De-identified Health Data Market will grow at highest pace owing to increasing focus on data-driven healthcare research and development
De-identified Health Data Market will grow at highest pace owing to increasing focus on data-driven healthcare research and development
Blog Article
De-identified health data refers to health-related data that does not contain direct identifiers such as name, date of birth, address etc. It plays a vital role in healthcare research and development by helping various stakeholders analyze trends, outcomes and develop effective diagnostic and treatment methods. The growing emphasis on value-based care models and need for evidence-based clinical decisions has boosted the demand for de-identified health data. Organizations use this data to gain real-world clinical insights, develop predictive models for risk assessment and improve the effectiveness of care pathways. In addition, de-identified health data also helps life sciences companies in streamlining drug discovery processes and clinical trials.
The Global De-identified Health Data Market is estimated to be valued at US$ 7.51 Bn in 2024 and is expected to exhibit a CAGR of 9.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the De-identified Health Data Market are IQVIA, Oracle (Cerner Corporation), Merative (Truven Health Analytics), Optum, Inc., BioTelemetry, Inc., Flatiron Health, Veradigm LLC, Medidata Solutions, Evidation Health, Inc., Komodo Health, Inc., Sundown Solutions, LLC, Clarify Health Solutions, Akrivia Health, Satori Cyber Ltd., Tempus, nference, Ciox Health, HealthVerity, Zebra Medical Vision, and Huma Therapeutics. The prominent players are focusing on enhancing their data resources through strategic mergers and acquisitions. For instance, in March 2022, Ciox Health acquired CarePort Health, which facilitates healthcare data exchange between providers, payers, and app developers.
De-identified Health Data Market Demand for health data is growing significantly owing to the rising focus on real-world evidence generation across the healthcare industry. Pharmaceutical companies are increasingly relying on real-world data and real-world evidence to make regulatory submissions and clinical development decisions. According to a study conducted by Tufts Center for the Study of Drug Development in 2020, more than 75% of pharmaceutical executives stated that real-world data is important for regulatory and HTA decision making.
Technological advancements have also fueled the growth of de-identified health data market. Various stakeholders are leveraging Artificial Intelligence, Machine Learning and data analytics to generate meaningful insights from the raw patient health information. For example, AI-powered analytics is helping identify important patterns, trends and risk factors that can help improve disease management and clinical outcomes. Several players are also implementing blockchain technology to securely exchange de-identified health data among different entities.
Market Trends
- Growing Adoption of Real-World Evidence: Pharma companies and regulator agencies are showing increased acceptance and reliance on real-world evidence generated from de-identified health data to support clinical research and regulatory submissions.
- Rising Investments in Data Analytics: Major players are investing heavily in developing advanced data analytics capabilities to generate customized insights for various disease areas from the vast pools of de-identified patient data.
Market Opportunities
- Drug Discovery & Development: De-identified health data provides significant opportunities for drug makers to streamline clinical trials, biomarker discovery and development of precision medicines for rare diseases.
- Future Market for De-identified Data Sets: As real-world evidence gains more importance, there lies immense scope for stakeholders developing specialized and curated de-identified data sets focusing on specific diseases, drugs and outcomes.
Impact of COVID-19 on De-identified Health Data Market Growth
The De-identified Health Data Market News in COVID-19 pandemic has significantly impacted the growth of the de-identified health data market. During the initial outbreak, data privacy and protection became a high priority globally as more sensitive patient data was being generated and shared digitally. This increased the need for de-identification techniques to ensure anonymity while still allowing data to be used for research purposes.
In the pre-COVID era, the main drivers of growth in this market were non-communicable diseases, precision medicine initiatives and focus on value-based care. However, due to the pandemic, short-term growth is being driven by coronavirus-related research. Pharmaceutical companies and clinical researchers require access to large pools of de-identified health data to better understand virus transmission, test vaccines and treatments, and monitor long term health impacts of the infection.
Looking ahead, the demand for such data is expected to remain high in the post-COVID world as well. The pandemic has highlighted the importance of using real-world evidence from electronic health records and other sources to monitor public health threats. It has also accelerated digital transformation across the healthcare sector. This will generate more clinical data that needs to be analyzed anonymously to advance medical understanding and research on a wide range of conditions. Secure platforms for multi-stakeholder data sharing will continue gaining popularity. Overall, COVID-19 has created new opportunities and reinforced the long term growth drivers for this market.
Geographical Regions with Highest Concentration of De-identified Health Data Market Value
In terms of market value, North America accounts for the largest share of the global de-identified health data market currently. This is due to several factors like wide adoption of digital health records in the US, presence of leading data analytics firms, and big pharmaceutical companies funding research activities. Another region with high concentration of market value is Western Europe, especially the UK and Germany. Both regions have implemented stringent privacy laws to ensure ethical use of patient data while facilitating medical innovation at the same time.
Asia Pacific is considered the Fastest Growing Region for the De-identified Health Data Market.
The Asia Pacific region is expected to witness the fastest growth in the de-identified health data market during the forecast period. This is attributed to rising healthcare expenditures, increasing computerization of medical records in countries like China, India, and Japan, growing emphasis on R&D outsourcing by Western pharmaceutical companies and rising demand for cost-effective clinical trials. Favorable government initiatives are also boosting digitization and data-driven initiatives across the region's healthcare systems. Overall, with its large population size and rapidly developing markets, Asia Pacific will be critical in shaping the future of the global de-identified health data industry.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)