Global Healthcare Data Storage Market Is Anticipated to Witness High Growth Owing to Increasing Volume of Healthcare Data

Global Healthcare Data Storage Market Is Anticipated to Witness High Growth Owing to Increasing Volume of Healthcare Data

The global healthcare data storage market consists of a wide range of storage solutions that are used to securely store large volumes of healthcare data generated across organizations. Products such as storage area network, network-attached storage, cloud storage, and unified storage are some commonly deployed solutions that are capable of handling various file formats including texts, images, videos, and more. The increasing volume of healthcare data from different sources such as electronic health/medical records, diagnostic images, genomic data, hospital operations data and others is driving substantial demand for scalable and reliable data storage infrastructure. With the worldwide digital transformation of healthcare industry, more patients and providers are shifting towards digital tools for their daily operations which is generating copious amounts of data that needs to be protected and analyzed over long periods of time.

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 companies are focusing on developing innovative storage solutions to efficiently manage healthcare data at scale and comply with regulatory and security requirements.

Key opportunities in the market include rising investments from healthcare organizations and governments towards constructing digital infrastructure and boosting storage capacities. Growing adoption of hybrid and multi-cloud strategies by healthcare entities to leverage the scalability, flexibility and cost benefits of cloud while maintaining on-premise storage for sensitive data is another major opportunity.

Globally, the healthcare data storage market is witnessing an expansion across major regions with North America capturing the largest share currently. However, Asia Pacific region is poised to offer attractive prospects during the forecast period with ongoing digitalization programs in countries like India, China and Japan. Major players are expanding their presence in emerging markets through partnerships and acquisitions.

Market Drivers: 

The increasing investments by pharmaceutical companies in R&D of novel drug development is generating huge volumes of complex data from pre-clinical and clinical trials. Storing this trial data securely over long durations as per regulations is a key factor driving the healthcare data storage market growth.

Secondly, advancement of diagnostic technologies involving imaging modalities such as MRI, CT scans and others has enabled higher resolution of scans producing very large file sizes needing high-capacity storage infrastructure. This is propelling the healthcare organizations worldwide to procure scalable storage solutions.

Market Restrains:

A major challenge faced by the healthcare data storage market is maintaining compliance with stringent regulatory standards across regions regarding data privacy, security, residence and access. Fulfilling these complex requirements increases the total cost of ownership of storage infrastructure.

Secondly, limited budgets of small healthcare facilities restrict the investments towards regular storage upgrades. This hinders adoption of newer storage architectures incorporating advanced features. However, improving affordability of storage solutions is gradually overcoming this restraint.

Segment Analysis

The Healthcare Data Storage market can be segmented based on device type, including local Data Storage and Remote Data Storage. Among these, the Local Data Storage segment dominated the market in 2022 as healthcare organizations prefer on premise storage over cloud owing to regulations around data privacy and security. Local storage helps ensure healthcare data remains within organizational boundaries and prevents unauthorized access.

Global Analysis

Regionally, North America dominated the global Healthcare Data Storage market in 2022. This is attributed to factors such as growing healthcare IT investments in the region for adopting electronic health records and promoting value-based care. However, Asia Pacific is expected to grow at the highest CAGR during the forecast period. This is due to rising medical tourism, improving healthcare infrastructure and swelling healthcare expenditures in countries such as China and India. Countries in Asia Pacific are investing heavily in developing their domestic healthcare industry using digital technologies such as big data analytics and cloud computing. The increasing digitalization of healthcare services in APAC economies is propelling the demand for data storage solutions in the region.

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's growth between 2024 and 2031.

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

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

:- Global Healthcare Data Storage 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 vendors

FAQ’s

Q.1 What are the main factors influencing the Global Healthcare Data Storage?

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 companies compare in terms of sales, revenue, and prices?

Q.5 Which businesses serve as the Global Healthcare Data Storage’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?

Get more insights on this topic: https://www.marketwebjournal.com/global-healthcare-data-storage-market-trend-size-and-demand-2/

About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)