Exploring Key Insights of the Healthcare Data Monetization Market: Growth Prospects, Emerging Trends, and Opportunities
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How has the Healthcare Data Monetization market grown in recent years?
In recent years, the market size for healthcare data monetization has experienced rapid expansion. The market, which stood at $0.83 billion in 2024, is projected to escalate to $0.99 billion in 2025, reflecting a compound annual growth rate (CAGR) of 19.9%. This significant growth in the previous period can be attributed to a heightened emphasis on data privacy and security, as well as an increased reliance on external data sources.
How is the healthcare data monetization market size expected to evolve during the forecast period?
In the forthcoming years, the market size of healthcare data monetization is poised for significant expansion. The market is projected to bolster to $2.04 billion by 2029 at a CAGR of 19.7%. The anticipated growth during the projection period is ascribed to the extensive acceptance of electronic health records (EHR), and the growing compliance and standards in the sector. Key trends predicted to prevail within this period encompass a reinforced attention towards data privacy and security, growth in the usage of data exchange platforms, broadening of value-driven patient care models, the incorporation of artificial intelligence and machine learning, and the rise in data monetization collaborations.
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Which key drivers are propelling the healthcare data monetization market’s growth?
The ubiquitous use of electronic health records is projected to drive the expansion of the healthcare data monetization market. Electronic health records are computerized versions of patients’ healthcare histories, featuring data such as previous diagnoses, medications taken, and treatments received. These records are heavily utilized in healthcare data monetization for activities like healthcare research, the creation of new medications, and clinical trials, all with the intention of developing better treatments and personalized medicine. For example, a survey conducted by the Munich Re Group, an insurance company based in Germany, in June 2023, revealed that approximately 90% of 32 surveyed companies are currently implementing electronic health records. The same survey highlighted a 38% growth in the adoption of EHR since 2020. Thus, the broad acceptance of electronic health records is significantly influencing the surge in the healthcare data monetization market.
What are the market segments in the healthcare data monetization industry?
The healthcare data monetization market covered in this report is segmented –
1) By Type: Direct Data Monetization, Indirect Data Monetization
2) By Deployment: On-Premise, Cloud
3) By End User: Pharmaceutical And Biotechnology Companies, Healthcare Providers, Healthcare Payers, Medical Technology Companies
Subsegments:
1) By Direct Data Monetization: Data Licensing And Sales, Data Sharing Agreements, Subscription-Based Access To Data
2) By Indirect Data Monetization: Enhanced Patient Care Services, Improved Operational Efficiency, Targeted marketing And Advertising, Research And Development Collaborations
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Which leading companies are shaping the growth of the healthcare data monetization market?
Major companies operating in the healthcare data monetization market report are Google LLC, McKesson Corporation, Microsoft Corporation, Siemens AG, Accenture PLC, Oracle Corporation, SAP SE, Salesforce Inc., GE Healthcare, Infosys Limited, Cerner Corporation, OpenText Corporation, Epic Systems Corporation, Snowflake Inc., Informatica Inc., TIBCO Software Inc., QlikTech International AB, Innovaccer Inc., Sisense Inc., H1.Co, Infor, SAS Institute Inc., Virtusa Corp., John Snow Labs Inc., HTEC Group
What key trends are currently impacting the healthcare data monetization market’s development?
Leading corporations in the healthcare data monetization market are implementing various advancements in digital transformation, like Software as a Service (SaaS), to aid healthcare providers in offering more tailored experiences for patients. SaaS is a method of software distribution where programs are hosted in the cloud and accessed by consumers via the internet, often through a web browser or mobile application. For instance, Salesforce, a cloud-based software firm from the US, rolled out new Customer 360 for Health features in April 2023. These features are intended to assist healthcare providers in offering more personalized patient experiences. The aim of these innovations is to simplify processes, cut down on expenses, and enhance patient care by utilizing real-time data, AI, and automation. These characteristics assist healthcare and life sciences organizations in enhancing the overall care experience using the full strength of Salesforce’s technology, which includes real-time data from Data Cloud, Einstein AI, and Flow automation.
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Which geographic areas are influencing the growth of the healthcare data monetization market?
North America was the largest region in the healthcare data monetization market in 2024. The regions covered in the healthcare data monetization market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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