De-Identified Health Data Market Is Estimated To Witness High Growth Owing To Rising Focus On Healthcare Analytics

The de-identified health data market is estimated to be valued at US$ 7.71 Bn in 2024 and is expected to exhibit a CAGR of 9.1% over the forecast period 2024- 2031, as highlighted in a new report published by Coherent Market Insights.

The growth of the de-identified health data market is driven by the rising focus on healthcare analytics and increasing demand for real-world evidence. Healthcare organizations are increasingly adopting analytics solutions to gain insights into patient profiles and outcomes. De-identified health data helps organizations to train AI/ML tools and develop predictive models. Additionally, various life sciences companies require real-world evidence for clinical decision making as well as for gaining market approvals. Access to de-identified patient-level data fulfills this need by enabling outcome analyses.

Key Market Trends:

In terms of trends, deployment of blockchain technologies and growing demand from developing countries are likely to open new avenues for the market players. Blockchain when applied to de-identified health data networks can help address the challenges of transparency, interoperability and data standardization. Various developing nations are also showing increased focus on building healthcare infrastructure as well as on R&D activities. This will exponentially increase the demand for high-quality patient data and analytical insights over the forecast period. Furthermore, a number of biopharma companies and CROs have started strategic collaborations with data analytics firms to facilitate continual innovation in the fields of medical research and drug discovery. More coverage can be found in the sample copy.

Data Insights Market Opportunity

The data insights segment is expected to hold a substantial market share over the forecast period. With the increasing focus on research and development of advanced healthcare solutions, there is a growing demand for de-identified patient data. Data insights derived from de-identified health records can provide valuable information to pharmaceutical and biotechnology companies for drug discovery and development. It also helps in identifying treatment patterns, disease prevalence and patient outcomes. Several data analytics companies are offering data insights services using de-identified health records to support clinical trials and research. For example, Tempus provides genomic and clinical data to support oncology research. The growing R&D investments in precision medicine and pharmaceuticals will drive the demand for de-identified health data for data insights in the coming years.

Clinical Decision Support Market Opportunity

Clinical decision support tools use real-world evidence from de-identified health records to recommend treatment options and optimize care pathways. These evidence-based tools help clinicians in diagnosing illnesses, selecting treatments and improving patient outcomes. With the rise of value-based care models, hospitals and healthcare providers are increasingly adopting clinical decision support systems. Clinical decision support applications powered by de-identified patient data can help reduce healthcare costs by limiting unnecessary tests and procedures. They also help providers deliver more consistent and standardized quality of care. The need to enhance clinical outcomes and healthcare efficiencies will fuel the demand for clinical decision support solutions relying on de-identified health data.

Key Market Takeaways

The de-identified health data market is anticipated to witness a CAGR of 9.1% during the forecast period 2024-2031, driven by the growing adoption of real-world evidence solutions in drug development and clinical decision making.

By type, the data insights segment is expected to hold a dominant position owing to the increasing investments in pharmaceutical and healthcare analytics. By application, clinical decision support tools segment is projected to grow at a higher CAGR during the forecast period.

Competitor Insights:

Tempus
Ciox Health
DATABricks
Anthropic
Phesta

Recent Developments in De-Identified Health Data Market

In 2023, a number of new companies are planning to enter the de-identified health data market space. This influx of competitors is likely to boost innovation and drive down costs. Startups focused on advanced data linking, analytic capabilities, and specialized clinical datasets are emerging. Larger technology and consulting firms are also making moves into the health data realm through acquisition. This increased competition will force players to continuously improve their offerings to stay ahead. Companies may invest more in expanding data sources, enhancing privacy and security protocols, and developing new tools and applications for end users.

Supportive policies by regulators aimed at incentivizing responsible data sharing have fostered the growth of the de-identified data market in 2023-24. Key advancements include the revision of HIPAA rules by the Dept. of HHS enabling broader use-cases and use of technology for consent exchange and analytics. It also directs federal agencies to prioritize the use of real-world evidence from digital health sources.

Full coverage of the report available here.