Healthcare Data Storage Market Analysis
The Global Healthcare Data Storage Market size is likely to touch USD 48.2 billion at a 13.9% CAGR between 2019- 2025, according to the recent Market Research Future (MRFR) report. Healthcare data storage, simply put, is a software solution that is used by diagnostic centers, clinics, and hospitals for storing patient data for future use. Healthcare companies use them for storing data to manufacture products and their processes.
Various factors are adding to the global healthcare data storage market share. These factors, as per the new MRFR report, include decreasing use of paper for maintaining patient information, increasing research activities and clinical trials for developing innovative products, rising number of surgeries, and an increasing patient database.
On the contrary, high healthcare data storage solution costs, cyber-attacks, and data infringement are factors that may limit the global healthcare data storage market growth over the forecast period.
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Healthcare Data Storage Market Segmentation
The MRFR report provides an inclusive segmental analysis of the healthcare data storage market on the basis of end user, storage system, type, architecture, application, and solution.
By solution, the global healthcare data storage market is segmented into hybrid data storage, cloud, and on-premise. Of these, the on-premise segment will lead the market over the forecast period.
By application, the global healthcare data storage market is segmented into the operational analysis, financial analysis, and clinical analysis. Of these, the clinical analysis segment will dominate the market over the forecast period for the increasing number of diagnostic centers, clinics, and hospitals. Clinical analysis is further segmented into population health management, precision health, quality control, reporting and compliance, & clinical decision support. The financial analysis segment is again segmented into risk adjustment and assessment, claim processing, revenue cycle management, and others.
By architecture, the global healthcare data storage market is segmented into block storage, object storage, and file storage.
By type, the global healthcare data storage market is segmented into magnetic storage and solid-state storage. The magnetic storage segment is again segmented into magnetic tapes and magnetic disks.
By storage system, the global healthcare data storage market is segmented into direct-attached storage, network-attached storage, and storage area network.
By end user, the global healthcare data storage market is segmented into contract manufacturing organizations (CMOs), clinical/contract research organizations (CROs), pharmaceutical and biotechnology companies, hospitals and clinics, and others.
Healthcare Data Storage Market Regional Analysis
Based on the region, the global healthcare data storage market report covers the recent trends and growth opportunities across Europe, the Americas, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, the Americas will have the lions share in the market over the forecast period for the adaption of innovative solutions by clinics & hospitals for maintaining patient data and the availability of advanced healthcare IT.
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The healthcare data storage market in Europe is predicted to have the second-largest share over the forecast period. Factors fuelling market growth include a huge patient population having chronic diseases like arthritis, diabetes, and cancer and the presence of multiple healthcare companies offering treatment and diagnostic products.
The healthcare data storage market in the Asia Pacific region is predicted to grow at a quick rate over the forecast period for the presence of developing countries like China, Japan, & India, and rapid technological development.
The healthcare data storage market in the (MEA) Middle East & Africa is predicted to have steady growth over the forecast period for increasing technological advancements in healthcare IT and developing healthcare infrastructure.
Healthcare Data Storage Market Key Players
Leading players profiled in the healthcare data storage market report include Nuance Communications, Inc (US), Carestream Corporation (US), Hewlett Packard Enterprise (HPE)(US), Western Digital (US), Hitachi (Japan), NetApp (US), Pure Storage (US), Dell Inc. (US), IBM Corporation (US), and DataCore Software (US).
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