Market Size of Global Healthcare Customer Data Platform Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 0.51 Billion |
| Market Size (2029) | USD 1.70 Billion |
| CAGR (2024 - 2029) | 27.11 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Healthcare Customer Data Platform Market Analysis
The Global Healthcare Customer Data Platform Market size is estimated at USD 0.51 billion in 2024, and is expected to reach USD 1.7 billion by 2029, growing at a CAGR of 27.11% during the forecast period (2024-2029).
COVID-19 had a significant impact on the healthcare customer data platform market as the result of investments, huge growth, and acquisitions while the customer data platform industry reconfigured itself during the COVID pandemic. There was an increase in the demand for customer data platforms as healthcare institutions recognized that unified data is the foundation of digital customer experience. For instance, as per an article published in March 2021 in PubMed, research demonstrated a better understanding of healthcare consumers' behavioral intentions for using digital healthcare platforms during Covid-19. According to the findings of this survey, healthcare consumers, in general, expressed a high desire to use digital healthcare platforms during and after Covid-19. This trend indicated that implementing CDP streamlined the process and reduced costs during COVID-19, and it is expected to continue during the forecast period. In the coming years, the market is expected to witness growth due to advancements in healthcare customer data platforms and a rise in the adoption of digital health technologies.
Other factors propelling the studied market growth are the increasing prevalence of chronic and infectious diseases and technological advancements in the studied market. Additionally, continuous product development, launches, and strategic initiatives by key market players are also expected to contribute to significant market growth. As per a 2022 update by the American Cancer Society, the number of cancer cases diagnosed in 2022 was 1.9 million. The high burden of diseases such as cancer provides access to patients' medical history across healthcare institutions, which eases emergency care delivery, positively driving the market.
The technological innovation in the studied market will help overcome the challenges in managing high-quality healthcare data. For instance, in August 2021, Adobe launched Adobe Experience Cloud for Healthcare. This comprehensive offering is HIPAA-ready and built on Adobe Experience Cloud applications, empowering healthcare companies to improve the quality of care, reduce costs, and accelerate digital care transformation. These advantages offered by cloud customer data platforms will contribute to the market's growth. Additionally, strategic initiatives such as partnerships, expansions, and acquisitions will also lead to significant market growth. For instance, in October 2021, ActionIQ expanded its CDP into the healthcare vertical by completing its compliance audit for Health Insurance Portability and Accountability Act (HIPAA) Type 1 standard. This addition creates a comprehensive customer experience (CX) offering for healthcare payers, providers, life sciences, and pharmacy brands.
In a nutshell, the studied market is expected to witness solid growth over the forecast period. However, high prices, proper maintenance, and improper IT infrastructure in developing countries within the healthcare setup are expected to hinder its growth.
Healthcare Customer Data Platform Industry Segmentation
As per the scope of the report, a customer data platform is a collection of software that creates a persistent, unified customer database accessible to other systems. Data is pulled from multiple sources, cleaned, and combined to create a single customer profile.
The healthcare customer data platform market is segmented by Component (Software and Services), Deployment Mode (On-Premise and Cloud-Based), Organization Size (Small Enterprises and Small and Medium Sized Enterprises), Application (Personalized Recommendations, Predictive Analytics, Marketing Data Segmentation, Customer Retention and Engagement, Security Management, and Others) and by Geography (North America, Europe, Asia Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value (USD million) for the above segments.
| By Component | |
| Software | |
| Services |
| By Deployment Mode | |
| On-Premise | |
| Cloud-Based |
| By Organization Size | |
| Large Enterprises | |
| Small & Medium-Sized Enterprises |
| By Application | |
| Personalized Recommendations | |
| Predictive Analytics | |
| Marketing Data Segmentation | |
| Customer Retention and Engagement | |
| Security Management | |
| Other Applications |
| Geography | ||||||||
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Global Healthcare Customer Data Platform Market Size Summary
The healthcare customer data platform market is poised for substantial growth, driven by the increasing adoption of digital health technologies and advancements in data management solutions. The market has experienced a transformative phase due to the COVID-19 pandemic, which highlighted the importance of unified data in enhancing digital customer experiences within healthcare institutions. This shift has led to a surge in demand for customer data platforms, as they streamline processes and reduce costs. The market's expansion is further supported by the rising prevalence of chronic and infectious diseases, necessitating efficient data management for improved patient care. Technological innovations, such as Adobe's HIPAA-ready Experience Cloud for Healthcare and Microsoft's Azure Health Data Services, are enabling healthcare organizations to manage and analyze patient data more effectively, thereby driving market growth.
Strategic initiatives, including product launches, partnerships, and acquisitions, are also contributing to the market's development. Key players like Microsoft, Adobe, and CVS Health are actively engaging in collaborations to enhance their offerings and expand their market presence. The North American region, in particular, is witnessing significant growth due to technological advancements and the increasing burden of diseases, which necessitate robust patient record management. Cloud-based solutions are gaining traction as they offer cost-effective and maintenance-free alternatives to traditional systems, making them ideal for complex clinical studies. Despite challenges such as high costs and inadequate IT infrastructure in developing regions, the market is expected to continue its upward trajectory, driven by ongoing technological advancements and strategic market activities.
Global Healthcare Customer Data Platform Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Technological Advancements
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1.2.2 Growing Burden of Diseases
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1.3 Market Restraints
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1.3.1 High Price and Maintenance
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1.3.2 Lack of Proper IT infrastructure
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - in USD Million)
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2.1 By Component
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2.1.1 Software
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2.1.2 Services
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2.2 By Deployment Mode
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2.2.1 On-Premise
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2.2.2 Cloud-Based
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2.3 By Organization Size
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2.3.1 Large Enterprises
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2.3.2 Small & Medium-Sized Enterprises
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2.4 By Application
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2.4.1 Personalized Recommendations
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2.4.2 Predictive Analytics
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2.4.3 Marketing Data Segmentation
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2.4.4 Customer Retention and Engagement
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2.4.5 Security Management
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2.4.6 Other Applications
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2.5 Geography
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2.5.1 North America
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2.5.1.1 United States
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2.5.1.2 Canada
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2.5.1.3 Mexico
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2.5.2 Europe
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2.5.2.1 Germany
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2.5.2.2 United Kingdom
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2.5.2.3 France
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2.5.2.4 Italy
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2.5.2.5 Spain
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2.5.2.6 Rest of Europe
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2.5.3 Asia-Pacific
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2.5.3.1 China
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2.5.3.2 Japan
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2.5.3.3 India
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2.5.3.4 Australia
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2.5.3.5 South Korea
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2.5.3.6 Rest of Asia-Pacific
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2.5.4 Middle East and Africa
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2.5.4.1 GCC
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2.5.4.2 South Africa
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2.5.4.3 Rest of Middle East and Africa
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2.5.5 South America
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2.5.5.1 Brazil
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2.5.5.2 Argentina
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2.5.5.3 Rest of South America
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Global Healthcare Customer Data Platform Market Size FAQs
How big is the Global Healthcare Customer Data Platform Market?
The Global Healthcare Customer Data Platform Market size is expected to reach USD 0.51 billion in 2024 and grow at a CAGR of 27.11% to reach USD 1.70 billion by 2029.
What is the current Global Healthcare Customer Data Platform Market size?
In 2024, the Global Healthcare Customer Data Platform Market size is expected to reach USD 0.51 billion.
