Healthcare Data Storage Market is Growing at a Healthy CAGR of 13.9% During Forecast 2019-2025

Market Highlights:

Healthcare data storage are software solutions used by hospitals, clinics, diagnostic centers to store patient data for future use. These solutions are used by healthcare companies to store data about manufacturing products and their processes.

According to MRFR analysis, the global Healthcare Data Storage Market is expected to register a CAGR of 13.9% during the forecast period of 2019 to 2025 and is likely to be valued at USD 48.2 billion in 2025.

The growth of the global healthcare data storage market is determined by numerous factors such as an increasing patient database due to the increasing number of surgeries, increasing clinical trials, and research activities to develop innovative products. Also, the decreasing paper use to maintain patient information increases the demand for healthcare data storage solutions.  However, the key factors such as data infringement, cyber-attacks and high cost of healthcare data storage solution hamper the market growth. 

Key Players:

·         DataCore Software

·         Dell Inc

·         IBM Corporation

·         NetApp

·         Hewlett Packard Enterprise

·         Pure Storage

·         Hitachi

·         Western Digital

·         Nuance Communications

·         Carestream Corporation

Segmentation:

·         The global healthcare data storage market has been segmented based on solution, application, architecture, type, storage system, and end user.

·         The market, based on solution, has been divided into on-premise, cloud, and hybrid data storage.

·         The global healthcare data storage market on the basis of application has been segregated into the clinical analysis, financial analysis, and operational analysis.

·         On the basis of architecture is segmented into file storage, object storage, and block storage.

·         Based on type, the market is segmented into flash & solid-state storage and magnetic storage. The magnetic storage is further sub-segmented into magnetic disks and magnetic tapes.

·         On the basis of storage system, the market is segmented into storage area network and network-attached storage direct-attached storage.

·         The end user segment of the market consists of hospitals and clinics, pharmaceutical & biotechnology companies, clinical/contract research organizations (CROs), and contract manufacturing organizations (CMOs), and others.

Regional Analysis:

Americas: Americas are anticipated to hold the largest market share in global healthcare data storage owing to the growing technological advancement in the healthcare IT sector.

North America: The North American market for healthcare data storage is growing due to the presence of healthcare facilities, and also the increasing healthcare expenditure in this region drives the market growth in the Americas.

US: Rising number of hospitals, increasing patient visits in hospitals, and clinics generated a huge database which increases the demand for healthcare data storage solutions and boosts the growth of the market during the assessment period. The increasing government support to undertake IT solutions and services for the smooth functioning and analyzing the data to improve patient care also drives the market.

Latin America: The increasing awareness about the innovative solutions to manage huge amounts of data, the growing importance of IT in healthcare industry, and rising preference of software solutions by the hospitals and clinics boost the market growth in this region.

Europe: By region, Europe stood the second largest market owing to the presence of highly developed medical and healthcare infrastructure, a large number of healthcare companies creates a demand for IT support for maintaining the data safely. Also, the increasing prevalence of various chronic diseases, which leads to increase the patient database creates an opportunity for data storage solutions in Europe.

UK: The presence of manufacturing units which are involved in developing innovative drug in the UK creates demand for IT support. The increasing research and development in healthcare industry, requiring clinical trial data, drive market growth.

Germany: Germany holds a prominent share of the European healthcare data storage market due to the technological advancements in the healthcare sector and rising healthcare expenditure.

Asia-Pacific: Asia-Pacific is estimated to be the fastest-growing regional market for healthcare data storage, the increasing digitalization to maintain healthcare records, manage finance, billing, & human resource in healthcare centers increase the demand for data storage solutions.

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