The global healthcare data monetization solutions market size was estimated to be USD 0.808 billion in 2023 and is expected to reach at USD 4.10 billion by 2034 with a CAGR of 15.91% during the forecast period 2024-2034. Increasing utilization of external data sources, growing emphasis on providing care that is centered around the patient's needs and preferences, surge in digital transformation in healthcare sector, rising enterprise data volume, increasing need for telehealth & remote monitoring services, growing focus on the development of inventive solutions that guarantee privacy, security, & compliance in the utilization & exchange of healthcare data, surge in advancement of data analytics technologies allows for the efficient analysis & utilization of this data, rising adoption of Electronic Health Records (EHR), increasing partnerships and collaborations among players, and growing incorporation of Machine Learning & Artificial Intelligence (AI) technologies in healthcare sector are some of the key factors boosting the market growth.
Growing incorporation of Machine Learning & Artificial Intelligence (AI) technologies in healthcare sector is predicted to boost the market growth during the forecast period. These technologies have the capability to extract valuable insights, recognize patterns, and optimize numerous processes, thereby greatly augmenting the effectiveness of healthcare data monetization solutions. For instance, in April 2023, Microsoft Corporation and Epic Systems extended their partnership to incorporate generative AI into healthcare by merging Azure OpenAI Service with Epic's electronic health record (EHR) software. The objective of this collaboration was to elevate patient care, boost operational efficiency, and enhance financial transparency within healthcare systems worldwide.
By type, software was the highest revenue-grossing segment in the global healthcare data monetization solutions market in 2023 as they offer adaptability, seamless integration with current healthcare systems, and ensures the secure and compliant sharing of data, all while being highly scalable and flexible to meet evolving data requirements. Additionally, services is predicted to boost the market growth during the forecast period owing to the increasing adoption of EHR, rising investment in advanced analytics, and growing collaborations within market players. For instance, in April 2023, Salesforce introduced new Customer 360 for Health features designed to improve customized patient experiences and cut down operational expenses for healthcare providers. These advancements utilize real-time data, artificial intelligence (AI), and automation to tackle the difficulties healthcare organizations encounter in meeting customer expectations.
By facility size, large facilities was the highest revenue-grossing segment in the global healthcare data monetization solutions market in 2023. Prominent healthcare institutions, such as major hospitals and academic medical centers, frequently possess access to extensive datasets generated by a diverse patient population with a wide range of medical conditions and treatments. Their substantial data resources, well-established IT departments, and financial resources empower them to invest in and deploy advanced strategies for generating value from their data. These approaches often encompass intricate analytics, artificial intelligence, and data processing tools, enabling these large institutions to extract in-depth insights, bolster research endeavors, and engage in collaborative efforts with diverse stakeholders within the healthcare ecosystem. Additionally, small & medium facilities is predicted to grow at fastest CAGR during the forecast period owing to the rising technological advancements, growing awareness regarding the value of healthcare data, increasing embrace of data monetization solutions is driven by the desire to create supplementary revenue channels, surge in partnerships within larger organizations. For instance, in May 2023, HTEC Group became a part of the SAS IoT Partner Ecosystem to collaborate on providing inventive solutions in various sectors, including healthcare, life sciences, logistics, and more. The objective of this partnership was to create joint offerings that empower global enterprises to implement state-of-the-art data-driven, IoT, edge, and cloud-enabled solutions to address their business needs.
By end-user, healthcare payers was the highest revenue-grossing segment in the global healthcare data monetization solutions market in 2023. Healthcare payers, while managing insurance claims, policy details, and patient demographic information, amass substantial and invaluable data. When this data is monetized effectively, it offers profound insights into healthcare utilization patterns, cost dynamics, and overall population health. Healthcare payers harness cutting-edge technologies, such as artificial intelligence (AI) and machine learning (ML), to create value-based healthcare models. Additionally, they can share de-identified and aggregated data with researchers, pharmaceutical firms, and other interested parties, thereby making a substantial contribution to the advancement of healthcare. Additionally, life science companies is predicted to grow at fastest CAGR during the forecast period owing to the increasing demand for real-world evidence and the imperative to validate the safety & effectiveness of their products, surge in research & innovation activities & enhances patient outcomes, and rising partnerships & collaborations within market players. For instance, in February 2023, Redox and Google Cloud established a partnership to streamline the sharing of healthcare data, facilitating improved and quicker decision-making for healthcare entities. Redox's platform is being mirrored on Google Cloud, providing customers with access to Redox's products and services.
North America region is anticipated for the highest revenue share during the forecast period owing to the surge in technologically advanced healthcare ecosystem, widespread digitalization within healthcare systems, rising adoption of extensive electronic health record (EHR) & sophisticated data monetization strategies, growing investments from public & private sectors, and increasing launch of advanced solutions. For instance, in October 2022, Oracle Corporation unveiled a planning solution tailored for the healthcare sector within its Fusion Cloud Enterprise Performance Management (EPM) suite. This solution is designed to assist healthcare organizations in enhancing their financial performance and patient care by allowing them to create models for various scenarios, optimize resource allocation, and make more informed decisions regarding finance, workforce, and patient care. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the growing adoption of digital health technologies, telemedicine, & mobile health applications, surge in favourable government policies & initiatives promoting digital health & data sharing, rising focus on utilizing technology to advance the healthcare places, and increasing focus on the launch of advanced solutions by market players. For instance, in June 2023, Hexaware, a worldwide IT services and solutions provider, revealed its role as a Snow Row sponsor at Snowflake's yearly user conference, Snowflake Summit 2023. Being a Premier Services partner, Hexaware has utilized its intellectual property, Amaze, to offer Snowflake solutions, allowing global clients to efficiently capitalize on their data and optimize its worth.
Growing incorporation of Machine Learning & Artificial Intelligence (AI) technologies in healthcare sector is predicted to boost the market growth during the forecast period. These technologies have the capability to extract valuable insights, recognize patterns, and optimize numerous processes, thereby greatly augmenting the effectiveness of healthcare data monetization solutions. For instance, in April 2023, Microsoft Corporation and Epic Systems extended their partnership to incorporate generative AI into healthcare by merging Azure OpenAI Service with Epic's electronic health record (EHR) software. The objective of this collaboration was to elevate patient care, boost operational efficiency, and enhance financial transparency within healthcare systems worldwide.
By type, software was the highest revenue-grossing segment in the global healthcare data monetization solutions market in 2023 as they offer adaptability, seamless integration with current healthcare systems, and ensures the secure and compliant sharing of data, all while being highly scalable and flexible to meet evolving data requirements. Additionally, services is predicted to boost the market growth during the forecast period owing to the increasing adoption of EHR, rising investment in advanced analytics, and growing collaborations within market players. For instance, in April 2023, Salesforce introduced new Customer 360 for Health features designed to improve customized patient experiences and cut down operational expenses for healthcare providers. These advancements utilize real-time data, artificial intelligence (AI), and automation to tackle the difficulties healthcare organizations encounter in meeting customer expectations.
By facility size, large facilities was the highest revenue-grossing segment in the global healthcare data monetization solutions market in 2023. Prominent healthcare institutions, such as major hospitals and academic medical centers, frequently possess access to extensive datasets generated by a diverse patient population with a wide range of medical conditions and treatments. Their substantial data resources, well-established IT departments, and financial resources empower them to invest in and deploy advanced strategies for generating value from their data. These approaches often encompass intricate analytics, artificial intelligence, and data processing tools, enabling these large institutions to extract in-depth insights, bolster research endeavors, and engage in collaborative efforts with diverse stakeholders within the healthcare ecosystem. Additionally, small & medium facilities is predicted to grow at fastest CAGR during the forecast period owing to the rising technological advancements, growing awareness regarding the value of healthcare data, increasing embrace of data monetization solutions is driven by the desire to create supplementary revenue channels, surge in partnerships within larger organizations. For instance, in May 2023, HTEC Group became a part of the SAS IoT Partner Ecosystem to collaborate on providing inventive solutions in various sectors, including healthcare, life sciences, logistics, and more. The objective of this partnership was to create joint offerings that empower global enterprises to implement state-of-the-art data-driven, IoT, edge, and cloud-enabled solutions to address their business needs.
By end-user, healthcare payers was the highest revenue-grossing segment in the global healthcare data monetization solutions market in 2023. Healthcare payers, while managing insurance claims, policy details, and patient demographic information, amass substantial and invaluable data. When this data is monetized effectively, it offers profound insights into healthcare utilization patterns, cost dynamics, and overall population health. Healthcare payers harness cutting-edge technologies, such as artificial intelligence (AI) and machine learning (ML), to create value-based healthcare models. Additionally, they can share de-identified and aggregated data with researchers, pharmaceutical firms, and other interested parties, thereby making a substantial contribution to the advancement of healthcare. Additionally, life science companies is predicted to grow at fastest CAGR during the forecast period owing to the increasing demand for real-world evidence and the imperative to validate the safety & effectiveness of their products, surge in research & innovation activities & enhances patient outcomes, and rising partnerships & collaborations within market players. For instance, in February 2023, Redox and Google Cloud established a partnership to streamline the sharing of healthcare data, facilitating improved and quicker decision-making for healthcare entities. Redox's platform is being mirrored on Google Cloud, providing customers with access to Redox's products and services.
North America region is anticipated for the highest revenue share during the forecast period owing to the surge in technologically advanced healthcare ecosystem, widespread digitalization within healthcare systems, rising adoption of extensive electronic health record (EHR) & sophisticated data monetization strategies, growing investments from public & private sectors, and increasing launch of advanced solutions. For instance, in October 2022, Oracle Corporation unveiled a planning solution tailored for the healthcare sector within its Fusion Cloud Enterprise Performance Management (EPM) suite. This solution is designed to assist healthcare organizations in enhancing their financial performance and patient care by allowing them to create models for various scenarios, optimize resource allocation, and make more informed decisions regarding finance, workforce, and patient care. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the growing adoption of digital health technologies, telemedicine, & mobile health applications, surge in favourable government policies & initiatives promoting digital health & data sharing, rising focus on utilizing technology to advance the healthcare places, and increasing focus on the launch of advanced solutions by market players. For instance, in June 2023, Hexaware, a worldwide IT services and solutions provider, revealed its role as a Snow Row sponsor at Snowflake's yearly user conference, Snowflake Summit 2023. Being a Premier Services partner, Hexaware has utilized its intellectual property, Amaze, to offer Snowflake solutions, allowing global clients to efficiently capitalize on their data and optimize its worth.
Segmentation: Healthcare Data Monetization Solutions Market Report 2023 - 2034
Healthcare Data Monetization Solutions Market Analysis & Forecast by Type 2023 - 2034 (Revenue USD Bn)
- Services
- Software
Healthcare Data Monetization Solutions Market Analysis & Forecast by Facility Size 2023 - 2034 (Revenue USD Bn)
- Large Facilities
- Small & Medium Facilities
Healthcare Data Monetization Solutions Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)
- Healthcare Payers
- Life Science Companies
- Healthcare Providers
Healthcare Data Monetization Solutions Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Healthcare Data Monetization Solutions Market: Type Estimates & Trend Analysis
8. Healthcare Data Monetization Solutions Market: Facility Size Estimates & Trend Analysis
9. Healthcare Data Monetization Solutions Market: End-user Estimates & Trend Analysis
10. Regional Market Analysis
11. North America Healthcare Data Monetization Solutions Market
12. Europe Global Healthcare Data Monetization Solutions Market
13. Asia Pacific Global Healthcare Data Monetization Solutions Market
14. Latin America Global Healthcare Data Monetization Solutions Market
15. MEA Global Healthcare Data Monetization Solutions Market
16. Competitor Analysis
17. Company Profiles
Companies Mentioned
- Oracle
- SAS Institute Inc.
- Salesforce Inc.
- Particle Health Inc.
- Microsoft
- SAP
- Infosys Limited
- Snowflake Inc.
- Cisco Systems Inc.
- Accenture
- Siemens
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | January 2024 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 0.81 Billion |
| Forecasted Market Value ( USD | $ 4.1 Billion |
| Compound Annual Growth Rate | 15.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 12 |
