Data Monetization In Healthcare Market To Reach $1,619.4 Million By 2030

Data Monetization In Healthcare Market Growth & Trends

The global data monetization in healthcare market size is estimated to reach USD 1,619.4 million by 2030, expanding at a CAGR of 18.8% from 2023 to 2030 , according to a new report by Grand View Research, Inc. The growth of data monetization in the healthcare market can be attributed to the growing adoption of Electronic Health Records (EHR), investments in advanced analytics, and the growing adoption of Artificial Intelligence (AI) in precision medicine. Users can receive insights from massive datasets such as genetic sequence variants and drug discovery pipeline analytics by combining data monetization platforms with medical records, particularly Electronic Health Records (EHR), creating robust opportunities for healthcare data monetization market. Further, by leveraging data analytics tools, healthcare organizations can get actionable results from their existing data, which can be used to develop advanced products and services and improve existing ones. For instance, Medical Data as a Service (mDaaS) is a cloud-based solution that allows healthcare organizations to store, manage, and analyze data while unlocking new value paradigms. These key factors are expected to drive data monetization growth in the healthcare market over the forecast period.

The companies operating in the healthcare data monetization market are responding to changing end-use requirements and investing aggressively in bringing revolutionary changes to their Natural Language Processing (NLP)- and AI-based data monetization solutions. For instance, in October 2022, Healthcare technology company John Snow Labs announced improvements to its data de-identification solution to assist healthcare companies in enhancing data monetization. The improved solution ensures strict compliance with regulatory and legal requirements by removing Protected Health Information (PHI) from patient databases to share the data with pharmaceutical and other healthcare companies for research purposes. The data extraction tools featured in the improved solution can automatically de-identify the PHI using NLP algorithms. Such developments would further drive data monetization in the healthcare market during the forecast period.

When attempting to commercialize data while following Health Insurance Portability and Accountability Act (HIPAA) laws, healthcare firms confront several obstacles and limits, the process of obtaining patient consent to use their personal health information can be difficult due to various circumstances. Individuals may be concerned about their personal health information's privacy, security, potential misuse, and commercial use. By prioritizing the security and privacy of data, companies are adding new technologies, such as Machine Learning (ML), Artificial Intelligence (AI), Big Data analytics, and the Internet of Things (IoT), that automate, speed up, and improve businesses. Considering that these technologies need more storage space and computational power, cloud computing provides an easy solution to integrate these technologies. Such factors would further drive data monetization in the healthcare market during the forecast period.

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Data Monetization In Healthcare Market Report Highlights

• The analytics-enabled platform as a service segment is expected to register a CAGR of 20.6% from 2023 to 2030. With analytics, marketers can structure the data and segregate customer groups based on online activities and specific demographic features. Initiatives undertaken by governments and corporations to promote advanced technologies, such as machine learning, business analytics, and AI, coupled with continuous adoption of cloud-based technologies, are anticipated to fuel the demand for implementing analytics-enabled platforms and services across the healthcare industry

• The Small & Medium Enterprises (SMEs) segment is expected to register a CAGR of 22.3% from 2023 to 2030. There has been huge growth in the volume of data. Harnessing this will provide an opportunity for businesses to develop new approaches to clinical development. Further, by leveraging advanced analytics methods, such as predictive modeling and ML, companies can provide insights and predict challenges before they occur. These benefits provided by analytics are expected to supplement the demand for data monetization services among SMEs over the forecast period

• The healthcare players segment is expected to register a CAGR of 20.6% from 2023 to 2030. As healthcare becomes increasingly digitized, healthcare players are leveraging data monetization as part of their broader digital transformation initiatives. It enables them to harness the power of data analytics, artificial intelligence, and other advanced technologies to drive innovation

• Asia Pacific healthcare data monetization market is anticipated to emerge as the fastest-growing over the forecast period at a CAGR of 20.7%. The regional growth can be attributed to the growing use of external data sources from wearables and other digital devices in healthcare analytics platforms, rapid advancements in big data among enterprises, and rising advancements in networking technologies

Data Monetization In Healthcare Market Segmentation

Grand View Research has segmented the global data monetization in healthcare market based on method, organization size, end user, and region.

Data Monetization In Healthcare Method Outlook (Revenue, USD Billion, 2018 - 2030)

• Data as a Service

• Insight as a Service

• Analytics-enabled Platform as a Service

• Embedded Analytics

Data Monetization In Healthcare Organization Size Outlook (Revenue, USD Billion, 2018 - 2030)

• Large Enterprises

• Small & Medium Enterprises (SMEs)

Data Monetization In Healthcare End User Outlook (Revenue, USD Billion, 2018 - 2030)

• Pharmaceuticals and Biotechnology Companies

• Healthcare Players

• Medical Technology Companies

• Others (Nonprofit Healthcare Organizations, Life Sciences and Research Institutions)

Data Monetization In Healthcare Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • U.K.

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East & Africa

  • U.A.E

  • Saudi Arabia

  • South Africa

List of Key Players in the Data Monetization In Healthcare Market

• Accenture Plc

• H1

• Infor

• Informatica Inc.

• Infosys Limited

• Innovaccer, Inc.

• Microsoft Corporation

• OpenText Corporation

• Oracle Corporation

• Salesforce, Inc.

• SAP SE

• SAS Institute Inc.

• Siemens

• TIBCO Software Inc.

• Virtusa Corp.