May 29, 2024
Global Healthcare Data Storage Market

Global Healthcare Data Storage Market Is Estimated To Witness High Growth Owing To Rise In Healthcare Industry Adoption Of Digital Transformation

The Global Healthcare Data Storage Market is rapidly gaining importance owing to digitization of healthcare services and records. Healthcare data storage involve effective capturing, archiving, and transportation of electronic health records, diagnostic imaging reports, personal health records and other important healthcare data to digital storage mediums such as solid state drives, magnetic disks and cloud storage platforms. This enables healthcare providers to securely store patient information, share data between care teams and optimize healthcare delivery globally. The growing implementation of electronic health records and omnipresence of big data in healthcare has accelerated the need for high-performance and reliable data storage mediums.

The Global Healthcare Data Storage Market Size Is Estimated To Be Valued At US$ 3.74 Bn In 2024 And Is Expected To Exhibit A CAGR Of 16% Over The Forecast Period 2024-2031.

Key Takeaways

Key players operating in the Global Healthcare Data Storage Market are Dell Inc., NetApp, Hewlett Packard Enterprise (HPE), IBM, Pure Storage, Hitachi, Ltd., Western Digital, Scality, Quantum, Drobo, Tintri, Cloudian, Excelero, StorONE, DataCore Software, Pure Storage, Inc., and Infortrend Technology Inc. These players are focusing on developing innovative storage solutions tailored for healthcare organizations to securely store, manage and analyze petabytes of clinical and medical data generated on a daily basis.

The growing prevalence of imaging modalities such as X-Rays, MRIs and CT scans is expected to drive the demand for digital storage of diagnostic images and reports. Adoption of hybrid and multi-cloud storage architectures by healthcare providers to gain scalability, reliability and cost-efficiency over on-premise solutions is identified as a key opportunity. Further, strengthening of regional and global healthcare data networks to enable seamless exchange of health records across providers, facilities and countries will aid the expansion of the healthcare data storage market.

Rise in volume and variety of healthcare data from sources such as telehealth, remote patient monitoring, genomics and wearable devices coupled with need for rapid data accessibility and analytics is a major market driver. Integration of AI/ML and big data capabilities in healthcare data storage and management platforms will be crucial for precision medicine and clinical research. This will transform patient diagnosis and outcomes along with enabling drug discovery.

Market Drivers

Healthcare organizations are increasingly adopting cloud-based storage solutions owing to benefits such as pay-per-use models, limitless scalability, disaster recovery and business continuity. This is expected to drive significant growth in the global healthcare data storage market during the forecast period. Virtualization technologies and hyperconverged infrastructure implemented at healthcare facilities for storage resource optimization will also aid market expansion.

Pest Analysis

Political: Healthcare regulations set by governments and regulatory bodies may impact data storage standards and compliance requirements across regions. Data privacy laws also influence handling and movement of protected health information.

Economic: Growth in digital healthcare services, adoption of telemedicine and expanding patient data are key drivers spurring investments in data center infrastructure by healthcare providers. Reimbursement policies also sway IT budgets allocation towards storage modernization.

Social: Increasing usage of mobile health apps and wearables generating more patient-generated data demands advanced storage to enable applications promoting wellness, disease management and remote care delivery models. Aging population too boosts healthcare data volumes needing archival.

Technological: Adoption of hybrid cloud, hyperconverged infrastructure and all-flash arrays aid storage upgrades enabling real-time analytics. Edge and IoT devices also expanding healthcare data sources necessitating distributed computing architectures. Growth in AI/ML analytics tools adoption pushes high-performance computational storage requirements.

In terms of value, North America currently holds the largest share of the global healthcare data storage market owing to significant investments by hospitals, pharmaceutical companies and research organizations in the region. The rising healthcare expenditure along with the presence of leading players is fueling the regional market growth.

The Asia Pacific healthcare data storage market is projected to grow at the highest CAGR during the forecast period. This is attributed to the presence of emerging economies like India and China that are witnessing increased healthcare digitization along with rising medical tourism in these countries. Also, rising healthcare expenditure and government initiatives supporting electronics medical record adoption are positively impacting the regional market demand.

What are the key data covered in this Global Healthcare Data Storage Market report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the Global Healthcare Data Storage Market’s growth between 2024 and 2031.

:- Accurate calculation of the size of the Global Healthcare Data Storage Market and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behavior

:- Global Healthcare Data Storage Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of Global Healthcare Data Storage Market vendors

FAQ’s

Q.1 What are the main factors influencing the Global Healthcare Data Storage market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Global Healthcare Data Storage Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Global Healthcare Data Storage market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?

*Note:

  1. Source: CoherentMI, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it