Asia Pacific is adopting digital technologies fastly due to the growing adoption of digital healthcare technologies, increased public & private funding, improved IT infrastructure, the need for affordable healthcare.
New York, July 31, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Healthcare Data Monetization Market Size, Share & Industry Trends Analysis Report By Type, By End User, By Deployment, By Regional Outlook and Forecast, 2023 – 2030” – https://www.reportlinker.com/p06481319/?utm_source=GNW
Hence, APAC would account for more than 27% share of the market by 2030. Further, the favorable government regulations, increased awareness of precision medicine, and the high prevalence of cancer and chronic diseases are all expected to drive the adoption of healthcare technologies in emerging nations in the Asia Pacific, such as India and China. Some of the factors impacting the market are growing utilization of external sources of data, growing demand for real-world evidence, and regulatory restrictions.
Data gathered from sources like social media, wearables, consumer data brokers, and other sources not part of a healthcare institution falls under external data sources. Healthcare firms can better understand patient health and behavior by integrating external data sources into their analytics and insights. This can result in enhanced outcomes and new revenue streams. The market has a major growth opportunity due to the increased demand for real-world evidence (RWE). Data gathered from real-world patient populations in routine clinical practice, outside of the regulated setting of clinical trials, is referred to as real-world evidence. These aspects are supporting the market’s growth during the projection period. The pandemic’s variability has drastically changed when and how patients decide to seek medical attention. Additionally, healthcare delivery and treatment changes during the pandemic have affected how some results in data and the treated population were discovered and reported. This suggests that when healthcare data monetization Data is not placed in the framework of the COVID-19 pandemic, and long-term COVID-19 therapy, disease, and lifestyle changes, disease trends may result in erroneous conclusions. As a result, the market has benefitted from the pandemic outbreak.
However, regulatory restrictions represent a serious obstacle to expanding the market. It can be difficult for organizations to gather, keep, and use data for commercial purposes due to the numerous rules & regulations governing data privacy, security, and use, which apply to healthcare data. The Health Insurance Portability and Accountability Act (HIPAA) is one of the main regulations affecting healthcare data monetization. Federal law, known as HIPAA, establishes rules for safeguarding the confidentiality and security of protected health information (PHI).
On the basis of type, the market is classified into direct, and indirect. In 2022, the direct segment dominated the market with the maximum revenue share. The demand for effective data management, interoperability, cost savings, and better patient outcomes has led to the popularity of direct data monetization in the healthcare industry. It enables healthcare providers to standardize data formats, lower infrastructure costs, access data from many sources in real-time, and make well-informed choices regarding patient care by detecting trends and patterns in patient data.
Based on deployment, the market is categorized into on-premises, and cloud. In 2022, the on-premise segment held the highest revenue share in the market. Multivendor architecture, available in on-premise models, reduces the possibility of external attacks and data leaks. These delivery types are chosen by buyers primarily for their security advantages. Due to the rising risk of data breaches, the on-premise deployment is estimated to witness significant surge.
End User Outlook
By end user, the market is segmented into pharmaceutical & biotechnology companies, healthcare providers, healthcare payers, medical technology companies, and other end users. The healthcare payers segment covered a considerable revenue share in the market in 2022. Payers use data to better anticipate risk and manage consumers’ health by gaining behavioral insights that they could not otherwise gain from internal data. Payers struggle to change their business models as the healthcare industry shifts from volume-based to value-based care.
Region wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region witnessed the largest revenue share in the market. The adoption of federal health mandates to encourage the use of HCIT solutions, a growing emphasis on population health management, a sizable amount of venture capital investments is estimated to positively impact the market. In addition, the increasing pressure to lower healthcare costs, technological advancements, and the region’s high availability of products and services are all factors that contribute to North America’s significant regional share in the world of healthcare analytics.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation, Microsoft Corporation, Google LLC (Alphabet Inc.), Salesforce, Inc., SAP SE, Snowflake, Inc., SAS Institute, Inc., TIBCO (The Information Bus Company) Software. Inc., Sisense, Inc. and QlikTech International AB.
Strategies Deployed in Healthcare Data Monetization Market
May-2023: SAS partnered with HTEC Group, a global consulting, software engineering, and digital product development company. Under this partnership, both companies would work together to provide continuous advancement for companies across industries that consists of logistics, healthcare, life sciences and more.
Apr-2023: Microsoft collaborated with Epic, an American kids’ subscription-based reading and learning platform. Under this collaboration, both companies would team up to enhance the power of generative artificial intelligence to enhance the accuracy and efficiency of electronic health records.
Apr-2023: Salesforce introduced Customer 360 for Health capabilities which help healthcare providers offer highly customized patient experiences and decrease operational costs. The launch helps improve the overall care experience with the complete power of salesforce technology consisting of real-time data from Einstein AI, Data Cloud, and automation with the flow.
Feb-2023: Google Cloud came into partnership with Redox, a company involved in healthcare interoperability. This partnership aims to simplify the interchange of healthcare data so enterprises could make better and faster decisions.
Oct-2022: Oracle expanded its Oracle Fusion Cloud Enterprise Performance Management with the planning solution for the healthcare industry. The latest industry allows healthcare enterprises to optimize resources, rapidly model scenarios, find future demand, and improve workforce, financial, and patient care decisions.
Mar-2022: Snowflake today announced the launch of the Healthcare & Life Sciences Data Cloud. The launch of the latest solution aims to help providers offer better patient outcomes, optimize care delivery, improve clinical and operational decision-making, and boost clinical research and time-to-market.
Dec-2021: Oracle completed the acquisition of Cerner, a leader in helping digitize medical care. Following this acquisition, both companies would transform healthcare by offering medical professionals improved information – allowing them to make better treatment decisions resulting in better patient outcomes.
Jun-2021: Google announced a partnership with HCA Healthcare, a national hospital chain. This partnership would deliver the internet giant access to a host of patient records and real-time medical information.
Apr-2021: Oracle Corporation completed the acquisition of Kantar Health, a department of Kantar Group. Under this acquisition, Kantar Health’s rich life sciences expertise would be integrated with Cerner’s robust collection of real-world data and technology and is expected to boost innovation in life sciences research and enhance patient results across the world.
Nov-2020: Oracle partnered with Omega Healthcare, a premier vendor of RCM Solutions & Clinical Services for US Healthcare. Following the partnership, Omega aimed to gain a unified record of all the data (ERP, HCM, EPM, and CX) at the enterprise level, combining their current ecosystem of multiple applications. Through this partnership, Omega Healthcare would achieve a massive competitive edge from constant developments through quarterly updates. Moreover, the smooth data flow across business functions of human resources, finance, and sales would result in improved service delivery efficiency for Omega Healthcare with a superior customer experience.
Sep-2019: Microsoft collaborated with Novartis, a Swiss multinational pharmaceutical corporation. Through this collaboration, both companies would leverage data & Artificial Intelligence to transform how medicines are developed, discovered, and commercialized.
Scope of the Study
Market Segments covered in the Report:
By End User
• Pharmaceutical & Biotechnology Companies
• Healthcare Payers
• Healthcare Providers
• Medical Technology Companies
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Oracle Corporation
• Microsoft Corporation
• Google LLC (Alphabet Inc.)
• Salesforce, Inc.
• SAP SE
• Snowflake, Inc.
• SAS Institute, Inc.
• TIBCO (The Information Bus Company) Software. Inc.
• Sisense, Inc.
• QlikTech International AB
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06481319/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
CONTACT: Clare: [email protected] US: (339)-368-6001 Intl: +1 339-368-6001