Global Healthcare Data Storage Market Size to Reach US$ 5,470.7 Million by the end of 2025
Noida, Uttar Pradesh, India, February 17 2021 (Wiredrelease) Report Ocean Pvt Ltd –:Global healthcare data storage market was estimated to grow at a CAGR of 10% during the forecast period. The market was valued at US$ 3,082.14 Mn in 2020 and is projected to reach US$ 5,470.7 Mn by the end of 2025. Increasing need of digitization for storing healthcare data due to adoption of various healthcare collaboration platforms has boosted the market growth. Additionally, growing implementation of telemedicine across the globe has resulted in significant growth of the market during the prognosis period.
Growth in Digital Data Volume in Healthcare Organizations
In the era of information technology, the healthcare sector needs to contend with vast volumes of data from outpatient departmental end-case cards, medical records from intensive care units, and scanning outcomes from testing instruments such as CT scanners and MRIs X-ray machines. Hospitals require an effective data storage infrastructure for effective information management to handle such a vast volume of data and obtain assistance from data storage specialist firms who support the development of the demand for healthcare data storage. Different forms of data storage methods are available that are applied according to the healthcare facility and the generated data. For example, approximately 67 % of large hospitals with more than 500 beds use a data storage area network (SAN) in which images and data can go directly from storage to workstations independently on the pipe side, freeing up the main server. For its special characteristic of allowing Picture Archiving and Communication Systems (PACs), SAN’s demand is increasing due to the increased need to exchange diagnostic data. Statistics further state that nearly 62 % of mid- to low-level hospitals use external storage media such as tapes, discs, etc. as data storage to store patient records, EMR, radiological images, etc.
For versatility and the opportunity to switch software from private and public clouds, the healthcare industry is moving to hybrid clouds. Nutanix recently released the findings of its Enterprise Cloud Index Survey (which quantifies healthcare expectations for the use of private, hybrid, and public clouds) for the healthcare sector. The analysis reported that the healthcare industry is now third in the number of hybrid cloud installations worldwide by industry and is rapidly embracing hybrid clouds that incorporate private and public clouds.
The reasons for this rapid acceptance are numerous. Healthcare entities need to resolve a range of critical IT needs including improved safety, security of confidential patient records, and compliance with regulatory requirements. More than 28 percent of healthcare respondents listed protection and enforcement as their number one decision criteria when deciding where to run workloads. With hackers attacking medical records with sought-after personal details such as patient healthcare and insurance numbers, healthcare institutions need security technologies that can manage sensitive data movement in a consistent and secure. manner.
However, with rack servers and flash-based arrays that greatly minimize operating costs, on premise data storage has grown rapidly over the past few years. But the overall cost of managing constant power supply, ensuring cooling systems are up and always going, adds up considerably to troubleshooting server hardware and devoted IT services, makes data storage on site a very expensive choice. On-premises storage is costly, from implementation of the required approved applications to constantly ensuring uptime. It refers to the resources as well as the healthcare organization’s operating costs.
Key players operating in the global healthcare data storage market include, Dell Technologies, Inc. Hewlett Packard Enterprise (HPE), IBM Corporation, Fujitsu, NetApp, Nutanix, Pure Storage, Cloudian, Hitachi Systems Ltd., Tintri, Western Digital, among others.
By Type (Flash & Solid-State, Storage Magnetic Storage)
By Storage (System Storage Area, Network Direct-Attached Storage, Network-Attached Storage)
By End-user (Pharmaceutical & Biotechnology, Companies Hospitals & Clinics, Research Centres, Others)
By Region (Americas North America The U.S. Canada Mexico South America Brazil Rest of South America Europe Germany The U.K. France Rest of Europe Asia Pacific Japan China India Rest of Asia Pacific Middle East & Africa)
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