Health data & analytics
Health data and analytics covers the companies aggregating, structuring and selling clinical, claims, genomic, and consumer health data, and the analytics products built on top of it. Buyers split across pharma (the largest spender, mainly on real-world data and commercial analytics), payers (population analytics, risk adjustment, fraud detection), providers (population health, quality measurement), and a smaller consumer side built around genetic testing and personalised health. The category includes both the underlying data assets (Flatiron's oncology dataset, IQVIA's pharma data, Veeva Link's reference data, Datavant's tokenisation infrastructure) and the AI and analytics platforms layered on top, increasingly trained on those datasets.
The sector spans real-world evidence and oncology data, claims and clinical data aggregation, healthcare data interoperability and tokenisation infrastructure, AI-driven precision medicine and clinical-genomic analytics, consumer genetic testing, and population health and analytics platforms.
Revenue comes from large-ticket data subscriptions sold to pharma and life sciences, percentage-of-savings or PMPM analytics contracts with payers and providers, transaction-based fees on data exchange and tokenisation events, professional services for custom evidence generation, and consumer subscriptions and one-time test fees on the genetics side.
Health data & analytics is part of Digital health.
$53B
Global market size
68
Public companies
Key VC investors
Key strategic buyers
How health data & analytics companies monetize?
Health data and analytics companies monetize through enterprise data subscriptions, tokenisation and data exchange fees and population analytics SaaS.
Enterprise data subscriptions
Multi-million-dollar annual subscriptions to data products sold mainly to pharma, payers and providers. The IQVIA, Flatiron and Tempus revenue line.
Tokenisation & data exchange fees
Transaction-based pricing for de-identified data linkage and exchange. The Datavant model - sits underneath most large real-world evidence (RWE) projects.
Real-world evidence services
Custom evidence-generation projects priced as professional services or milestone contracts, sold to pharma for regulatory submissions and HEOR studies.
AI-driven precision medicine
Lab tests bundled with proprietary algorithmic interpretation - Tempus, Foundation Medicine (Roche) and Guardant Health all run this model on the oncology side.
Consumer DNA testing
One-time test fees and recurring subscriptions for ancestry and health reports. 23andMe and Ancestry showed the limits of this model post-pandemic.
Population analytics SaaS
Per-member-per-month or per-contract subscriptions for risk stratification, quality measurement and care management analytics. The Arcadia, Innovaccer and Truveta payer/provider side.
Health data & analytics valuations in May 2026
Public health data & analytics comps trade at 2.6x EV/Revenue. Median revenue multiple across health data & analytics M&A deals was 5.4x in the last 12 months. Median revenue multiple across health data & analytics VC rounds was 29x in the last 12 months.
2.6x
Median EV/Revenue as of May 2026 for public health data & analytics companies
2.6x
IQVIA is the highest valued public health data & analytics company based on EV/Revenue (excluding outliers)
5.4x
Median EV/Revenue across health data & analytics M&A deals in the last 12 months
29x
Median EV/Revenue across health data & analytics VC rounds in the last 12 months
Health data & analytics market segments
Health data and analytics spans real-world data and oncology evidence, healthcare data tokenisation and precision medicine and clinical genomics.
Real-world data & oncology evidence
De-identified longitudinal clinical data drawn from EHR systems, used by pharma for regulatory submissions, post-market studies and commercial analytics. Key players: Flatiron Health (Roche), Tempus AI, ConcertAI and COTA.
Healthcare data interoperability & tokenisation
Infrastructure connecting clinical, claims and lab datasets through patient-level tokenisation while preserving privacy. The plumbing layer underneath most RWE projects. Key players: Datavant, Komodo Health, HealthVerity and Verana Health.
Pharma commercial & RWE platforms
Data, analytics and consulting services to pharma's clinical, regulatory and commercial teams. The largest spend bucket in healthcare data. Key players: IQVIA, Komodo Health, Veeva Link and Symphony Health.
Provider & payer population analytics
Population health, risk adjustment, quality measurement and care management analytics for ACOs, Medicare Advantage plans and risk-bearing provider groups. Key players: Innovaccer, Arcadia, Truveta and Cotiviti.
Precision medicine & clinical genomics
Tumour profiling, hereditary risk testing and AI-driven clinical interpretation, sold to oncologists and pharma trials. Key players: Tempus AI, Foundation Medicine (Roche), Guardant Health and Caris Life Sciences.
Consumer genetic testing
Direct-to-consumer ancestry and health reports based on genotyping arrays. The category has been under structural pressure since 2022. Key players: 23andMe, Ancestry, MyHeritage and Nebula Genomics.
Connected diagnostics & remote monitoring data
Data streams from ECG patches, glucose monitors and other connected diagnostics, monetised through algorithm subscriptions and provider analytics. Key players: AliveCor, iRhythm Technologies, Dexcom (CGM data side) and Biofourmis.
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Key health data & analytics KPIs to track
Data ARR, lives covered in dataset, pharma customers under contract and tests processed are the metrics investors track in health data and analytics.
| KPI | Definition |
|---|---|
| Data ARR | Subscription revenue from data products. Reads the core economics of IQVIA, Komodo, Veeva Link and Tempus's data lines. |
| Lives covered in dataset | Patient lives represented in the longitudinal dataset. Truveta, Datavant and Komodo all report this as a scale metric. |
| Pharma customers under contract | Top-20 and total pharma customer counts. The standard concentration disclosure for life sciences data players. |
| Tests processed | Annual diagnostic test volume. The activity metric for Tempus, Foundation Medicine, Guardant and Caris on the precision medicine side. |
| Average sale price per test | Realised price per oncology or genomic test. Pricing has compressed materially as Medicare LCDs reset reimbursement. |
| Net revenue retention | Existing-customer revenue 12 months later. Strong data businesses show 110%+ NRR; consumer DTC genetics has shown the opposite. |
| Gross margin | Pure-data businesses run at 65-80% gross margin; lab-test driven players (Tempus, Guardant) run at 35-55% because of lab cost. |
| Pharma deal backlog | Contracted but unrecognised pharma revenue. Material at Tempus and Komodo, where multi-year evidence deals tail out across reporting periods. |
Main health data & analytics players globally
The most active health data and analytics companies and category leaders globally.
| Company | HQ | Overview |
|---|---|---|
Flatiron Health flatiron.com |  New York | Oncology EHR and real-world data platform acquired by Roche for $1.9B in 2018. The reference oncology RWD asset; OncoEMR is used by 800+ community oncology practices. |
Tempus AI tempus.com | Chicago | Precision medicine and clinical data platform combining sequencing and clinical data. IPO'd on the Nasdaq in June 2024 (NASDAQ: TEM); founded by Eric Lefkofsky (Groupon). |
Komodo Health komodohealth.com | San Francisco | Patient-level healthcare map combining claims, EHR and clinical data sold mainly into pharma and life sciences. Raised $200M at $3.3B valuation in 2022; serves the top global pharma companies. |
Truveta truveta.com | Bellevue | Provider-owned health data collaborative including HCA, Providence, Trinity, Tenet and roughly 30 other health systems. Sells de-identified longitudinal records to pharma; raised $200M Series B at $1B+ valuation in 2024. |
Datavant datavant.com | Brooklyn | Patient-level tokenisation and data exchange infrastructure that powers most large RWE programs. Merged with Ciox Health in 2021 and acquired Apixio's data business; valued above $7B post-merger. |
IQVIA iqvia.com | Durham | Largest healthcare information and clinical research business globally (NYSE: IQV). Built from the IMS Health and Quintiles merger; the dominant pharma-data platform. |
Veeva Systems veeva.com | Pleasanton | Life sciences SaaS platform (NYSE: VEEV). Veeva Link, OpenData and Compass are the data-product franchises competing with IQVIA's data layer. |
23andMe 23andme.com | South San Francisco | Consumer genetics and therapeutics business listed as NASDAQ: ME. Filed for Chapter 11 in March 2025 and was acquired out of bankruptcy by Regeneron in May 2025 for $256M. |
Ancestry ancestry.com | Lehi | Largest consumer genetics and genealogy platform. Owned by Blackstone since 2020 after a $4.7B take-private. Sells DNA-based ancestry reports plus a recurring genealogy subscription. |
AliveCor alivecor.com | Mountain View | Personal ECG devices (KardiaMobile) and cardiac AI algorithms. Maintains a long-running patent dispute with Apple over Watch's AFib feature; refocused around cardiac data services. |
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Key health data & analytics market trends
The 23andMe bankruptcy, Tempus IPO and generative AI on real-world data are reshaping health data and analytics right now.
23andMe bankruptcy and the DTC genetics reset
23andMe filed Chapter 11 in March 2025 and was acquired out of bankruptcy by Regeneron in May 2025 for $256M. The collapse closed the chapter on consumer DTC genetics as a standalone business model; the genetic data assets are now repositioned as a pharma R&D resource.
Tempus IPO opening the AI-driven data window
Tempus AI's June 2024 Nasdaq IPO at a roughly $6B valuation re-opened the precision-medicine and AI-data IPO window. Trade comparables since the IPO have reset valuations for Komodo, Truveta and ConcertAI.
Tokenisation as the standard RWE plumbing
Datavant's token system is now the de facto standard for linking claims, clinical and lab data while preserving HIPAA compliance. Pharma RFPs increasingly require tokenisation support as a baseline, raising the bar for new data entrants.
Provider-owned data collectives
Truveta (HCA, Providence, Trinity and others) and Mayo Clinic Platform have built data assets the pharma industry actively contracts with. Health system ownership of data revenue is becoming a real CFO line, not a side experiment.
Generative AI on real-world data
Pharma is funding RFP-driven projects to apply LLMs to clinical notes, pathology reports and claims for evidence generation and trial recruitment. Flatiron, Tempus and Komodo all shipped LLM-powered analytics products through 2024-25.
FDA RWE acceptance and the SPRINT-RWE pathway
FDA's 2024-25 RWE guidance and reliance on RWE for label expansions are forcing pharma to invest more in structured external data. The category benefited from a tailwind on regulatory acceptance through 2025.
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