by The healthcare data storage market is witnessing significant growth over the past few years owing to growing reliance on cloud-based healthcare data storage solutions and increased adoption of advanced healthcare IT solutions. Healthcare organizations are increasingly adopting cloud-based data storage to gain scalability, easy data accessibility from anywhere, and cost-effective data management. Cloud-based storage offers healthcare providers ease of use and flexibility to scale storage capacity up or down based on demand through a pay-as-you-go pricing model. Additionally, cloud storage enables seamless collaboration between healthcare teams with easy and secure sharing of patient data. The global adoption of electronic health records and other healthcare IT solutions has also increased the demand for robust and scalable healthcare data storage infrastructure. The need for storage of large volumes of patient data, medical images, and radiology reports in a centralized and organized manner is further propelling the healthcare data storage market.
The global Healthcare Data Storage Market is estimated to be valued at US$ 3.74 Bn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023-2030, as highlighted in a new report published by CoherentMI.
Market Key Trends:
The healthcare data storage market is witnessing rapid adoption of hybrid cloud storage models. Hybrid cloud combines on-premise storage with public cloud-based storage infrastructure. Hybrid cloud offers more security and control over sensitive patient data stored on-premise along with flexibility and scalability benefits of public cloud storage. Many healthcare organizations are adopting hybrid cloud storage approach to balance data governance, compliance, security with scalability, accessibility, and cost advantages. Hybrid cloud models are well-suited for healthcare organizations managing large volumes of patient data with stringent regulatory requirements. Leading storage solution providers are also focusing on developing robust hybrid cloud offerings tailored for healthcare industry needs.
Porter’s Analysis:
Threat of new entrants: The healthcare data storage market requires large investments in infrastructure and R&D which acts as a barrier to entry. There are also well established players enjoying economies of scale.
Bargaining power of buyers: Buyers have moderate bargaining power due to the critical nature of healthcare data storage solutions and limited alternatives. However, some larger players can negotiate on price.
Bargaining power of suppliers: A few large tech companies control the supply of hardware components, giving them strong bargaining power over solution providers.
Threat of new substitutes: Cloud storage is emerging as a substitute but concerns around data security and regulatory compliance still presents barriers in healthcare. No major substitute threatens established solutions in the near future.
Competitive rivalry: The market has several global players competing on technology leadership, pricing and customer support. Competition is high to gain market share and long-term customer contracts.
Global Healthcare Data Storage Market Segmentation:
- By Type
- Direct Attached Storage
- Network Attached Storage (NAS)
- Storage Area Network (SAN)
- By Architecture
- Block Storage
- File Storage
- Object Storage
- Hyperscale Storage
- Software-Defined Storage (SDS)
- Others
- By Deployment
- On-premise
- Cloud
- Hybrid
- By End User
- Healthcare Providers
- Healthcare Payers
- Pharmaceutical & Biotechnology Companies
- CROs & CDMOs
- Others
Key Takeaways:
The global Healthcare Data Storage Market Size is expected to witness high growth driven by the exponential rise in healthcare data and need for secure storage and management solutions. The global Healthcare Data Storage Market is estimated to be valued at US$ 3.74 Bn in 2023 and is expected to exhibit a CAGR of 16.% over the forecast period 2023-2030.
Regional Analysis: North America holds the largest share due to escalating healthcare expenditure, stringent regulations and early technology adoption. Asia Pacific is the fastest growing region supported by government initiatives, rising healthcare spending and growing patient pool.
Key Players: Key players operating in the 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. Major players are focusing on product innovations and strategic partnerships to strengthening their market presence.
*Note:
1.Source: CoherentMI, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
