The global Healthcare Data Monetisation market was valued at 0.42 billion USD in 2024 and is predicted to reach 1.51 billion USD by 2031, growing at a 20.1% CAGR during the forecast period. The increasing acceptance of digital healthcare solutions, as well as the growing recognition of the relevance of healthcare data in improving patient outcomes and operational efficiencies, are the primary drivers of market growth.
Software has the largest market share among all the components. Thanks to its strong healthcare system and early adoption of data-driven technology, North America today leads the worldwide Healthcare Data Monetizing industry.
Market Trend: Rising demand for personalized medicine and value-based care
Personalized therapy and value-based care are progressively taking the place of the healthcare industry, which calls for careful patient data study. Driven by the public and commercial sectors, the India Brand Equity Foundation estimates that the valued US$ 372 billion Indian healthcare sector would keep constantly expanding in 2023.
Healthcare data monetization is expanding under this trend since pharmaceutical companies and healthcare providers aim to use patient data to create individualized drugs and improve therapeutic results. By enabling more advanced insights and predictive modeling capabilities, artificial intelligence and machine learning technologies into healthcare data analytics speeds this trend.
Market Driver: Increasing volume of healthcare data and advancements in data analytics technologies
The main driver of the Healthcare Data Monetization market is the exponential expansion of healthcare data produced from multiple sources—including wearable devices, electronic health records (EHRs), and medical imaging—inclusive of Artificial intelligence and analytics startup SAS plans to present a new disruptive healthcare platform in September 2023 that will simplify data and management, improve data governance, and fastens patient insights, thereby simplifying data and management.
Apart from developments in data analytics technologies, this volume of data presents healthcare companies with excellent chances to gain intelligent understanding and leverage their data resources. By allowing healthcare professionals to evaluate vast volumes in real-time, data-driven services and collaborations help to improve clinical decision-making, maximize resource allocation, and identify new income sources.
Market Restraint: Data privacy concerns and regulatory compliance challenges
Notwithstanding the possible advantages, the Healthcare Data Monetization industry struggles greatly with data privacy concerns and regulatory compliance. Strong laws like HIPAA in the United States and GDPR in Europe greatly restrict the gathering, storing, and use of patient data. Healthcare companies have to find a balance between addressing ethical and legal issues while profiting from patient data such that value from the data is acquired concurrently at once and patient privacy is protected.
The demand of suitable data governance systems and safe data sharing regulations complicates and increases the cost of data monetizing activities, therefore impeding the growth of businesses.
For instance, as of August 2021 the United States Department of Health and Human Services fined over 100 cases $135.3 million in financial penalties. Knowing and satisfying your compliance needs will help you avoid millions of dollars in penalties (on top of the value of patient confidence) considering the financial risk.
Software segment dominates the Healthcare Data Monetization market
Driven by the growing need for complex analytics systems and data management solutions, the software industry leads the Healthcare Data Monetization market in market share. By allowing healthcare companies to capture, handle, and assess vast amounts of healthcare data, these software tools enable to extract important insights for operational and clinical advantages.
Recent developments in cloud-based analytics systems have accelerated the acceptance of data monetizing technologies, therefore offering more reasonably priced and scalable options. For example, 76% of healthcare companies want to increase their data analytics tool spending over the next two years, according a recent Healthcare IT News report.
North America leads the Healthcare Data Monetization market
Supported by North America's robust healthcare IT infrastructure and favorable legislative environment, the continent dominates the worldwide Healthcare Data Monetization industry. Particularly the United States has been leading in activities related to healthcare data monetization because different healthcare systems and technology businesses work together to provide fresh data-driven solutions.
Based on recent studies by the American Hospital Association, more than eighty percent of US hospitals have created programs to profit from their medical records either within their own systems or outside of them. The region's great emphasis on value-based care models and population health management helps to expand data monetizing possibilities even further. Health expenditure in the US in 2022 came at $4.5 trillion, or $13,493 per person. Consistent with pre-pandemic rates, there was a 4.1% rise from 2021. In 2022, health expenditure will make 17.3% of the US GDP.
Rising startups, data analytics companies, and seasoned healthcare IT companies all contribute to define the very competitive scene of the Healthcare Data Monetization sector. Leading companies are focused on building thorough data platforms integrating many data sources and including advanced analytics capabilities. Organizations seeking to leverage complimentary talents in data management and issue expertise are driving increasing frequency of strategic alliances between healthcare providers, technology enterprises, and pharmaceutical corporations.
Big companies are also greatly investing in artificial intelligence and machine learning technologies in order to optimize their data monetizing potential and get a competitive edge. While individual financial success differs, generally larger, more varied healthcare IT companies show stronger returns than smaller, specialist data analytics companies.
IBM Corporation
SAS Institute Inc.
Optum, Inc. (UnitedHealth Group)
Cerner Corporation
Allscripts Healthcare Solutions, Inc.
McKesson Corporation
Cognizant Technology Solutions Corporation
Oracle Corporation
IQVIA Holdings Inc.
Koninklijke Philips N.V.
In 2023, IBM Corporation acquired a leading healthcare AI startup to enhance its data monetization capabilities in the healthcare sector.
Optum, Inc. launched a new data-as-a-service platform in 2024, enabling healthcare providers to securely share and monetize their data assets.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
3.1. Market Overview & Insights
3.2. Segment Outlook
3.3. Region Outlook
3.COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking – Key Players
3.3. Market Share Analysis – Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. Company Profiles (Key Companies list by Country)
5. COMPANY PROFILES
5.1. IBM Corporation
5.2. SAS Institute Inc.
5.3. Optum, Inc. (UnitedHealth Group)
5.4. Cerner Corporation
5.5. Allscripts Healthcare Solutions, Inc.
5.6. McKesson Corporation
5.7. Cognizant Technology Solutions Corporation
5.8. Oracle Corporation
5.9. IQVIA Holdings Inc.
5.10. Koninklijke Philips N.V.
5.11. Company name 11
5.12. Company name 12 (*LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Trend 1
6.1.2. Trend 2
6.1.3. Trend 3
6.2. Market Drivers
6.2.1. Driver 1
6.2.2. Driver 2
6.2.3. Driver 3
6.3. Market Restraints
6.3.1. Restraint 1
6.3.2. Restraint 2
6.4. Porter's Five Forces Analysis
6.4.1. Threat of New Entrants
6.4.2. Bargaining Power of Buyers/Consumers
6.4.3. Bargaining Power of Suppliers
6.4.4. Threat of Substitute Products
6.4.5. Intensity of Competitive Rivalry
6.5. Supply Chain Analysis
6.6. Value Chain Analysis
6.7. Trade Analysis
6.8. Pricing Analysis
6.9. Regulatory Analysis
6.10. Patent Analysis
6.11. SWOT Analysis
6.12. PESTLE Analysis
7. BY COMPONENT (MARKET VALUE (US$ MILLION) – 2020-2031*)
7.1. Software
7.2. Services
8. BY DEPLOYMENT
8.1. On-premise
8.2. Cloud-based
9. BY APPLICATION
9.1. Clinical Data
9.2. Financial Data
9.3. Operational Data
10. BY END-USER
10.1. Healthcare Providers
10.2. Pharmaceutical Companies
10.3. Payers
10.4. Others
11. BY TYPE
11.1. Direct Monetization
11.2. Indirect Monetization
12. BY DATA TYPE
12.1. Structured Data
12.2. Unstructured Data
13. GEOGRAPHY
13.1. North America
13.1.1. United States
13.1.2. Canada
13.1.3. Mexico
13.2. South America
13.2.1. Brazil
13.2.2. Argentina
13.2.3. Rest of South America
13.3. Europe
13.3.1. Germany
13.3.2. United Kingdom
13.3.3. France
13.3.4. Italy
13.3.5. Spain
13.3.6. Russia
13.3.7. Rest of Europe
13.4. Asia-Pacific
13.4.1. China
13.4.2. Japan
13.4.3. India
13.4.4. Australia
13.4.5. South Korea
13.4.6. Rest of Asia-Pacific
13.5. Middle-East
13.5.1. UAE
13.5.2. Saudi Arabia
13.5.3. Turkey
13.5.4. Rest of Middle East
13.6. Africa
13.6.1. South Africa
13.6.2. Egypt
13.6.3. Rest of Africa
By Component:
Software
Services
By Deployment:
On-premise
Cloud-based
By Application:
Clinical Data
Financial Data
Operational Data
By End-user:
Healthcare Providers
Pharmaceutical Companies
Payers
Others
By Type:
Direct Monetization
Indirect Monetization
By Data Type:
Structured Data
Unstructured Data
By Region:
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
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