Healthcare Data Storage Market is expected to cross USD 48.2 Billion by 2025 at a CAGR of 13.9%.
The healthcare organizations are investing a huge amount in building their IT infrastructures to make it more flexible and scalable to meet the increasing data demand. The organizations are facing challenges to manage the clinical data generated by connected medical devices, hospital patient data, and other information related to health.
IT companies are developing innovate solutions for healthcare companies to manage and utilize their data smoothly to improve patient care. For instance, in 2018 Dell Inc. one of the largest software company launched Dell EMC PowerMax which is the fastest storage solution used across various industries, including banks, cloud service providers and healthcare companies. Additionally, in February 2019, Pure Storage launched ObjectEngine, a data protection platform. The launching of a technologically advanced solution for data storage and strategic collaboration among the companies is projected to boost market growth.
Increasing use of electronic medical records (EMR) and computerized provider order entries (CPOE) to reduce the time and increase the efficiency drives the healthcare data storage market.
- Increasing the burden of healthcare data in hospitals, clinics, diagnostic centers, and healthcare manufacturing companies increase the demand for a storage solution.
- Increasing demand for software to store the clinical data safely for analyzing information in the healthcare environment and for efficient quality of treatment.
- Growing collaboration between healthcare and IT companies to develop innovative cloud-based solutions for managing healthcare data
- Government support by mandating the use of the IT sector in the healthcare industry for the maintenance of patient’s electronic health records drives market growth.
- Increasing the adaption of electronic medical records” and “electronic health record (EMI/EHR) that contain the medical and treatment history of patients supports the growth of the healthcare data storage market. According to the updated factsheet of 2017 published by the Centers for Disease Control and Prevention, it was estimated that ~86.9% of the office-based physicians used EMR/EHR systems.
- Data security concerns, increasing healthcare fraud and cyber-attacked hampers the market growth
- The high cost of implementing EMR & EHR followed by the need for training restrains the market growth
- On-Premise: It is the largest segment by solution. On-premise models use the organization’s computing possessions and require only a license from the vendor. This solution is installed and operated in the organization.
- Cloud: Cloud-based software is installed and managed through a vendor’s cloud computing infrastructure and accessed by users through the internet.
- Hybrid Data Storage: The hybrid data storage comprises both it can be operated using vendors' infrastructure or organization’s computing possessions.
- Clinical Analysis: It is the largest segment by application. This holds the largest market share owing to the increasing demand for software and solutions to maintains and analyze healthcare data such as patient information, medication related to the patient, patient history, and other information of providing better care and treatment to the patient.
- Financial Analysis: It is the fastest-growing segment by application. The hospitals and clinics use this data storage software for billing, to understand the revenue cycle, and to store information about the patient insurance process.
- Operational Analysis: In operational analysis, the data storage is used in the administrating process. The information about patient appointments, doctor visits, and other events.
- Object Storage: It is the largest segment by architecture. Object storage can accommodate unstructured data with relative ease. This makes it a perfect fit for the big data needs of organizations in finance, healthcare, and beyond.
- File Storage: It is an old method to store data using simple approach. Many companies demand centralized and easy to use and accessible way to store files. It is preferred by small businesses as it is cost-effective compared to other data storage approaches.
- Block Storage: Is a conventional storage system that stores the data in singular blocks. It has a fix storage capacity. It is the most commonly used storage type.
- Flash & Solid-State Storage: It is estimated to be the largest segment by type. It is expected to grow at the fastest pace owing to the high capacity of flash and solid-state compared to magnetic disks. In addition, the price of flash drives and solid-state drives has declined significantly, leading to increased end-user adoption.
- Magnetic Storage: It is a form of non-volatile memory stored in a magnetic material. The magnetic storage is sub-segmented into magnetic disks and magnetic tapes.
By Storage System
- Storage Area Network: It is the largest segment by the storage system. The storage area network is a bunch of disks that connect to a bunch of servers over fiber optics.
- Direct-Attached Storage: It is directly connected to the computer system. These systems are ideal for small businesses to share local data.
- Network-Attached Storage: It is a single server that shares its own storage over the network. It operates on data file.
By End User
- Hospitals and Clinics: Holds the largest market share by end users. The key factors driving the market growth are increasing demand for advance software for data storage, significant demand for patient medical records for drug discovery.
- Pharmaceutical & Biotechnology Companies, CROS, and CMOS: It is the fastest-growing segment. There is an increase in demand for healthcare storage solutions in healthcare companies to store research and development data, product information and operate data.
- Others: Covers the diagnostic & clinical laboratory centers.
- Americas: The Americas is the largest regional market owing to the availability of advanced healthcare information technology (IT) solutions, the adaption of innovative solution by hospitals & clinics to maintain patient data in this region is likely to drive the growth of the market during the assessment period.
- Europe: Europe has a large number of healthcare companies providing diagnostic and treatment products which increase the demand for IT solution for healthcare data storage, also the huge patient population suffering from chronic diseases such as cancer, diabetes, arthritis that develops huge clinical database which is difficult to handle increases the demand for healthcare data storage solutions in this region.
- Asia-Pacific: The fastest-growing regional market for healthcare data storage, owing to the rapid development in technology, the presence of developing countries such as India, Japan, China, and others, boosts market growth.
- Middle East & Africa: The developing healthcare infrastructure and growing technological advancement in healthcare IT boost the market growth in this region.
- DataCore Software (US)
- Dell Inc. (US)
- IBM Corporation (US)
- NetApp (US)
- Hewlett Packard Enterprise (HPE)(US)
- Pure Storage (US)
- Hitachi (Japan)
- Western Digital (US)
- Nuance Communications, Inc (US)
- Carestream Corporation (US)
USD 48.2 Billion
Value (USD Billion)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
By Solutions, By Application, By Architecture, By Type, By Storage System and By End User
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
DataCore Software (US), Dell Inc. (US), IBM Corporation (US), NetApp (US), Hewlett Packard Enterprise (HPE)(US), Pure Storage (US), Hitachi (Japan), Western Digital (US), Nuance Communications, Inc (US), Carestream Corporation (US)
Key Market Opportunities
Technological advancement in healthcare ITIncreasing use of electronic medical records (EMR) and computerized provider order entries (CPOE)
Key Market Drivers
Demand for software to store the clinical data safely, storage solutionInnovative cloud-based solutions for managing healthcare dataAdaption of electronic medical records” and “electronic health record (EMI/EHR)
Frequently Asked Questions (FAQ) :
The Global Healthcare Data Storage Market is expected to reach USD 48.2 billion by 2025.
Global Healthcare Data Storage Market is expected to exhibit a strong 13.9% CAGR over the forecast period from 2019 to 2025.
Increasing investment in IT infrastructure development from healthcare sector players is likely to be the major driver for the Healthcare Data Storage Market.
The Americas is the largest regional market for Healthcare Data Storage Market.
Leading players in the Healthcare Data Storage Market include Dell, NetApp, and IBM, among others.
This table of content is tentative and subject to change as the research progresses.
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