Global Healthcare Data Storage Market Overview
Healthcare Data Storage Market Size was valued at USD 19.25 billion in 2022. The healthcare data storage market industry is projected to grow from USD 22.19 Billion in 2023 to USD 69.31 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.3% during the forecast period (2023 - 2032). Rising adoption of hybrid data storage solutions and increasing volume of digital data produced in healthcare industry are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Healthcare data storage Market Trends
- Deployment of AI, ML, and cloud based storage solutions in healthcare organization to boost market growth
The healthcare industry is rapidly growing and evolving with the advancement of technology and major companies are shifting towards cloud-based storage to improve their data privacy. Healthcare providers are now heavily reliant on electronic health records (EHRs) and other digital tools for patient care. With the increasing demand for healthcare services, there is a significant need for secure and reliable healthcare data storage solutions. However, Cloud-based storage solutions are becoming increasingly popular in the healthcare sector as this storage solution offer several advantages over traditional on-premises storage solutions.
Cloud-based storage solutions are cost-effective, scalable, and provide high levels of data security and also provide easy access to data from any location, which is especially important for healthcare providers who need to access patient data from multiple locations. This solution is also ideal for healthcare providers who need to store large amounts of data. Healthcare providers generate a vast amount of data, including patient records, medical images, and test results.
Artificial Intelligence (AI) and Machine Learning (ML) are transforming the healthcare industry. AI and ML are being used in a variety of applications, including medical imaging, drug discovery, and disease diagnosis and it requires large amounts of data to function effectively. Healthcare suppliers need to store and manage this data securely that it can be used to develop and improve AI and ML algorithms. However, to cater the demand for data storage, there has been significant advances in the innovations which is driving the growth of the healthcare data storage market revenue.
Healthcare Data Storage Market Segment Insights
Healthcare Data Storage Type Insights
The healthcare data storage market segmentation, based on solution, includes on premise, cloud, and hybrid data storage. The on-premise segment in healthcare data storage market held the majority share in 2022 contributing more than 50% in respect to the healthcare data storage market revenue. This refers to the practice of storing data within an organization's own physical infrastructure, such as servers, data centers, and storage systems. This approach to data storage has been the traditional method of storing data for many organizations, but it is facing increased competition from cloud-based storage solutions.
October 2022:IBM had partnered with RedHat Company to add Red Hat storage product roadmaps to the IBM Storage business unit across cloud and on-premises infrastructure.
July 2022:Dell Inc. had launched software-driven modern storage solutions for healthcare sector to drive increased cyber resiliency, automation, intelligence, and multi-cloud flexibility.
Healthcare Data Storage Application Insights
The healthcare data storage market segmentation, based on application, includes clinical analysis, financial analysis, and operational analysis. The clinical segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The clinical segment is also expected to grow significantly in the coming years due to the increasing demand for healthcare services, the growing volume of healthcare data, and the need for more efficient and secure storage solutions. The market is also expected to benefit from the increasing adoption of electronic health records (EHRs) and the growing use of artificial intelligence (AI) and machine learning (ML) in healthcare. Hence, rising applications for clinical analysis implants for healthcare data storage positively impacts the market growth.
Healthcare data storage Type Insights
The healthcare data storage market data has been bifurcated by type into flash & solid-state storage and magnetic storage. Magnetic data storage refers to the process of storing digital information using magnetic fields. This technology has been widely used for decades, primarily in the form of hard disk drives (HDDs) and magnetic tapes. The demand for magnetic data storage has been growing steadily over the years, driven by the increasing demand for data storage and the growth of digitalization in healthcare industry.
October 2022: IBM had partnered with RedHat Company to add Red Hat storage product roadmaps to the IBM Storage business unit across cloud and on-premises infrastructure.
July 2022: Dell Inc. had launched software-driven modern storage solutions for healthcare sector to drive increased cyber resiliency, automation, intelligence, and multi-cloud flexibility.Figure 1: Healthcare Data Storage Market, by Type, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Additionally, flash storage is a type of non-volatile storage that uses flash memory to store and retrieve data. This technology has revolutionized the storage industry by providing faster data access, lower power consumption, and increased durability compared to traditional hard disk drives (HDDs). The demand for flash storage has been growing rapidly over the years, driven by the increasing demand for high-performance storage solutions in healthcare sector.
Healthcare data Storage System Insights
Based on storage system, the healthcare data storage industry has been segmented into storage area network and direct-attached storage. Storage Area Network (SAN) is a high-speed network that provides access to consolidated, block-level data storage. It is used by various enterprises to provide centralized storage for servers, applications, and data. The SAN has been growing rapidly over the years, driven by the increasing demand for scalable, reliable, and high-performance storage solutions.
With the growing volume of data being generated every day, there is a need for storage solutions that can provide fast and reliable access to data. SAN technology has the advantage of being able to provide fast and reliable access to data, making it ideal for enterprise storage applications. As more and more businesses move their data to the cloud, there is a need for storage solutions that can support cloud-based applications. SAN technology can be used to provide centralized storage for cloud-based applications, providing a scalable and reliable storage solution.
Healthcare data storage Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Healthcare data storage market accounted for USD 8.81 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the rising adoption of cloud based storage technology across the region.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: HEALTHCARE DATA STORAGE MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe healthcare data storage market accounts for the second-largest market share due to the availability of cutting-edge treatment facilities, government backing for the growth of the healthcare industry, an ageing population, and an increase in incidence of degenerative disc disease, rheumatoid arthritis, and osteoarthritis. Further, the Germany healthcare data storage market held the largest market share, and the UK healthcare data storage market was the fastest growing market in the European region
The Asia-Pacific Healthcare data storage Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to increased rates of osteoarthritis and degenerative disc disease, the rapidly growing medical tourism industry, and rising healthcare costs. Moreover, China healthcare data storage market held the largest market share, and the India healthcare data storage market was the fastest growing market in the Asia-Pacific region
For instance, India healthcare data storage market is the favored destination for medical travelers due to the availability of surgeons, cutting-edge technology, & cost-effective treatments. On the other hand, Singapore is famous for the presence of well-trained doctors, state-of-the-art facilities, and quality care. As per the data cited in the Medical Tourism Index 2022-21 published by Medical Tourism Association in July 2022, Singapore is ranked at 2nd position, Japan at 3rd, India at 10th, South Korea at 14th, and China at 33rd out of the top 46 international healthcare destinations. Hence, Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2022–2030.
Healthcare data storage Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the healthcare data storage market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the healthcare data storage industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the healthcare data storage industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, healthcare data storage industry has provided medicine with some of the most significant benefits. The healthcare data storage market major player such as Medtronic Inc (Ireland), Abbott Laboratories (US), Stryker Corporation (US), and others are working to expand the market demand by investing in research and development activities.
Medtronic Inc. (Ireland) is a healthcare solutions company committed to improving the lives of people through medical technologies, services, and solutions. With Covidien, the company has accelerated and advanced its ability to create meaningful innovations for hospitals, health systems, and healthcare providers to deliver the best care possible to patients and their families worldwide. In September 2022, Medtronic expanded its minimally invasive spine surgery ecosystem with next-generation spinal technologies. Medtronic added three new products to the portfolio: Catalyft PL and PL40, Space-D Access System, and Accelerate Graft Delivery System with Grafton DBF.
Also, Nuvasive, Inc. (US) is a medical device company that focuses on developing, manufacturing, and selling procedural solutions for spine surgery. The company supports spine surgery through a non-profit organization called the NuVasive Spine Foundation, which is dedicated to facilitating service projects that bring life-changing spine surgery to underprivileged communities around the world. In February 2022, NuVasive, Inc. acquired Simplify Medical, Inc. (US), which develops simplified artificial cervical discs for Cervical Total Disc Replacement (cTDR). The deal was closed at USD 150 million. The acquisition enables NuVasive, Inc. to provide an advanced cervical portfolio to leading surgeons worldwide.
Key Companies in the healthcare data storage market includes
Healthcare data storage Industry Developments
November 2020:NuVasive, Inc. recieved 510(k) approval from the US Food and Drug Administration (FDA) for expanded indications for the CoRoent Small Interlock system. The market has grown because of this commonly performed surgery to treat cervical disc degeneration or spinal instability
November 2020:DePuy Synthes launched the SYMPHONY Occipito-Cervico-Thoracic (OCT) System, expanding its offering for the surgical treatment of conditions in the neck and upper back. It includes a differentiated offering of instruments and implants designed to stabilize the spine in patients.
September 2020:NuVasive, Inc. launched of modulus cervical, a porous titanium interbody implant for cervical applications. The availability of modulus cervical expands its Advanced Materials Science (AMS) portfolio and accelerates market growth
Healthcare data storage Market Segmentation
Healthcare data storage Type Outlook
Healthcare data storage Type Outlook
Healthcare data storage Surgery Outlook
Healthcare data storage End User Outlook
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Orthopedic Clinics
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Multispecialty Hospitals
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Neurology Clinics
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Others
Healthcare data storage Regional Outlook
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
| Report Attribute/Metric |
Details |
| Market Size 2022 |
USD 1.93 billion |
| Market Size 2023 |
USD 22.19 billion |
| Market Size 2032 |
USD 69.32 billion |
| Compound Annual Growth Rate (CAGR) |
15.3% (2023-2032) |
| Base Year |
2022 |
| Market Forecast Period |
2023-2032 |
| Historical Data |
2019 - 2021 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Product Type, Operating Platforms, and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered |
The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
Medtronic Inc (Ireland), Abbott Laboratories (US), Stryker Corporation (US), DePuy Synthes (US), B. Braun Melsungen AG (Germany), NuVasive, Inc (US), Zimmer Biomet (US), Orthofix (US), and Globus Medical (US) |
| Key Market Opportunities |
Emergence of biomaterial healthcare data storage implants |
| Key Market Dynamics |
Rising prevalence of cervical spondylosis in corporate professionals Growing cases of cervical injuries in automobile crashes |
Healthcare Data Storage Market Highlights:
Frequently Asked Questions (FAQ) :
The healthcare data storage market size was valued at USD 19.25 Billion in 2022.
The market is projected to grow at a CAGR of 15.3% during the forecast period, 2023-2032.
North America had the largest share in the market
The key players in the market are Medtronic Inc (Ireland), Abbott Laboratories (US), Stryker Corporation (US), DePuy Synthes (US), and B. Braun Melsungen AG (Germany).
The anterior healthcare data storage category dominated the market in 2022.
The minimally invasive spine surgery had the largest share in the market.
