Healthcare Data Storage Market Analysis
The Global healthcare data storage market is projected to touch USD 48.2 billion at a 13.9% CAGR between 2019-2025, as per the recent Market Research Future (MRFR) report. Healthcare data storage, simply put, are software solutions that are utilized by diagnostic centres, clinics, and hospitals for storing patient data that can be used in the future.
Numerous factors are adding to the global healthcare data storage market growth. These factors, according to the recent Market Research Future report, comprise increasing use of EMR and EHR, increasing support from the government, increasing collaborations between IT and healthcare companies, increasing demand for software for safe clinical data storage, and demand for storage solution.
On the contrary, high training costs and high implementation cost of EHR and EMR, rising cyber-attacks, healthcare fraud, and data security concerns are factors that may deter the healthcare data storage market growth over the forecast period.
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Healthcare Data Storage Market Segmentation
The Market Research Future report provides an all-inclusive segmental analysis of the global healthcare data storage market based on end user, storage system, type, architecture, application, and solution.
By solution, the healthcare data storage market is segmented into hybrid data storage, cloud, and on-premise. Of these, on-premise will lead the market during the forecast period.
By application, the healthcare data storage market is segmented into operational analysis, financial analysis, and clinical analysis. Clinical analysis is again segmented into precision health, population health management, reporting and compliance, quality control, and clinical decision support. Financial analysis is again segmented into risk adjustment and assessment, claim processing, revenue cycle management, and others. Of these, clinical analysis will dominate the market during the forecast period for the increase in the number of diagnostic centers, clinics, and hospitals.
By architecture, the healthcare data storage market is segmented into block storage, object storage, and file storage. Of these, the object storage segment will have the largest share in the market during the forecast period.
By type, the healthcare data storage market is segmented into magnetic storage and flash & solid-state storage. Magnetic storage is again segmented into magnetic tapes and magnetic disks. Of these, flash and solid-state storage will dominate the market during the forecast period.
By storage system, the healthcare data storage market is segmented into direct-attached storage, network-attached storage, and storage area network. Of these, the storage area network will lead the market during the forecast period.
By end user, the healthcare data storage market is segmented into contract manufacturing organizations, clinical/contract research organizations, pharmaceuticals and biotechnology, hospitals and clinics, and others. Among these hospitals and clinics will dominate the market during the forecast period.
Healthcare Data Storage Market Regional Analysis
By region, the global healthcare data storage market report covers the latest trends and growth opportunities across the Americas, the Asia Pacific (APAC), Europe, and the Middle East and Africa (MEA). Of these, the Americas will command the largest share in the market during the forecast period for the use of innovative solutions by clinics and hospitals for maintaining patient data and the availability of the most up to date healthcare information technology solutions.
The global healthcare data storage market in Europe will hold the second-largest share during the forecast period owing to the presence of several healthcare companies offering diagnostic and treatment products, thereby increasing the demand for IT solutions for healthcare data storage. Besides, the presence of a huge patient population suffering from arthritis, diabetes, and cancer is also boosting the market growth.
The global healthcare data storage market in the APAC region is predicted to grow at the fastest pace over the forecast period for rapid technological developments and the presence of several developing countries, especially China, India, and Japan.
The global healthcare data storage market in the MEA will have steady growth during the forecast period for growing technological advances and developing healthcare infrastructure.
Healthcare Data Storage Market Key Players
Key players profiled in the global healthcare data storage market report include Carestream Corporation (US), Nuance Communications, Inc (US), Western Digital (US), Hitachi (Japan), Pure Storage (US), Hewlett Packard Enterprise (HPE)(US), NetApp (US), IBM Corporation (US), Dell Inc. (US), and DataCore Software (US). Key players have incorporated several strategies to create a niche in the market, such as strategic alliances, mergers and acquisitions, collaborations, product developments, and others.
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