Healthcare Data Storage Market Summary
As per Market Research Future Analysis, the Healthcare Data Storage Market was valued at USD 22.19 billion in 2023 and is projected to grow from USD 25.58 billion in 2024 to USD 69.32 billion by 2032, with a CAGR of 13.27% during the forecast period. Key drivers include the rising adoption of hybrid data storage solutions and the increasing volume of digital data in the healthcare sector. The market is witnessing a shift towards cloud-based storage solutions due to their cost-effectiveness, scalability, and enhanced data security. The clinical analysis segment is expected to dominate and grow rapidly, driven by the demand for efficient storage solutions and the adoption of electronic health records (EHRs).
Key Market Trends & Highlights
The healthcare data storage market is evolving with significant technological advancements and increasing demand for secure data management.
- Market Size in 2023: USD 22.19 billion
- Projected Market Size by 2032: USD 69.32 billion
- CAGR from 2024 to 2032: 13.27%
- Majority Share in 2022: On-premise storage held over 50% of market revenue
Market Size & Forecast
2023 Market Size: USD 22.19 billion
2024 Market Size: USD 25.58 billion
2032 Market Size: USD 69.32 billion
CAGR (2024-2032): 13.27%
Largest Regional Market Share in 2022: North America
Major Players
Key companies include Medtronic Inc (Ireland), Abbott Laboratories (US), Stryker Corporation (US), NuVasive, Inc (US), and others.
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.Â
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.Â
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, Market Research Future Database and Analyst Review
In June 2024, Cognizant introduced a series of healthcare large language model (LLM) solutions using Google Cloud's generative AI (genAI) technology. These solutions, which utilize Cognizant's Vertex AI platform and Gemini models, are designed to enhance healthcare administrative operations and enhance user experiences. Within a complex ecosystem with growing demands on healthcare systems, the incorporation of genAI solutions is a crucial development that provides efficiency and adaptability to the intricate network of activities in the industry.
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.Â
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, 2024-2032. 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.Â
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 & 2032 (USD Billion)Â
Source: Secondary Research, Primary Research, Market Research Future 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.Â
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, Market Research Future 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 2024 to 2032. 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.Â
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 2024–2032.
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.Â
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.Â
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.Â
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
- B. Braun Melsungen AG (Germany)
- Globus Medical (US), among others
Healthcare Data Storage Market Industry Developments
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Q2 2024: Dell Technologies and Siemens Healthineers Announce Strategic Partnership to Advance Healthcare Data Management Dell Technologies and Siemens Healthineers announced a strategic partnership to deliver integrated healthcare data storage and management solutions, aiming to help healthcare providers securely store, manage, and analyze growing volumes of medical data.
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Q2 2024: Pure Storage Launches New FlashArray//XL for Healthcare Data Storage Pure Storage introduced the FlashArray//XL, a new high-performance storage solution designed to meet the demanding needs of healthcare organizations managing large-scale electronic health records and medical imaging data.
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Q2 2024: Cloudian and Veeam Expand Partnership to Deliver Ransomware Protection for Healthcare Data Cloudian and Veeam announced an expanded partnership to provide healthcare organizations with enhanced ransomware protection and backup solutions for critical patient data storage.
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Q2 2024: Scality Selected by French Hospital Group for Multi-Petabyte Healthcare Data Storage Scality announced that a major French hospital group selected its RING object storage platform to manage and protect multi-petabyte volumes of medical imaging and patient data.
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Q1 2024: NetApp Launches New Data Storage Solutions for Healthcare Providers NetApp unveiled new data storage solutions tailored for healthcare providers, focusing on secure, scalable storage for electronic health records and compliance with healthcare regulations.
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Q1 2024: Hitachi Vantara Partners with Cerner to Modernize Healthcare Data Storage Infrastructure Hitachi Vantara announced a partnership with Cerner to modernize healthcare data storage infrastructure, enabling faster access to patient records and improved data security.
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Q2 2024: IBM Launches Hybrid Cloud Data Storage Platform for Healthcare IBM introduced a new hybrid cloud data storage platform designed specifically for healthcare organizations, offering enhanced data security, compliance, and scalability for managing sensitive patient information.
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Q2 2024: Philips and Google Cloud Expand Partnership to Accelerate AI-Powered Healthcare Data Solutions Philips and Google Cloud expanded their partnership to accelerate the development and deployment of AI-powered healthcare data storage and analytics solutions for hospitals and health systems.
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Q1 2024: Quantum Corporation Wins Major Contract to Provide Data Storage for National Health Service Quantum Corporation secured a multi-year contract to supply advanced data storage solutions for the UK's National Health Service, supporting the secure management of patient records and medical imaging.
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Q2 2024: Wasabi Technologies Raises $250 Million to Expand Healthcare Data Storage Offerings Wasabi Technologies announced a $250 million funding round to accelerate the expansion of its cloud-based healthcare data storage services, targeting hospitals and research institutions.
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Q1 2024: Dell Technologies Opens New Healthcare Data Storage Facility in Ireland Dell Technologies opened a new data storage facility in Ireland dedicated to serving European healthcare providers, offering secure, compliant storage for sensitive medical data.
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Q2 2024: Veritas Technologies Appoints New Head of Healthcare Data Storage Division Veritas Technologies announced the appointment of a new executive to lead its healthcare data storage division, aiming to drive innovation and growth in secure medical data management.
Healthcare data storage Market Segmentation
Healthcare data storage Type Outlook
- Anterior Interbody Fusion
- Anterior Healthcare data storage
Healthcare data storage Type Outlook
Healthcare data storage Surgery Outlook
- Minimally Invasive Spine Surgery
Healthcare data storage End User Outlook
Healthcare data storage Regional Outlook
| Report Attribute/Metric |
Details |
| Market Size 2023 |
USD 22.19 billion |
| Market Size 2024 |
USD 25.58 billion |
| Market Size 2032 |
USD 69.32 billion |
| Compound Annual Growth Rate (CAGR) |
13.27% (2024-2032) |
| Base Year |
2023 |
| Market Forecast Period |
2024-2032 |
| 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 22.19 Billion in 2023.
The market is projected to grow at a CAGR of 13.27% during the forecast period, 2024-2032.
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.
