Healthcare Data Monetization Solutions Market Size, Share & Trends Analysis Report By Type (Software, Services), By End-use (Healthcare Payers, Life Science Companies), By Facility Size, By Region, And Segment Forecasts, 2023 - 2030

Market Size & Trends

The global healthcare data monetization solutions market size was estimated at USD 697.9 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 15.7% from 2023 to 2030. Healthcare data monetization solutions comprise various technologies and strategies, enabling healthcare organizations to extract economic value from their accumulated data. This involves gathering and integrating data from different sources in the healthcare ecosystem, including wearables, electronic health records, and clinical trials. Advanced analytics and machine learning are utilized for obtaining actionable insights and predictions from this integrated data, aiding in better resource optimization, decision-making, and patient care improvements. The increasing use of external data sources, digital transformation in the healthcare sector, and rising enterprise data volume are major factors driving the market's growth.

Furthermore, the growing focus on patient-centric care and the growing demand for telehealth and remote monitoring contribute to the demand for data-driven insights, accelerating the growth of data monetization solutions in the healthcare market. Moreover, changing regulatory frameworks and compliance requirements highlight the need for secure data sharing and monetization, encouraging the development of innovative solutions that ensure security, privacy, and compliance in healthcare data utilization and exchange. The healthcare sector is experiencing a notable rise in the utilization of external data sources, mainly on account of the exponential growth of digital information and the convergence of technology.

These external data sources can cover diverse data, including patient-generated data from social media interactions, wearables, genetic research databases, and medical literature, among others. Incorporating these external data sources into healthcare analytics and decision-making processes offers various advantages. It helps improve current healthcare datasets, providing a more comprehensive understanding of patients, diseases, and treatment outcomes. This facilitates the development of more accurate predictive models as well as improved clinical decision support systems. In the area of healthcare data monetization solutions, the integration of diverse external data sources boosts value proposition.

By integrating traditional healthcare data with external sources, organizations can provide differentiated and specialized insights to various stakeholders, including pharmaceutical companies, research institutions, insurance providers, and public health agencies. These stakeholders try to gain comprehensive insights for drug development and research, along with targeted marketing and healthcare policy formulation. Consequently, the presence of a broader spectrum of data through external sources boosts the monetization potential of healthcare data by attracting a larger client base and expanding revenue streams. The advancement of data analytics technologies helps in the efficient analysis and utilization of this data, making it more attractive for potential consumers.

The rising demand for real-world evidence in the healthcare space drives market growth of data monetization solutions. With healthcare stakeholders growingly recognizing the importance of real-world data in improving decision-making as well as patient outcomes, and advancing medical research, the value of such data has seen a surge. For instance, Mercy Technology Services (MTS), the IT arm of Mercy Health System, launched a countrywide real-world evidence network in August 2019. In partnership with SAP, this initiative aims to pool clinical data from various health systems for advanced analysis. MTS facilitates extensive data sharing to enhance patient care by forming a consortium of providers.

The network uses de-identified patient data from electronic health records as well as other sources, thus creating the largest Real-World Evidence (RWE) database globally. Moreover, the healthcare data monetization environment is rapidly changing due to technological advancements and evolving regulations. Blockchain technology aims to revolutionize healthcare data monetization through its transparent and secure data-sharing features. It ensures enhanced data privacy, auditability, and traceability, which is crucial for the healthcare sector. Similarly, the integration of Machine Learning and AI technologies is expected to play a critical role in the future of healthcare data monetization.

These technologies can extract vital insights, identify patterns, and optimize different processes, thus enhancing the value of healthcare data monetization solutions. Furthermore, initiatives for data interoperability and standardization are gaining traction in the healthcare sector, aiming to form common data exchange and integration standards. This enables better data accessibility and sharing, creating more effective data monetization strategies. As these trends gain momentum, healthcare organizations can unlock the full potential of healthcare data while ensuring privacy, security, and compliance with regulations, thereby fueling the growth of data monetization solutions for the healthcare market.

Type Insights

The type segment comprises software and services. The software segment accounted for the highest revenue share of 57.1% in 2022. The segment is anticipated to remain dominant and witness the fastest CAGR of 15.9% through 2030. Software solutions offer flexibility and scalability, enabling healthcare providers to adapt to evolving data requirements and integrate with current healthcare systems seamlessly. It also facilitates the secure and compliant sharing of healthcare data, a crucial aspect in a highly regulated healthcare industry.

Moreover, software solutions are designed with strong security measures, encryption protocols, and compliance frameworks to protect sensitive healthcare data throughout its lifecycle, instilling confidence in data providers and consumers. This level of security and compliance is necessary for encouraging data sharing and collaboration, ultimately driving the monetization of healthcare data through software-based solutions.

Facility Size Insights

The facility segment consists of small & medium facilities and large facilities. The large facilities segment dominated the market and accounted for the largest revenue share of 54.01% in 2022. Larger healthcare facilities, such as major hospitals and academic medical centers, often have access to substantial amounts of data generated from a diverse patient base, encompassing a wide array of medical conditions and treatments. Their considerable data assets, dedicated IT departments, and financial capabilities enable them to invest in and implement advanced data monetization solutions. These solutions often involve complex analytics, artificial intelligence, and data processing tools, allowing these large facilities to derive comprehensive insights, support research initiatives, and collaborate with various stakeholders in the healthcare ecosystem.

The small- & medium-sized facilities segment is poised to advance at the fastest CAGR of 16.0% over the forecast period. With rapid technological advancements and rising awareness of the importance of healthcare data, small- & medium-sized facilities such as clinics and specialty care centers are understanding the potential of data monetization. Cloud-based solutions as well as software-as-a-service (SaaS) models have made it economical and more accessible for smaller facilities to utilize data monetization strategies without making major upfront investments. Moreover, the evolving regulatory landscape and industry standards have emphasized data interoperability and sharing, encouraging smaller facilities to participate in data monetization initiatives. As a result, these facilities are increasingly adopting data monetization solutions to generate additional revenue streams, collaborate with larger entities, and contribute to the growth and innovation within the healthcare data monetization market.

End-use Insights

The end-use segment comprises healthcare payers, healthcare providers, and life science companies. The healthcare payers segment dominated the market and held the largest revenue share of 43.69% in 2022. As these entities handle insurance claims, policy information, and patient demographics, healthcare payers accumulate vast amounts of valuable data. This data provides significant insights into healthcare utilization patterns, cost trends, and population health when effectively monetized. Healthcare payers leverage advanced technologies, such as AI & ML to develop value-based care models.

In addition, they can share de-identified, aggregated data with researchers, pharmaceutical companies, and other stakeholders, further contributing to healthcare advancements. The life science companies segment is expected to witness the fastest CAGR of 16.2% over the forecast period. Life science companies, including pharmaceutical, biotech, and medical device firms, require extensive and diverse healthcare data for research, drug development, and clinical trials. The demand for real-world evidence and the need to validate the safety and efficacy of their products are driving these companies to seek access to high-quality, real-world patient data.

Life science companies are actively partnering with healthcare data providers and utilizing data monetization solutions to access, analyze, and derive insights from healthcare data. This enables them to accelerate research and innovation, optimize product development, and improve patient outcomes. The collaboration and interaction between life science companies and data monetization solutions fuel this sector's rapid growth within the healthcare data monetization market.

Regional Insights

North America led the market with the highest revenue share of 40.50% in 2022. North America, particularly the U.S., has a well-established and technologically sound healthcare ecosystem. This region features advanced digitization of the healthcare systems, with strong electronic health record (EHR) adoption as well as high-volume generation of healthcare data. Additionally, a supportive regulatory environment along with favorable government initiatives have boosted the implementation of advanced data monetization strategies, thus bringing in substantial public and private investments.

The strong setup of healthcare IT companies as well as research institutions further contributes to the regional dominance in the global market. Asia Pacific is expected to witness the fastest CAGR of 16.6% over the forecast period. Countries in the Asia Pacific region, such as India, China, and Japan, are seeing a substantial increase in healthcare data due to the adoption of digital health technologies, telemedicine, as well as mobile health applications. Majority of the population base in the region further amplifies this trend.

Healthcare providers and organizations in Asia Pacific increasingly recognize the value of healthcare data and are keen to monetize it to improve healthcare services and outcomes. In addition, favorable government policies and initiatives promoting digital health and data sharing propel the growth of data monetization solutions. Asia Pacific’s dynamic healthcare landscape and a strong focus on leveraging technology for healthcare advancements position it as the fastest-growing market in the data monetization solutions sector.

Key Companies & Market Share Insight

Key industry players constantly collaborate and innovate to gain a competitive market edge. Strategic partnerships, as well as mergers & acquisitions are common strategies used for expanding market reach and consolidating capabilities. Companies form partnerships to improve their services and provide more comprehensive solutions to healthcare payers, providers, and life science firms. The market is dynamic, with emerging new entrants that are disrupting conventional approaches and compelling established names to adapt and innovate. The main objective of these companies is monetization of healthcare data and ensuring data privacy. security, and responsible usage. Moreover, the competitive landscape is expected to evolve as the healthcare industry transforms digitally and embraces data-driven strategies. Some of the major players in the global healthcare data monetization solutions market are:

• Oracle

• Microsoft

• Google

• Salesforce, Inc.

• SAP

• SAS Institute Inc.

• Accenture

• Infosys Limited

• Cisco Systems, Inc.

• Siemens

• Particle Health, Inc.

• Snowflake Inc.

Healthcare Data Monetization Solutions Market Report Scope

Global Healthcare Data Monetization Solutions Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest trends in each sub-segment from 2018 to 2030. For this study, Grand View Research has segmented the healthcare data monetization solutions market report based on type, facility size, end-use, and region:

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

  • Software

  • Services

• Facility Size Outlook (Revenue, USD Million, 2018 - 2030)

  • Small & Medium Facilities

  • Large Facilities

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Healthcare Payers

  • Life Science Companies

  • Healthcare Providers

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

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Australia

    • Thailand

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait