The global healthcare data storage market is projected to touch US$ 48.2 billion at a 13.9 per cent CAGR during 2019-2025, as per the recent Market Research Future (MRFR) report. Healthcare data storage are software solutions that are utilised by diagnostic centres, clinics, and hospitals for storing patient data that can be used in the future. These solutions are used by healthcare companies to store data about manufacturing products and their processes.
The growth of the global healthcare data storage market is determined by numerous factors such as an increasing patient database due to the increasing number of surgeries, increasing clinical trials, and research activities to develop innovative products. Also, the decreasing paper use to maintain patient information increases the demand for healthcare data storage solutions. However, the key factors such as data infringement, cyberattacks and high cost of healthcare data storage solution hamper the market growth.
Regional Analysis
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East and Africa.
Americas has been segmented into North America and Latin America, with the North American market being divided into the US and Canada. The Americas is projected to hold the largest market share owing to the increasing burden of clinical data, which is challenging to handle drives the market growth during the forecasted period.
The European healthcare data storage market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Italy, Germany, Spain, France, the UK, and the rest of Western Europe. The healthcare data storage market in Asia-Pacific has been segmented into Japan, India, China, Australia, South Korea, and the rest of Asia-Pacific. Due to the rising geriatric population and the presence of a large patient pool, the market in Asia-Pacific is expected to be the fastest-growing. The healthcare data storage market in the Middle East and Africa has been divided into the Middle East and Africa.
Segmentation
The global healthcare data storage market has been segmented based on solution, application, architecture, type, storage system, and end user.
The market, based on solution, has been divided into on-premise, cloud, and hybrid data storage. On-premise is likely to hold the maximum market share in the global healthcare data storage market.
The global healthcare data storage market on the basis of application has been segregated into the clinical analysis, financial analysis, and operational analysis. The clinical analysis segment is expected to hold a larger share of the market share owing to the rising number of hospitals, clinics, and diagnostic centres. Clinical analysis is further sub-segmented into clinical decision support, quality control, reporting and compliance, population health management, and precision health. The financial analysis is further segmented into revenue cycle management, claim processing, risk adjustment and assessment, and others. On the basis of architecture is segmented into file storage, object storage, and block storage.
Based on type, the market is segmented into flash and solid-state storage and magnetic storage. The magnetic storage is further sub-segmented into magnetic disks and magnetic tapes. On the basis of storage system, the market is segmented into storage area network and network-attached storage direct-attached storage.
The end-user segment of the market consists of hospitals and clinics, pharmaceutical and biotechnology companies, clinical/contract research organisations (CROs), and contract manufacturing organisations (CMOs), and others.
Key Players
According to the research report, some of the key players in the global healthcare data storage market are 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), and Carestream Corporation (US).
