Data Monetization Solution For Healthcare Providers Market Size, Share & Trends Analysis Report By Type (Software, Services), By Region (North America, Europe, Asia Pacific, Latin America, MEA), And Segment Forecasts, 2024 - 2030

Market Size & Trends

The global data monetization solution for healthcare providers market size was estimated at USD 109.9 million in 2023 and is projected to grow at a CAGR of 15.0% from 2024 to 2030. The increasing presence of both private and public entities in the field of monetizing digital health data is contributing to the expansion of the market. For instance, Mayo Clinic has developed a platform known as Clinical Data Analytics, which serves as a marketplace for digital health patient data. Through appropriate licensing agreements with Mayo Clinic, healthcare organizations and providers can obtain access to de-identified patient data. Another illustration is the AWS Data Marketplace, which provides a carefully curated collection of third-party solutions designed to assist users in leveraging the potential of health data.

Favorable government initiatives for the digital transformation of healthcare are fostering market growth. For instance, in May 2022, the European Commission released its proposal for the European Health Data Space (EHDS), a new framework aimed at facilitating access to health information for individuals, doctors, researchers, and regulators across the European Union (European Commission, 2022). The proposal has three primary goals: granting EU citizens control over their health data; establishing a uniform structure for utilizing this data for research, innovation, and regulatory purposes; and creating a secure digital marketplace for health services. Such initiatives reduce the risk of data breaches, thereby boosting market growth.

Furthermore, various companies have already triggered health data sharing and monetizing programs. For instance , in August 2019, Mercy Technology Services (MTS), which is the information technology division of the St. Louis-based Mercy health system, initiated a nationwide real-world evidence network with the goal of aggregating clinical data for in-depth analysis. This new effort is intended to establish an innovative approach to organized data sharing among healthcare providers, pharmaceutical and medical device companies, regulatory bodies, and others, to enhance patient care.

Moreover, the increasing volume of healthcare data, generated from electronic health records (EHRs), medical imaging, wearable devices, and patient monitoring systems, presents a substantial opportunity for healthcare providers to leverage this data for various monetization strategies. For instance, as per Arcadia Solutions, LLC. Report, hospitals generate an average of 50 petabytes of data annually, with up to 97% of this data remaining unused. Around 30% of the world's data volume is attributed to the healthcare sector. It is projected that by 2025, the annual growth rate of healthcare data will reach 36%. Such a growing volume of data will increase the demand for data monetization.

The increasing preference for cloud-based services and solutions is driving market players to enhance their portfolio of cloud-based data monetization solutions with innovative offerings. These solutions aim to help end users effectively manage large volumes of data by leveraging benefits such as location independence, scalability, and reduced hardware investments, and by eliminating single-point failures. These associated benefits are driving market growth.

Industry Dynamics

The level of innovation in the market is constantly advancing, driven by technological advancements, changing regulations, and evolving healthcare practices. Leading the way are solutions that utilize emerging technologies such as artificial intelligence (AI), machine learning (ML), blockchain, and the Internet of Things (IoT) to derive useful insights from healthcare data. These technologies facilitate predictive analytics, personalized medicine, and real-time monitoring, transforming the way medical professionals capitalize on their data resources.

The market is characterized by a moderate level of merger and acquisition (M&A) activity by the leading players. This is due to several factors, including the desire to expand the business to cater to the growing demand for data monetization solutions for healthcare providers. Furthermore, increasing partnership and collaboration among market players will spur market growth. In April 2023, Microsoft Corporation and Epic Systems teamed up to integrate generative AI technology into the healthcare industry. This involved combining Azure OpenAI Service with Epic's electronic health record (EHR) software, with the aim of improving patient care, increasing operational efficiency, and strengthening the financial stability of healthcare systems worldwide.

Regulations such as the Health Insurance Portability and Accountability Act (HIPAA) in the U.S. and the General Data Protection Regulation (GDPR) in Europe are instrumental in protecting patient data and specifying its allowed use and commercialization. These regulations impose strict protocols for managing, storing, and sharing data, requiring healthcare providers to implement strong security measures and obtain patient consent for data usage.

Providers are continuously working toward product expansion to cater to different healthcare settings. In March 2022, Snowflake, a worldwide data cloud corporation, introduced the Healthcare & Life Sciences Data Cloud. The Snowflake Healthcare & Life Sciences Data Cloud offers healthcare businesses a unified, integrated, and multi-cloud data platform that removes technical and institutional data silos. This enables organizations to securely integrate, exchange, and centralize critical and sensitive data at a scale.

Several market players are expanding their business by entering new geographical regions to strengthen their market position and expand their product portfolio. Rising research and development activities create more opportunities for market players to enter new regions.

Type Insights

Based on type, the software segment dominated the market with the largest revenue share of 57.2% in 2023. Advanced software solutions are essential for transforming raw data into actionable insights, facilitating improved patient outcomes, operational efficiency, and new revenue streams. The ongoing digital transformation in healthcare is encouraging providers to adopt sophisticated data analytics, artificial intelligence (AI), and machine learning (ML) technologies to extract maximum value from their data assets.

In March 2022, Nokia revealed that it has been chosen by Equideum Health to collaborate on the development and implementation of healthcare use-cases in the U.S. This collaboration will utilize Nokia's Data Marketplace (NDM) solution, which is provided through its Software-as-a-Service (SaaS) model. NDM, which was introduced in 2021, enables the secure exchange of data and AI models to support digital transformation and data monetization for ecosystem participants.

The services segment is anticipated to witness significant growth over the forecast period. Increasing complexity of healthcare data and the subsequent need for expert consultation and support is driving segmental growth. Healthcare providers are collecting large amounts of data from different sources and need specialized services to manage, analyze, and monetize this data effectively. Service providers offer essential expertise in data governance, integration, and analytics, helping healthcare organizations unlock valuable insights from their data assets, thereby driving market growth.

Regional Insights

North America dominated the data monetization solution for healthcare providers market in 2023 and accounted for the largest revenue share of 40.9% owing to the technological advancements and a strong regulatory environment. The integration of electronic health records (EHRs), the widespread use of wearable health devices, and the advancements in data analytics capabilities are reshaping the methods through which healthcare providers utilize data. Furthermore, the region's focus on precision medicine and value-based care models drives the demand for sophisticated data monetization solutions.

U.S. Data Monetization Solution for Healthcare Providers Market Trends

The data monetization solution for healthcare providers market in the U.S. held the largest share of 90.8% in 2023 in the North America region. Vast data generation and the push towards digital healthcare transformation are driving market growth. The widespread implementation of EHRs, coupled with advanced AI and ML tools, enables healthcare providers to harness and monetize vast amounts of patient data. For instance, according to a 2021 American Hospital Association (AHA) survey, 78% of office-based physicians and 96% of non-federal acute care hospitals have adopted a certified EHR. Healthcare providers can monetize their EHR data by participating in research partnerships, clinical trials, and observational studies, thereby contributing to medical advancements.

Canada data monetization solution for healthcare providers market is anticipated to register the fastest growth during the forecast period. Canada’s healthcare providers are increasingly adopting data monetization solutions to enhance patient care, optimize operational efficiencies, and reduce healthcare costs. Moreover, increasing government funding in the healthcare industry will drive market growth. For instance, in February 2023, the Government of Canada announced an investment of nearly USD 200 billion over 10 years, including USD 46.2 billion in new funding for provinces and territories to enhance health care services for Canadians.

Europe Data Monetization Solution For Healthcare Providers Market Trends

The data monetization solution for healthcare providers market in Europe is anticipated to register the fastest growth during the forecast period owing to the region's emphasis on privacy, innovation, and healthcare accessibility. Stringent data protection regulations, particularly the General Data Protection Regulation (GDPR), have spurred the development of privacy-preserving data monetization strategies, thereby bolstering market growth.

Germany data monetization solution for healthcare providers market is anticipated to register a considerable growth rate during the forecast period. The country’s advanced healthcare infrastructure and significant investments in digital health technologies are anticipated to boost market growth. For instance, in February 2024, Earlybird Health, a division of Earlybird Venture Capital, a VC firm based in Berlin, revealed the completion of its most recent healthcare fund at USD 187.3 million. The fund is aimed at various healthcare areas, such as digital health, diagnostics, medical devices, R&D tools, and biopharma, with an emphasis on delivering favorable patient results.

The data monetization solution for healthcare providers market in the UK is anticipated to register a considerable growth rate during the forecast period. The government is taking various initiatives to accelerate the adoption of data monetization. For instance, in 2022, the Guardian News stated that the NHS is preparing to introduce a new project that will merge tens of millions of individual digital medical records into one of the most extensive health data platforms globally without seeking renewed consent from patients. Health authorities have verified that the proposed USD 457.7 million data platform for England will merge the NHS shared care records, which track patients throughout the health and care system.

Asia Pacific Data Monetization Solution For Healthcare Providers Market Trends

The data monetization solution for healthcare providers market in Asia Pacific is anticipated to register the fastest growth rate during the forecast period. Countries such as China, India, and Japan are investing heavily in healthcare IT infrastructure, EHR systems, and AI-driven healthcare solutions. Furthermore, government initiatives supporting digital health transformation and the increasing focus on personalized medicine further propel the demand for data monetization solutions in the region.

China data monetization solution for healthcare providers market held the largest share in 2023. Growing use of external data sources, increasing partnership among market players, and the need to curtail rising healthcare costs are anticipated to escalate market growth. Additionally, increasing adoption of AI in precision medicine will further supplement market growth.

The data monetization solution for healthcare providers market in India is anticipated to register considerable growth during the forecast period. The widespread adoption of telemedicine and mobile health technologies is boosting market growth. Moreover, the presence of large and diverse patient populations in the country generates vast amounts of data, providing ample opportunities for monetization.

Latin America Data Monetization Solution For Healthcare Providers Market Trends

The data monetization solution for healthcare providers market of Latin America is anticipated to register the fastest growth during the forecast period owing to the need for cost-effective healthcare delivery. Increasing investments from both public and private sectors in advanced analytics solutions will escalate market growth. The rapid digital transformation and requirement to reduce healthcare-related expenses are driving market growth in the region.

MEA Data Monetization Solution For Healthcare Providers Market Trends

The data monetization solution for healthcare providers market MEA is anticipated to register the fastest growth during the forecast period. Upgrading advanced technologies such as Artificial Intelligence, Blockchain, big data analytics, Machine Learning (ML), and cloud computing is driving the expansion of data monetization. The increasing use of Infrastructure-as-a-Service (IaaS) and Software-as-a-Service (SaaS) is creating significant opportunities for market participants to enhance and expand their offerings in data monetization software and services.

Key Data Monetization Solution For Healthcare Providers Company Insights

Key participants in the data monetization solution for healthcare providers industry are focusing on devising innovative business growth strategies in the form of product portfolio expansions, partnerships & collaborations, mergers & acquisitions, and business footprint expansions.

Recent Developments

• In February 2023, Google Cloud and Redox joined forces to streamline the sharing of healthcare data, empowering organizations to enhance decision-making processes with greater speed and accuracy. As part of this collaboration, Redox duplicated its platform on Google Cloud, granting Google Cloud users access to Redox's comprehensive range of products, services, and expertise.

• In July 2022, Mayo Clinic and Mercy entered into a 10-year collaboration agreement, marking the first-ever alliance between two major health care systems. This partnership leveraged the latest data science and extensive de-identified patient outcomes to detect diseases at an earlier stage and expedite patients' journey to improved health.

• In May 2019, Johnson & Johnson's electrophysiology-focused Biosense Webster division, which manufactures heart-mapping hardware and ablation catheters for treating cardiac arrhythmias, launched a cloud-based network. This network is designed to connect the various devices used in the field and facilitate the sharing of data used in practice.

Data Monetization Solution For Healthcare Providers Market Report Scope 

Data Monetization Solution For Healthcare Providers Market Report Segmentation

This report forecasts revenue growth at global, regional, and country level and provides an analysis of the latest industry trends in each of the sub segments from 2018 to 2030. For this study, Grand View Research, Inc. has segmented the data monetization solution for healthcare providers market report based on type and region:

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Software

  • Services

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • Spain

    • Italy

    • France

    • Denmark

    • Norway

    • Sweden

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Argentina

  • MEA

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait