Market Trends of Healthcare Data Monetization
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.
