Market Size of Healthcare Data Monetization
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 0.54 Billion |
| Market Size (2029) | USD 1.04 Billion |
| CAGR (2024 - 2029) | 14.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Healthcare Data Monetization Market Analysis
The Healthcare Data Monetization Market size is estimated at USD 0.54 billion in 2024, and is expected to reach USD 1.04 billion by 2029, growing at a CAGR of 14.10% during the forecast period (2024-2029).
The major factors driving the market are the growing adoption of electronic health records (EHRS), rising public and private investments in advanced analytics solutions, increasing digitalization of the healthcare sector, and the rising need to reduce healthcare-related costs.
Electronic health records contain valuable patient information; with proper security, this data can be utilized by healthcare organizations and research institutes for various purposes, such as clinical research, predictive analytics, and targeted marketing. Hence, the increasing adoption of electronic health records is expected to drive the market studied over the forecast period.
For instance, in June 2022, the UK National Health Service (NHS) committed to implementing electronic health records for all hospitals and community practices by 2025, backed by EUR 2 billion (USD 2.15 billion) in funding. Similarly, according to an article published in Acta Otorhinolaryngol Ital in April 2024, a study conducted in Italy found that physicians and nurses recognized the potential benefits of EHRs, which led to increased EHR adoption in Italy. Hence, the rising adoption of electronic health records worldwide is expected to drive the demand for healthcare data monetization software solutions for effective utilization of EHR data. This is expected to drive the market studied over the forecast period.
Furthermore, the increasing investments in the development of novel healthcare data monetization solutions are also expected to increase the launch of new software solutions to optimize healthcare data and give better insights for decision-making. For instance, in December 2022, OMNY Inc., a healthcare data company, raised USD 17 million in series B funding from the Chicago Pacific Founders (CPF). The company is expected to use this funding to develop real-world data (RWD) monetization solutions. Hence, such investments are expected to increase the launch of new software solutions for healthcare data monetization, thereby driving the market studied over the forecast period.
In conclusion, the rising adoption of electronic health records and increasing investments in the development of healthcare data monetization solutions are expected to drive the market studied over the forecast period. However, a lack of data standardization and interactivity is expected to restrain market growth over the forecast period.
