Healthcare Data Monetization Market in terms of revenue was estimated to be worth $0.4 billion in 2023 and is poised to reach $0.9 billion by 2028, growing at a CAGR of 18.5% from 2023 to 2028 according to a new report by MarketsandMarkets™. Factors such as exponentially increasing data volume and generation of large and complex healthcare datasets, the need to curtail escalating healthcare costs, expanding partnerships and collaborations among players, and growing investments in the adoption of EHR systems primarily drive the growth of this market. Furthermore, the rising adoption of AI in precision medicine and the growing demand for real-world evidence (RWE) would provide lucrative opportunities to solution providers.

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Healthcare Data Monetization Market Dynamics

DRIVERS

• Growing use of external data sources
• Increasing adoption of electronic health records (EHRs)
• Growing volume of large and complex healthcare datasets
• Rising need to curtail escalating healthcare costs

RESTRAINTS

• Lack of data standardization and interoperability
• Regulatory constraints

 OPPORTUNITIES

• Rising demand for real-world evidence
• Emergence of personalized medicine and genomics

CHALLENGES

• Security concerns

Key Market Players:

Major players operating in the healthcare data monetization market are Oracle Corporation (US), Microsoft Corporation (US), Google (US), Salesforce, Inc. (US), SAS Institute Inc. (US), SAP SE (Germany), TIBCO Software Inc. (US), Sisense Inc. (US), Snowflake Inc. (US), QlikTech International AB (US), HealthVerity, Inc. (US), Accenture (Ireland), Availity, LLC (US), Domo, Inc. (US), Komodo Health, Inc. (US), ThoughtSpot Inc. (US), Datavant (US), Verato (US), Infor, Inc. (US), Virtusa (US), Infosys (India), Particle Health, Inc. (US), Innovaccer, Inc. (US), H1 (US), and Medoble Inc. (US).

North America is expected to account for the largest share in healthcare data monetization market in 2023

The global market has been segmented based on region: North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. In 2023, North America is expected to account for the largest market share followed by Europe. The large share of North America in the global healthcare analytics market can be attributed to the implementation of federal health mandates that encourage the adoption of HCIT solutions, an increasing focus on population health management, a significant amount of VC investments, growing pressure to reduce healthcare costs, technological advancements, and high product & service availability in this region. Moreover, most of the leading players in the healthcare analytics market have their headquarters in North America.

Recent Developments

• In October 2022, Oracle Corporation introduced a planning solution for the healthcare industry as part of its Fusion Cloud Enterprise Performance Management (EPM) offering. The solution aims to help healthcare organizations improve financial performance and patient care by enabling them to model scenarios, optimize resources, and make better finance, workforce, and patient care decisions.
• In April 2023, Microsoft Corporation and Epic Systems expanded their collaboration to integrate generative AI into healthcare by combining Azure OpenAI Service with Epic's electronic health record (EHR) software. The collaboration aimed to enhance patient care, increase productivity, and improve financial integrity in health systems globally.
• In February 2023, Redox and Google Cloud partnered to simplify the exchange of healthcare data, enabling better and faster decision-making for healthcare organizations. Redox's platform would be replicated on Google Cloud, offering customers access to Redox's products and services.
• In April 2023, Salesforce announced new Customer 360 for Health capabilities aimed at enhancing personalized patient experiences and reducing operational costs for healthcare providers. These innovations leverage real-time data, AI, and automation to address the challenges faced by healthcare organizations in meeting customer expectations.
• In May 2023, HTEC Group joined the SAS IoT Partner Ecosystem to partner on delivering innovative solutions in industries such as healthcare, life sciences, logistics, and more. The partnership aimed to develop joint offerings that enable global enterprise companies to apply cutting-edge data-driven, IoT, edge, and cloud-enabled solutions to their business challenges.

Healthcare Data Monetization Market - Key Stakeholders:

• Healthcare Data Monetization Solution Providers
• Platform Providers
• Technology Providers
• AI System Providers
• Raw Data Providers
• Data Buyers
• Data Sellers
• Healthcare Providers
• Healthcare Payers
• Pharmaceutical & Biotechnology Companies
• Medical Technology Companies
• Physician Groups and Organizations
• Universities and Research Organizations
• Forums, Alliances, and Associations
• Academic Research Institutes
• Healthcare Institutions
• Distributors
• Venture Capitalists
• Government Organizations
• Institutional Investors and Investment Banks
• Investors/Shareholders
• Consulting Companies in the Data Monetization Sector
• Raw Materials and Component Manufacturers

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