch of new software solutions for healthcare data monetization, thereby driving the market studied over the forecast period.
In conclusion, the rising adoption of electronic health records and increasing investments in the development of healthcare data monetization solutions are expected to drive the market studied over the forecast period. However, a lack of data standardization and interactivity is expected to restrain market growth over the forecast period.
Healthcare Data Monetization Market Trends
Cloud Segment is Expected to Show Significant Growth During the Forecast Period
In cloud-based deployment, healthcare data is maintained and stored on external servers by a separate cloud service provider, and users access it through an internet connection. Cloud-based solutions can be deployed more rapidly than on-premises systems, as they do not require extensive hardware setup, configuration, or maintenance. This allows healthcare organizations to access healthcare data quickly and make informed decisions. The segment is driven by the easy accessibility of cloud-based solutions from anywhere, strategic initiatives taken by the market players, and the growing installation of cloud-based software.
The increasing adoption of cloud-based healthcare data monetization software is expected to boost the segment’s revenue over the forecast period. For instance, in January 2024, athenahealth Inc. reported that New England Orthopedic Surgeons (NEOS) implemented athenaOne, athenahealth’s cloud-based suite of integrated electronic health record (EHR), revenue cycle management, and patient engagement solutions. Hence, the increasing number of cloud-based solutions is expected to drive the market over the forecast period.
Furthermore, increasing strategic activities, such as new cloud-based service launches by key players, are also expected to drive the market over the forecast period. For instance, in March 2023, Microsoft reported the launch of Microsoft Fabric, a unified analytics platform that has the ability to combine data from previously siloed sources across their organization, such as electronic health records (EHRs), picture archiving and communication systems (PACS), labs systems, claims systems, and medical devices.
Similarly, in March 2023, Fujitsu, an IT service provider, launched a new cloud-based health data platform. This platform features automatic conversion of medical data from EMR systems to conform with current HL7 FHIR standards for easy utilization and data exchange.
Moreover, in March 2024, Google reported the launch of Vertex AI Search, which enables medically-tuned, gen AI search on a broad spectrum of data, including FHIR data, clinical notes, and electronic health record (EHR) data. Hence, the launch of new technologies for the monetization of healthcare data by key players is expected to drive the market over the forecast period.
Thus, the increasing adoption of cloud-based solutions and growing strategic activities, such as new service launches, are expected to drive the segment’s revenue over the forecast period.
North America is Expected to Hold the Significant Share of the Market Over the Forecast Period
North America is expected to hold a significant market share owing to the increasing investments in the digitalization of the healthcare sector, growing advancements in big data analytics, growing pressure to reduce healthcare costs, and increasing adoption of electronic health records.
The growing investment in the digitalization of the healthcare sector increases the utilization of healthcare data monetization solutions for effective storage and insight generation, which helps optimize the healthcare sector and reduces costs. This is expected to drive the market over the forecast period.
For instance, in February 2022, the Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), awarded nearly USD 55 million to 29 HRSA-funded health centers to enhance access to healthcare and quality virtual care such as telehealth, remote patient monitoring, digital patient tools, and health information technology platforms for underserved populations.
Hence, such government initiatives generate a huge amount of healthcare data, which can be effectively used by cloud-based and on-premise healthcare data monetization solutions. This is expected to drive the market over the forecast period.
Furthermore, the increasing government initiatives to improve healthcare data access are also expected to drive the market over the forecast period. For instance, in June 2024, the Canadian Federal Minister of Health introduced Bill C-72. The purpose of the act is to facilitate access to, use, and exchange of electronic health information and to prohibit data blocking by health information technology vendors. Hence, such government initiatives are expected to increase access to and effective use of healthcare data. This is expected to drive the market over the forecast period.
Moreover, the increasing strategic activities, such as new healthcare data monetization software launches by key players, are also expected to drive the market over the forecast period. For instance, in July 2024, OMNY Health, a healthcare data company, reported the launch of an AI-powered platform for health technology companies to leverage its data on more than 75 million patients. The first two companies to utilize the data are AI-enabled clinical trial design company QuantHealth and life sciences company ArisGlobal. Hence, the launch of such solutions is expected to increase healthcare data monetization and drive the market over the forecast period.
Hence, the increasing investments in the digitalization of the healthcare sector, growing government initiatives to improve healthcare data access, and increasing strategic activities by key players are expected to drive the market in the region over the forecast period.
Healthcare Data Monetization Industry Overview
The healthcare data monetization market is fragmented due to several companies operating globally and regionally. Key players in the market are focused on strategic initiatives such as mergers, acquisitions, partnerships, and product launches to increase their global market presence. Some of the key players include Accenture, Informatica Inc., Infosys Limited, Innovaccer Inc., and Microsoft.
Healthcare Data Monetization Market Leaders
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Informatica Inc.
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Infosys Limited
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Innovaccer, Inc.
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Accenture
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Microsoft
*Disclaimer: Major Players sorted in no particular order
Healthcare Data Monetization Market News
March 2024: Oracle reported significant updates to Oracle Health Data Intelligence, including a new generative AI service to help increase care management efficiency. This suite enables a broad range of healthcare and government stakeholders to use data from across the healthcare ecosystem to help advance patient health, improve care delivery, and drive operational efficiency.
February 2024: AnalyticsIQ, a provider of predictive people-based data, reported the launch of the National Provider Identifier (NPI) data offering. This solution helps healthcare marketing and analytics teams gain deeper insights into healthcare providers (HCPs) as individuals to target and engage with the critical audience.
Healthcare Data Monetization Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumption and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Adoption of Electronic Health Records (EHRs)
4.2.2 Rising Public and Private Investments in Advanced Analytics Solutions
4.3 Market Restraints
4.3.1 Lack of Data Standardization and Interactivity
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Type
5.1.1 Direct Data Monetization
5.1.2 Indirect Data Monetization
5.2 By Deployment
5.2.1 On-premise
5.2.2 Cloud
5.3 By End User
5.3.1 Pharmaceutical and Biotechnology Companies
5.3.2 Healthcare Providers
5.3.3 Healthcare Payers
5.3.4 Medical Technology Companies
5.4 By Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Rest of the World
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Accenture PLC
6.1.2 Informatica Inc.
6.1.3 Infosys Limited
6.1.4 Innovaccer Inc.
6.1.5 Microsoft Corporation
6.1.6 OpenText Corporation
6.1.7 Oracle Corporation
6.1.8 Salesforce Inc.
6.1.9 SAP SE
6.1.10 SAS Institute Inc.
6.1.11 Siemens
6.1.12 TIBCO Software Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Healthcare Data Monetization Industry Segmentation
As per the scope of the report, healthcare data monetization involves leveraging patient information, medical records, and clinical insights to generate revenue or create value for healthcare organizations. The healthcare data monetization market is segmented into type, deployment, end-user, and geography. By type, the market is segmented into direct data monetization and indirect data monetization. By deployment, the market is segmented into on-premise and cloud. By end user, the market is segmented into pharmaceutical and biotechnology companies, pharmaceutical and biotechnology companies, healthcare providers, healthcare payers, and medical technologies companies. By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. The report also covers the market size and forecasts for the wooden decking market in 11 countries across major regions. The report offers the value (USD) for the above segments.
| By Type | |
| Direct Data Monetization | |
| Indirect Data Monetization |
| By Deployment | |
| On-premise | |
| Cloud |
| By End User | |
| Pharmaceutical and Biotechnology Companies | |
| Healthcare Providers | |
| Healthcare Payers | |
| Medical Technology Companies |
| By Geography | ||||||||
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| Rest of the World |
Healthcare Data Monetization Market Research FAQs
How big is the Healthcare Data Monetization Market?
The Healthcare Data Monetization Market size is expected to reach USD 0.54 billion in 2024 and grow at a CAGR of 14.10% to reach USD 1.04 billion by 2029.
What is the current Healthcare Data Monetization Market size?
In 2024, the Healthcare Data Monetization Market size is expected to reach USD 0.54 billion.
Who are the key players in Healthcare Data Monetization Market?
Informatica Inc., Infosys Limited, Innovaccer, Inc., Accenture and Microsoft are the major companies operating in the Healthcare Data Monetization Market.
Which is the fastest growing region in Healthcare Data Monetization Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Healthcare Data Monetization Market?
In 2024, the North America accounts for the largest market share in Healthcare Data Monetization Market.
What years does this Healthcare Data Monetization Market cover, and what was the market size in 2023?
In 2023, the Healthcare Data Monetization Market size was estimated at USD 0.46 billion. The report covers the Healthcare Data Monetization Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Healthcare Data Monetization Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Healthcare Data Monetization Industry Report
Statistics for the 2024 Healthcare Data Monetization market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Healthcare Data Monetization analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
