Healthcare data management firm OneMedNet (NASDAQ:ONMD) saw its shares skyrocket on Thursday, gaining over 150%. Management recently announced a greater than five-fold expansion of its proprietary data network. In addition, ONMD stock may be riding the coattails of strong industry projections.

According to the company’s press release, the business expansion concerns the proprietary iRWD network and platform. Short for Real World Data, iRWD is a system that handles a range of clinical data categories, including electronic health records, laboratory results and medical imaging. Through the innovation, OneMedNet enables its customers to securely de-identify, search and curate clinical data.

In the corporate disclosure, management stated that through a series of new network partnership agreements — including an undisclosed enterprise that specializes in medical record custodianship — OneMedNet is able to offer seamless access to a growing database. The network now consists of 1,402 healthcare system and provider partner sites, 31 million patients and 121.4 million clinical exams.

Subsequently, stakeholders of ONMD stock were encouraged by the news, driving shares northward. For the year, shares have gained about 63%.

ONMD Stock Rises on Strong Industry Implications

Naturally, management talked up the potential opportunity behind ONMD stock, citing the successful execution of its growth strategy. OneMedNet President and CEO Aaron Green stated the following:

“Our vision is to harness the full potential of RWD to drive innovation in healthcare. By providing our customers with comprehensive access to valuable, regulatory-grade clinical data across our growing network, we are not just furnishing more numbers — we are delivering the de-identified and hard-to-curate information needed to help foster a new era of medical excellence.”

Strong sentiment for the underlying industry helps drive the case forward for ONMD stock. According to Mordor Intelligence, the healthcare analytics market may reach a valuation of $46.5 billion later this year. By 2029, the sector could expand to $130.49 billion, representing a compound annual growth rate (CAGR) of 22.92%.

It’s worth noting that the market capitalization of ONMD stock is around $29 million. In theory, then, OneMedNet enjoys a massive ecosystem to grow into.

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On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.