Market Dynamics:
Increased adoption of digital healthcare solutions drives the market growth. The digital platform provides benefits like easy accessibility, improved affordability, and streamlined process.
Increased adoption of digital healthcare has further fueled the demand for de-identified health data. Moreover, de-identified health data has been found to be a precious asset for predictive analytics, epidemiology, and drug discovery. Increasing emphasis on using real-world data insights is expected to drive market growth over the forecast period. Increasing partnerships between data aggregators, technology companies and healthcare providers are another key trend that is gaining momentum. In 2022, Ciox Health collaborated with Anthropic to design artificial intelligence tools for extracting insights from unstructured clinical notes of EHR systems. It is likely that such partnerships shall improve the capabilities of analytics in real-world data.
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De-Identified Health Data Market Report Coverage
|
Report Coverage |
Details |
|
Market Revenue in 2024 |
$7.51 billion |
|
Estimated Value by 2031 |
$13.80 billion |
|
Growth Rate |
Poised to grow at a CAGR of 9.1% |
|
Historical Data |
2019–2023 |
|
Forecast Period |
2024–2031 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Type of Data, By Application, By End User |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Growth Drivers |
• Increasing integration of data analytics in healthcare • Growing regulatory frameworks supporting the use of de-identified data |
|
Restraints & Challenges |
• Concerns regarding data privacy and security • High costs associated with data management and compliance |
Market Opportunities
The de-identified health data market will grow exponentially over the next decade. This will be mainly due to increasing adoption of electronic health records and growing demands for real-world evidence.
By 2031, it is estimated that 90% of US healthcare providers will be using EHRs. EHR systems capture enormous amounts of structured and unstructured patient data through each clinical encounter.
Pharmaceutical and biotech companies' fuels market growth. Regulators now expect research supported by real-world data to support new indications, and post-market safety investigations. This boost strong demand for de-identified patient-level data to power observational studies and decentralized clinical trials.
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Key Market Takeaways
The de-identified health data market is expected to experience a CAGR of 9.1% in the forecast period 2024-2031. This is due to expanded EHR adoption and industry demand for real-world evidence.
On Basis of Type of data clinical data is likely to dominate the market until 2031. This is due to growth in EHR implementation.
By application, clinical research and trials are projected to grab the leading market share through 2031. This is due to industry emphasis on real-world evidence generation.
North America dominates the market and is expected to maintain its lead position through 2031. This is due to US initiatives to cut healthcare costs through data-driven approaches.
Key Players Insights
- IQVIA,
- Oracle (Cerner Corporation),
- Merative (Truven Health Analytics)
- Optum, Inc.
- Sundown Solutions
- Clarify Health Solutions
- Akrivia Health
- Satori Cyber Ltd.
- Ciox Health
Recent Developments:
In February 2024, Veradigm released the first Veradigm Insights Report: Cardiovascular Conditions in 2024. The study examines the incidence of cardiovascular disease and associated conditions across all 50 states of the United States, including demographic data by age, ethnicity, and gender.
In April 2023 Philips and the Institute for Medical Engineering and Science (IMES) at MIT will be expanding their collaboration. This partnership will provide health care researchers with a new and enhanced resource of critical care data.
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