Healthcare Data Storage Market Size, Share, Growth, Forecast 2030

Industry Prospective:

The global healthcare data storage market size was worth around USD 3,291.70 million in 2021 and is estimated to grow to about USD 7149.46 million by 2028, with a compound annual growth rate (CAGR) of approximately 13.80 percent over the forecast period. The report analyzes the healthcare data storage market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the healthcare data storage market.

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Healthcare Data Storage Market: Overview

The growing amount of digital data created by healthcare companies, the quick & easy implementation of cloud storage solutions, and the increased acceptance of hybrid data storage solutions drive the healthcare backup and recovery. Furthermore, the enormous patient suffering from chronic diseases such as cancer, diabetes, and osteoarthritis produces huge clinical databases that are difficult to maintain, driving the rising demand for healthcare data storage solutions. The increased use of electronic health records (EMR) and computerized provider order entry (CPOE) to save time and increase performance impacts the healthcare data storage business. Data security issues, increasing medical fraud, and cyber-attacks all impede the growth of the healthcare data storage industry.

The expanding acceptance of the Internet of Things (IoT), the development of social media, and the rising prevalence of healthcare wearables in individuals throughout the world give profitable opportunities that fuel the global healthcare data storage market expansion. Some of the primary elements driving this increase in product acceptance are the distribution model's ability to use inter architecture and lower risks associated with external assaults & data breaches.

COVID-19 Impact:

The healthcare sector is expected to develop during the pandemic because it is the key target for virus containment, which will benefit the healthcare data storage industry. The Cd-19 epidemic has resulted in an immense amount of relevant healthcare data. Many health systems are unable to quickly and efficiently exploit the massive amounts of data required to meet the sector's needs. Massive volumes of data have been created because of the number of cases from various countries and hospitals.

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Key Insights

• As per the analysis shared by our research analyst, the global healthcare data storage market value is expected to grow at a CAGR of 13.80% over the forecast period.
• In terms of revenue, the global healthcare data storage market size was valued at around USD 3,291.70 million in 2021 and is projected to reach USD  7149.4 million by 2028.

• The large patient suffering from chronic diseases such as cancer, hypertension, and osteoarthritis produces huge clinical databases that are difficult to maintain, driving the rising demand for the healthcare data storage market.
• By deployment mode, the on-premises category dominated the market in 2021.
• By type, the magnetic storage category dominated the market in 2021.
• North America dominated the global market in 2021.

Healthcare Data Storage Market: Growth Drivers

The introduction of the cloud-based computing system will likely pave the way for global market growth.

The introduction of process standardization and cloud-based computer networks for illness detection is a major driving force in the global healthcare data storage market. There is an increasing global demand for the early detection of diseases. The computing revolution has resulted in cloud computing, which leverages software, infrastructure, and platforms as services, thereby driving market growth.

Healthcare Data Storage Market: Restraints

The rising number of security worries may hamper the global market growth

However, enhanced security concerns over cloud-based image processing and analytics limit the market's growth. Rising security worries over cloud-based image processing and analytics are expected to hinder the global healthcare data storage market.

Healthcare Data Storage Market: Opportunities

Rise in data storage to bring up several growth opportunities

The healthcare data storage business is expected to grow fast due to the recent acceptance of data storage devices. Healthcare data storage solutions allow healthcare organizations to store, organize, and analyze data, which can then be used to make informed decisions and enhance operations. This is projected to boost the healthcare data storage solutions market, propelling the market growth over the forecast period.

Healthcare Data Storage Market: Segmentation

The global healthcare data storage market is segregated based on, type, storage, deployment, architecture, storage system, end users, and region.

By deployment model, the market is classified into on-premises, hybrid and remote. Over the forecast period, the on-premises market is expected to develop at the fastest rate. Because customers have on-premises storage and manage their deployment, data retrieval systems, and backup, and restricted storage development model use multiple vendor design and reduce risks related to data breaches and external assaults.

By architecture, the market is segmented into object storage, file storage, and block storage. The file storage segment is expected to show lucrative growth in the market. It is an ancient practice to save data in this manner. Many businesses want a centralized, user-friendly, and accessible method of file storage. Small businesses favor it because it is more affordable than alternative methods of data storage.

By type, the market is segmented into flash & solid-state storage, magnetic storage, magnetic tapes, and magnetic disks. The largest segment by type is held by flash & solid-state storage in the market in 2021. Due to the higher storage of flash and solid-state compared to magnetic disks, it is anticipated to develop at the highest rate. Furthermore, flash drives and solid-state drives are now much more affordable, which has improved end-user adoption.

By end-use, the market is classified into hospitals & clinics, pharmaceutical & biotechnology companies, CROs, and COMS, others. The hospitals & clinics segment held a significant share in the market in2021.

Recent Developments

• June 24, 2022, Dell Technologies announced the improved system performance of Dell EMC Veral hyper-converged infrastructure, and has launched the Dell EMC PowerEdge Servers.
• June 05, 2019, Scalisi launched its Ring 7.4 has distributed file and object storage which eases installation and continuous management and adds a low-cost server entry configuration.

Healthcare Data Storage Market: Report Scope

Competitive Landscape

Some of the main competitors dominating the global healthcare data storage market include - Dell , IBM Corporation , NetApp , Hewlett Packard Enterprise , Pure Storage, Inc. , Hitachi, Ltd. , Toshiba Corporation , Western Digital Corporation , Scalisi , Huawei Technologies Co., Ltd. , Fujitsu , Samsung , Drobox , Tantric , and Cloudman .

Regional Landscape

North America dominated the healthcare data storage market in 2021

North America dominates the global healthcare data storage market due to the evolution of technology and increase in the volume of uncontrolled healthcare data in the region. The demand for dependable, secure, and cost-effective storage infrastructure is increasing, which will support the growth of the North American healthcare data storage market during the forecast period. Factors such as increased rapid & early adoption of data storage solutions, an increase in the volume of unstructured healthcare data, the use of innovative solutions by clinics & hospitals, the availability of cost-effective storage, and well-equipped healthcare infrastructure are all contributing to the regional market growth. North America's leading countries are the United States and Canada.

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The region's growth can also be attributed to the rising population, rapid technological advancements, and the presence of countries. The growing older population and the current large patient pool drive the expansion of the healthcare data storage market.

Global Healthcare Data Storage market is segmented as follows:

By Deployment

• On-premises

• Remote
• Hybrid

By Architecture

• Object Storage
• File Storage
• Block Storage

By Type

• Magnetic Storage
• Magnetic Disks
• Magnetic Tapes
• Flash & Solid-state Storage

By Storage System

• Direct-attached Storage
• Network-attached Storage
• Storage Area Network

By End User

• Pharmaceutical & Biotechnology Companies, CROs, and CMOS
• Research Centers, Academic & Government Institutes, and Clinical Research Labs
• Hospitals, Clinics, and ASCs
• Diagnostic & Clinical Laboratories
• Other End Users

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa