Healthcare Data Storage Market Anticipated to Expand at A CAGR of 14.7% During The Forecast Period
Healthcare data storage is a software solution used by clinics, diagnostic centers, hospitals to record patient data for future use. These software solutions are used by healthcare companies to store data about manufacturing products and their processes.
Research Methodology:
The healthcare data storage market has been analyzed by utilizing the optimum combination of secondary sources and in-house methodology, along with an irreplaceable blend of primary insights. The real-time assessment of the market is an integral part of our market sizing and forecasting methodology. Our industry experts and panel of primary participants have helped in compiling relevant aspects with realistic parametric estimations for a comprehensive study. The participation share of different categories of primary participants is given below:
The factors responsible for the global healthcare data storage market growth can be termed as increasing clinical trials, increasing information of patients due to the increasing number of surgeries, and research activities to develop innovative products. Also, decreasing paper use to maintain patient information has increased the demand for healthcare data storage solutions. Somehow, the key aspects such as cyber-attacks, data violation, and expensive costs incurred in healthcare data storage solutions which are restricting the market growth.
The Healthcare Data Storage Market is expected to reach $7.44 billion by 2026 from an estimated value of $3.27 billion in 2020, growing at a CAGR of ~14.7% during the forecast period.
The segmentation of the Healthcare Data Storage Market is given in detail below:
By Deployment
On-premise
Remote
Hybrid
By Type
Magnetic Storage
Magnetic Disks
Magnetic Tapes
Flash & Solid-state Storage
By Architect
Object Storage
File Storage
Block Storage
By End-User
Pharmaceutical & Biotechnology Companies, CROs, and CMOS
Academic & Government Institutes, Research Centers and Clinical Research Labs
Hospitals, Clinics, and ASCs
Diagnostic & Clinical Laboratories
Other
By Storage System
Direct-attached Storage
Network-attached Storage
Storage Area Network
By Region
North America
Europe
APAC
RoW
Based on storage type, the market is categorized into magnetic storage and flash & solid-state storage. The flash & solid-state storage segment covered the largest share of the market in 2019 and is expected to record the highest CAGR within the healthcare data storage market during the forecast period. Compared to magnetic disks and their decreasing costs, the high capabilities of flash & solid-state drives happened to increase the demand for them by end-users.
Based on the deployment model, the market is subdivided into remote, on-premise, and hybrid solutions. The on-premise model is expected to cover the largest share of the market. On-premise solutions are the most-widely accepted storage solutions in the market. The localized storage deployment model can make use of multi-vendor architecture and minimize risks associated with external attacks and data breaches. Moreover, users can have their on-premise storage and can control their deployment, backup, and data recovery systems. These benefits are propelling the growth of the on-premise solutions market.
Based on the end-user, the medical market is subdivided into pharmaceutical & biotechnology companies, CROs, and CMOs; research centers, academic & government institutes, and clinical research labs; hospitals, clinics, and ASCs; diagnostic & clinical laboratories; and other end users. The segment comprising pharmaceutical & biotechnology companies, CROs, and CMOs, earned the largest share of the market in 2018. This high revenue share can be attributed to the fact that extensive research on drug discovery is done in pharmaceutical & biotechnology companies, which creates a massive amount of data.
Based on the architect, the medical market is segmented into Object Storage, File Storage, and Block Storage. Object storage obtained the largest share. Object storage can serve as unstructured data with relative ease. Therefore, it is aptly suitable for the big data needs of organizations in finance, healthcare, and beyond. File Storage is an old method to store data using a simple approach. Many companies demand centralized, easy to use, and accessible ways to store files. It is commonly demanded by small businesses as it is low-cost contrast to other data storage approaches. Block Storage or block-level storage is a facility that stores data in singular blocks. Block storage is largely favored where efficient and fast transportation of information is needed.
Based on the storage system, there are three types; the Direct-attached Storage, Network-attached Storage, and Storage Area Network. Storage Area Network is the largest segment. As the name implies, a storage area network is a network of disks that are connected to a number of servers through fiber optics, whereas network-attached storage is a single server that shares its storage over the network.
In 2019, North America covered the largest share of the market. Rapid technological advancements, coupled with an unsynchronized approach, led to an increasing volume of unstructured healthcare data. This disarray of information in the wake of consumer awareness and growing cyber threats increased demand for secure, reliable, and cost-efficient storage infrastructure in North America. The RoW is growing fast with increasing IT penetration and is estimated to rise at the highest CAGR during the forecast period.
The major vendors analyzed in the Healthcare Data Storage market report are Fujitsu, Samsung, Drobo, Tintri, Cloudian, Dell, IBM Corporation, NetApp, Hewlett Packard Enterprise (HPE), Pure Storage, Hitachi, Toshiba, Western Digital, Scality, and Huawei.
The data storage is playing a vital role not only in one domain but in all sectors. This report explains how the data storage market is penetrating in the healthcare sector and also gives the analysis based on market segments.
The report represents the current trends, challenges, opportunities and the factors which are accelerating the growth of the market.
Further, it also gives the SWOT analysis, strategies and portfolio analysis and potential analysis of the key market players.
The competitive analysis of the major vendors provides the perspective of the dynamic strategies such as innovative technology, upgrades in the software which enhances the users’ experience.
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