GVR Report cover Data Monetization In Healthcare Market Size, Share & Trends Report

Data Monetization In Healthcare Market Size, Share & Trends Analysis Report By Method (Data As A Service, Insight As A Service, Embedded Analytics), By Organization Size, By End Users, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68040-125-3
  • Number of Report Pages: 140
  • Format: PDF, Horizon Databook
  • Historical Range: 2018 - 2021
  • Forecast Period: 2023 - 2030 
  • Industry: Technology

Report Overview

The global data monetization in healthcare market size was evaluated at USD 410.4 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 18.8% from 2023 to 2030. The considerable growth of market can be attributed to the growing adoption of Electronic Health Records (EHRs) and rising public & private investments in advanced analytics solutions. Moreover, the rising need to reduce healthcare-related costs and rapid digitalization in the healthcare sector are creating a positive outlook for healthcare data monetization market. Further, growing data volumes are propelling the demand for data management solutions, which assist healthcare companies in analyzing the data volumes to obtain quantifiable benefits.

U.S. Data Monetization In Healthcare market size and growth rate, 2023 - 2030

The market for data monetization in healthcare is witnessing notable growth due to growing awareness of the data monetization benefits and healthcare enterprises' emphasis on robust data management. Further, advancements in emerging technologies such as Blockchain, Machine Learning (ML), Artificial Intelligence (AI), cloud computing, and big data analytics are playing key roles in driving the growth of data monetization in healthcare industry. Data monetization software and services help pharmaceutical, healthcare, and medical technology companies extract valuable information, which assists them in accelerating their business growth. These software and services also play a vital role in improving the operational efficiency of business models by predicting various risks and anomalies, supporting the growth of the healthcare data monetization market.

Several companies emphasize strengthening their service offerings in data monetization to increase market revenue. These companies are launching healthcare-specific data monetization solutions to enhance their brand positioning and increase their customer base, thereby supporting data monetization in healthcare growth. For instance, in October 2022, John Snow Labs Inc., a healthcare technology company, introduced new updates in its de-identification solution to help healthcare companies automate data monetization. The improvement also enhanced the User Interface (UI) and enabled users to process millions of records using Databricks or Spark Clusters.

Further, several key players, such as Mayo Clinic and Sisense Ltd., are developing analytics platforms to assist healthcare companies in monetizing the data. For instance, in January 2020, Mayo Clinic, an augmented intelligence company, launched the Clinical Data Analytics platform to enhance healthcare through knowledge and insights derived from datasets. The platform applied advanced data analytics on de-identified datasets from the Mayo Clinic and other companies. It enabled multiple participants to build robust AI and ML models without sharing databases while addressing critical issues such as security, data privacy, and access rights to the heterogeneous data source. These initiatives and developments in the healthcare sector are expected to drive the demand for data monetization tools and services over the forecast period, creating favorable environment for healthcare data monetization market.

The growing preference for cloud-based solutions and services owing to various benefits, such as location independence, single-point failure absence, scalability, and lower hardware investments, associated with cloud-based hosting is prompting market players to strengthen their cloud-based data monetization solution portfolio by introducing new innovative cloud-based data monetization solutions that can potentially help end users in effectively handling large volumes of data. The increasing adoption of Infrastructure-as-a-Service (IaaS) and Software-as-a-Service (SaaS) also creates robust opportunities for market players to enhance their data monetization software & service portfolio. For instance, in November 2022, Wipro Limited launched the end-to-end cloud solution Wipro Data Intelligence Suite to assist its clients in data monetization and business modernization through its cloud platform, supporting the growth of the market.

Method Insights

The Analytics-enabled platform as a service segment accounted for the largest market share more than 35.0% in 2022. The growth of the segment can be attributed to the growing demand among several healthcare enterprises to measure consistency in the patterns among data, which has resulted in a growing focus on improving their computational and statistical abilities. The growing usage of analytical solutions in product demand sensing in the pharmaceutical sector is another key factor propelling the segment growth in data monetization in healthcare market. Demand sensing is extensively used in the pharmaceutical sector to determine potential consumers of a product, helping retailers understand consumer behavior and its impacts on the entire supply chain.

The embedded analytics segment is anticipated to expand at a CAGR of 19.2% during the forecast period. Embedded analytics offers analytical capabilities for application for analysis of collected data for data-driven decisions. These analytical tools assist healthcare organizations in enriching their customer engagement. Furthermore, embedded analytics is experiencing substantial demand from SMEs and large enterprises owing to its offerings related to data analysis, data visualization, data reporting, and data management.

Organization Size Insights

The large enterprises segment accounted for a market share of around 65.0% in 2022. The growth of this segment can be attributed to the rapid adoption of the cloud infrastructure technique in large healthcare enterprises owing to its effectiveness. Large businesses release a higher budget to spend on various solutions. Moreover, as these businesses have various connected and interconnected devices that produce a large volume of unstructured and structured data, they rely extensively on cloud infrastructure to handle and safeguard the data. Large enterprises use data monetization to structure their enormous data sets and obtain quantifiable economic benefits to achieve business goals, driving the growth of the market.

The Small & Medium Enterprises (SMEs) segment is expected to grow at the highest CAGR of 22.3% during the forecast period. The notable growth of the SME segment can be attributed to the increasing adoption of AI platforms and the availability of cost-effective data monetization solutions. Moreover, increasing data volumes in SMEs fuel the need for self-contained database systems, creating a positive outlook for the market. Further, remarkable digitization in the healthcare sector is opening new opportunities for SMEs to adopt advanced solutions. As SMEs are focused on reducing operational costs and simplifying operations, there is a significant rise in demand for data monetization.

End users Insights

The pharmaceutical and biotechnology companies segment accounted for a market share of more than 35.0% in 2022. Most pharmaceutical & biotechnology companies emphasize utilizing their larger datasets for monetary benefits, which is driving the segment growth. The startups operating in the market focus on investing in R&D for innovations. For instance, in April 2023, Patientory, a healthcare data company, raised USD 1.5 million for the development and launch of its consumer app, which is a Health Insurance Portability and Accountability Act (HIPAA) complaint. This app will enable the user to store and monetize their health data. This app will also allow users to earn reward points based on their activities.

Global Data Monetization In Healthcare market share and size, 2022

The healthcare players segment is anticipated to grow at a CAGR of 20.6% during the forecast period. The healthcare players are adopting data monetization solutions to utilize the data of patients, wearable devices, and payments for monetary benefits. Further, increasing awareness about data analytics solutions among healthcare players is also driving the demand for data monetization tools. As enterprises aggressively pursue digital transformation strategies, new ways of sharing data without compromising privacy are emerging gradually, creating a positive outlook for data monetization in healthcare industry.

Regional Insights

North American healthcare data monetization market held the major share of around 32.0% of the target market in 2022. Growing advancements in big data analytics and continued digital transformation in the healthcare sector are some of the key factors contributing to the growth of North America data monetization in healthcare industry. Growing government focus on encouraging digitization across industries to enhance the transparency of processes is creating robust opportunities for data monetization in healthcare industry in the U.S.

Data Monetization In Healthcare Market Trends, by Region, 2023 - 2030

Asia Pacific healthcare data monetization market is anticipated to expand as the fastest-developing regional market at a CAGR of 20.7%. The promising growth prospects of the Asia Pacific data monetization in healthcare industry can be attributed to the growing adoption of cloud computing, increasing adoption of AI, and aggressive investments in data centers by key market players. Further, the proliferation of healthcare services and healthcare companies focusing on adopting data management solutions in the region is expected to boost the market growth in the forecast period.

Key Companies & Market Share Insights

The key players operating in the healthcare data monetization market include Accenture plc, Infosys Limited, Microsoft Corporation, Oracle Corporation, and SAP SE to broaden their product offering, companies utilize a variety of inorganic growth tactics, such as partnerships, regular mergers, and acquisitions. In July 2022, the company acquired Askdata inc., a search-driven analytics firm. This acquisition strengthened SAP’s ability to help businesses make improved and informed decisions by leveraging easy language searches using AI, creating a favorable environment for market growth. Prominent players dominating the global data monetization in healthcare market include:

  • 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.

 Data Monetization In Healthcare Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 483.9 million

Revenue forecast in 2030

USD 1,619.4 million

Growth rate

CAGR of 18.8% from 2023 to 2030

Base year for estimation

2022

Historical data

2018 - 2021

Forecast period

2023 - 2030

Quantitative units

Revenue in USD million/billion and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company market share, competitive landscape, growth factors, and trends

Segments covered

Method, organization size, end user, and region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; Italy; France; UK; Spain; Germany; China; India; Japan; South Korea; Australia; Brazil; Mexico; Argentina; U.A.E; Saudi Arabia; South Africa

Key companies profiled

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., and Virtusa Corp.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Global Data Monetization In Healthcare Market Report Segmentation

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

Global Data Monetization In Healthcare Market Report Segmentation

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

    • Data as a Service

    • Insight as a Service

    • Analytics-enabled Platform as a Service

    • Embedded Analytics

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

    • Large enterprises

    • Small & Medium Enterprises (SMEs)

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

    • Pharmaceutical and Biotechnology Companies

    • Healthcare Players

    • Medical Technology Companies

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

  • Regional Outlook (Revenue, USD Million, 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

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