Dublin, July 06, 2023 (GLOBE NEWSWIRE) -- The "Healthcare Data Monetization Market by Type (Direct, Indirect), Deployment (On-premise, Cloud), End User (Pharmaceutical & Biotechnology Companies, Healthcare Payers, Healthcare Providers, Medical Technology Companies), Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The healthcare data monetization market is anticipated to grow from an estimated USD 384 million in 2023 to USD 899 million in 2028, at a CAGR of 18.5%
The market has a promising growth potential due to the increase in the use of external data sources and exponentially increasing data volume and generation of large and complex healthcare datasets among other factors. However, data privacy security and concerns are expected to limit the growth of this market to a certain extent.
Direct data monetization: The fastest-growing segment of the healthcare data monetization market, by type
The direct data monetization segment is expected to witness the fastest growth in the healthcare data monetization market during the forecast. Direct data monetization in healthcare involves selling or licensing patient data to third-party organizations to generate revenue.
This practice is driven by increasing demand for healthcare data, advancements in technology, regulatory changes, and financial pressures. The emergence of data marketplaces and platforms, where organizations can directly sell and exchange healthcare data is driving the growth of this market.
Furthermore, blockchain technology is gaining traction for secure and transparent data transactions. The demand for highly specific and granular datasets, such as genomics and wearables data, is driving the adoption of these solutions.
The healthcare payers segment is anticipated to be the second largest healthcare data monetization market, by end-user, during the forecast period
Based on end-user, the market is segmented into pharmaceutical & biotechnology companies, healthcare payers, healthcare providers, medical technology companies, and other end users. The healthcare payers segment accounted for the second-largest share of the healthcare data monetization market.
Payers use data to better predict risk and better manage consumers' health through behavioral insights that they may not capture from in-house data. The healthcare industry is moving from volume-based care to value-based care, and because of which payers are faced with challenges to shift their business models. Payers need data analytics tools to overcome the challenges and enable better revenue recognition, new payment models, better options to patients, and fraud detection.
Europe accounted for the second-largest share in the healthcare data monetization market during the forecast period
Europe accounted for the second-largest share of the healthcare data monetization market during the forecast period. The major drivers of market growth are the increasing adoption of AI-based tools, favorable government initiatives, growing EMR adoption, increasing patient data volume, raising venture capital funding, rising healthcare expenditure, and growing geriatric population. Moreover, the potential for AI in advancing R&D activities has also attracted attention to this sector.
Competitive landscape
Major players in the healthcare data monetization market are Oracle Corporation (US), Microsoft Corporation (US), Google (US), Salesforce, Inc. (US), SAS Institute Inc. (US), SAP SE (Germany), TIBCO Software Inc. (US), Snowflake Inc. (US), and QlikTech International AB (US), among others.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 283 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $384 Million |
| Forecasted Market Value (USD) by 2028 | $899 Million |
| Compound Annual Growth Rate | 18.5% |
| Regions Covered | Global |
Premium Insights
- Exponentially Increasing Data Volume and Generation of Large and Complex Healthcare Datasets to Drive Market
- North America to Dominate Healthcare Data Monetization Market During Forecast Period
- Japan to Register Highest Revenue Growth from 2023 to 2028
- Pharmaceutical & Biotechnology Companies and US Dominated Market in North America in 2022
- Direct Data Monetization Segment to Hold Larger Market Share in 2028
- On-Premise Deployment Segment to Dominate Market in 2028
- Pharmaceutical & Biotechnology Companies to Account for Largest Market Share in 2028
Market Dynamics
Drivers
- Growing Use of External Data Sources
- Increasing Adoption of Electronic Health Records (Ehrs)
- Growing Volume of Large and Complex Healthcare Datasets
- Rising Need to Curtail Escalating Healthcare Costs
Restraints
- Lack of Data Standardization and Interoperability
- Regulatory Constraints
Opportunities
- Rising Demand for Real-World Evidence
- Emergence of Personalized Medicine and Genomics
Challenges
- Security Concerns
Industry Trends
Types of Healthcare Data Monetization Solutions
- Direct Data Monetization
- Indirect Data Monetization
Technology Analysis
- Data as a Service
- Insight as a Service
- Analytics-Enabled Platform as a Service
- Embedded Analytics
Case Study Analysis
- Case Study 1: to Find Out Inefficiencies in Healthcare Chain on Per Patient Basis
- Case Study 2: Leading Healthcare Revenue Management Company Cuts Developer Costs by 50%
- Case Study 3: Sakura Finetek Europe Future-Proofs Its Business with Oracle Cloud Applications
- Case Study 4: AmerisourceBergen Gains Finance Efficiencies with Oracle Cloud Epm
- Case Study 5: Skygen Cuts Financial Close to Only 10 Days Using Oracle Cloud Erp and Epm
- Case Study 6: Health First Uses Azure Synapse Analytics to Create a Data Management Solution, Improving Refresh Speeds by 75%
- Case Study 7: Commercial Underwriting
- Case Study 8: Pragmatic Clinical Trials
- Case Study 9: Validating Audience Quality
- Case Study 10: Synthetic Control Arm
Company Profiles
Key Players
- Oracle Corporation
- Microsoft Corporation
- Salesforce, Inc.
- Sas Institute Inc.
- SAP SE
- Tibco Software Inc.
- Snowflake Inc.
- Qliktech International Ab
- Healthverity, Inc.
- Sisense Inc.
- Accenture
- Availity, LLC
- Domo, Inc.
- Komodo Health, Inc.
- Thoughtspot Inc.
- Datavant
- Verato
Other Players
- Infor, Inc.
- Virtusa
- Infosys
- Particle Health, Inc.
- Innovaccer, Inc.
- H1
- Medable Inc.
For more information about this report visit https://www.researchandmarkets.com/r/er78gq
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