Global Healthcare Data Storage Market is Estimated to be Worth USD 2800 million in 2019 and is Projected to Reach USD 7400 million by 2027, at A CAGR of 17.4% From 2020 to 2027: Proficient Market
Proficient Market announces the release of the report “Global Healthcare Data Storage Market – Share, Forecast Data, In-Depth Analysis, and Detailed Overview, and Forecast, 2015 – 2027″ to its research database. This Healthcare Data Storage Market report analyzes the comprehensive overview of the market comprising an executive summary that covers core trends evolving in the market.
According to the report, Global Healthcare Data Storage Market in 2019 stood at USD 2800 million and is expected to reach USD 7400 million by 2027 growing at a CAGR of 17.4% from 2020 to 2027.
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Hospitals and health systems are benefitting from an explosion of information technologies i.e. healthcare data storage solutions to help run their facilities, improve patient care and keep costs contained. Further with this influx of data comes an enormous responsibility for hospital IT teams to manage the rapidly growing pool of healthcare information so that it is secure and compliant, is always accessible, and isn’t compromised.
Healthcare Data Storage Market Key Players: The research study includes profiles of leading companies operating in the global healthcare data storage market. Key players profiled in the report include:
Hewlett Packard Enterprise Development LP
Pure Storage Inc.
Hitachi Ltd. (Japan)
Western Digital Corporation
Samsung and Huawei Technologies Co. Ltd.
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Drivers for the Global Healthcare Data Storage Market: The growth in the market is driven by the factors such as increasing volume of digital knowledge generated in care organizations, the fast and simple reading of cloud storage solutions. Furthermore, the growing adoption of hybrid knowledge storage solutions led to fueling this market. While increased Need for Data Analytics and Artificial Intelligence are the key factors fueling the growth of the healthcare data storage market. Thus all these factors are responsible for creating a positive impact at the growth of the healthcare Data storage market.
Opportunities for the Global Healthcare Data Storage Market: Health data storage market is witnessed to driven during the forecast period by the fall in storage costs, emergence of cloud storage, growing regulatory mandates and the increasing government initiatives to promote adoption of healthcare information systems. While the increasing adoption of wearable devices, at-home testing services and health applications that are empowering patients to proactively manage their health are further contributing to the pool of personal data during forecast period. However, the availability of large volumes of health information has paved way for massive advances in clinical research, development of precision medicine and clinical decision support tools, quicker drug discovery and more detailed view of population health, which has opened new opportunities for managing chronic diseases .
Restrains for the Global Healthcare Data Storage Market: The key factors including data infringement & cyber-attacks are hampering the growth of the market. Additionally the growing privacy concern and leakage of data privacy led to the requirements for alternatives. While the high cost of healthcare data storage solution is creating a negative impact at the growth of the market. Thus all these factors are responsible for creating a negative impact at the growth of the healthcare data storage market.
Region Wise, Global Healthcare Data Storage Market Analysis: Report covers the region wise analysis, global healthcare data storage market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Among all, North-America leads the global healthcare data storage market share followed by Asia-pacific and Europe. While the North-America leads the global healthcare data storage market due to the increasing volume of unstructured healthcare data across the region. While the rapid technological advancements have led to an increased demand for secure, reliable, and cost-efficient storage infrastructure in North America. Thus all these factors are propelling the growth of the healthcare data storage market in this region.
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Global Healthcare Data Storage Market: Product analysis
Flash & solid-state storage
On the basis of type, flash & solid-state storage accounted for largest share of total revenue generated. Because of the high capacities of flash & solid-state are driving the market. Furthermore, declining costs have resulted in their increased adoption by end users. Thus the cost reduction led to increase in its demand. Thus, all these factors are responsible for the growth of the segment which is further propelling the healthcare data storage market.
Global Healthcare data storage Market: Deployment model analysis
On the basis of type, on-premises accounted for largest share of total revenue generated as On-premise solutions are the most-widely adopted storage solutions in the market. Further this model can make usage of multi-vendor architecture and reduce risks incorporated with data breach and external attacks. Additionally, users own on-premise storage and have control over their deployment, backup, and data recovery systems. Thus, all these advantages are driving the growth of the on-premise solutions market.
Global Healthcare Data Storage Market: Application analysis
Pharmaceutical & Biotechnology Companies, CROs, and CMOS
Research Centres, Academic & Government Institutes, and Clinical Research Labs
Hospitals, Clinics, and ASCs
Diagnostic & Clinical Laboratories
The demand of Global Healthcare Data Storage Market is highest from pharmaceutical & biotechnology companies, CROs, and CMOs as extensive research on drug discovery is done in pharmaceutical & biotechnology companies, which generates a lumpsum of data. While newer discovery & increasing research & development activity is fuelling the growth of the market. Thus due to accumulation of data & availability of data generates a need for healthcare storage software which is fuelling the growth of the market.
Global Healthcare Data Storage Market: Region analysis
North America: U.S., Canada, Mexico
Europe: U.K., France, Germany, Spain, Italy, Rest of Europe
Asia Pacific: China, Japan, South Korea, ASEAN, India
Rest of Asia Pacific: Latin America, Brazil, Argentina, Colombia, Rest of L.A.
Middle East and Africa: Turkey, GCC, UAE, South Africa, Rest of Middle East
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