The North America Healthcare Data Monetization Market would witness market growth of 17.2% CAGR during the forecast period (2023-2030).
Healthcare organizations are becoming more aware of the tremendous value of their data assets as a consequence of the growing digitalization of healthcare systems and the massive amount of data being produced. They can anticipate a rise in initiatives aimed at using healthcare data for monetization in the upcoming years. Innovative data monetization platforms, innovative analytics initiatives, and safe data marketplaces will be witnessed in the market in upcoming years.
The need to reduce rising healthcare costs, expanding partnerships and collaborations among players, growing investments in the adoption of electronic health records (EHR), and the exponentially increasing data volume and generation of large and complex healthcare datasets are the main factors driving the growth of the market. Additionally, service providers would benefit financially from the increased use of AI in precision medicine and the rising demand for real-world evidence (RWE).
According to the Canadian government's 2019 Patented Medicine Prices Review Board (PMPRB) Annual Report, between 2011 and 2019, the value of all pharmaceutical sales in Canada (including non-patented over-the-counter medicines) grew by 35.3% to $29.9 billion, with 13.3% going to hospitals and 86.7% going to retail drug stores. Governments pay for 37.2% of drug costs, while private payers cover the remaining 62.8% (private insurance and individuals). Throughout the projection period, the market will be predicted to expand due to the expansion of pharmaceutical & biotechnology industry in the region.
The US market dominated the North America Healthcare Data Monetization Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $322.1 Million by 2030. The Canada market is poised to grow at a CAGR of 19.8% during (2023 - 2030). Additionally, The Mexico market would witness a CAGR of 18.8% during (2023 - 2030).
Based on Type, the market is segmented into Direct, and Indirect. Based on End User, the market is segmented into Pharmaceutical & Biotechnology Companies, Healthcare Payers, Healthcare Providers, Medical Technology Companies, and Others. Based on Deployment, the market is segmented into On-premise, and Cloud. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Healthcare Data Monetization Market is Projected to reach USD 1.3 Million by 2030, at a CAGR of 18%
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.
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