Austin, Oct. 25, 2024 (GLOBE NEWSWIRE) -- “According to SNS Insider, The Healthcare Data Storage Market Size was valued at USD 4.7 billion in the year 2023 and it is expected to reach USD 15.54 billion by the end of the year 2032, with a compound annual growth rate (CAGR) of 14.23% during the forecast period from 2024 to 2032.”
Market Overview
The Healthcare Data Storage Market will contain numerous solutions that are designed to hold such a vast amount of data produced within the healthcare industry. Estimates indicate that healthcare organizations are generating around 30 petabytes of data annually and this number is anticipated to skyrocket further due to an increase in the digitization of health records and a growth in the use of telehealth services. Increased volumes of EHRs, medical imaging, and patient monitoring systems have created a pressing demand for secure data storage options.
Electronic health records, medical imaging, and telemedicine have created a new challenge related to the efficient management of data. Healthcare providers face an ever-increasing demand to safely store patient information while being sure that the solutions applied provide compliance with the stringent regulations devised to protect such information. In this regard, the market is increasingly looking towards innovative storage options that deal directly with such challenges. There is the need to fulfill the requirements of innovative cloud-based and hybrid storage solutions, and the growth in the number of healthcare providers adopting digital solutions at an increased rate necessitates an effective system of storage of data, hence driving growth in the market.
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Key Healthcare Data Storage Companies
- Dell
- IBM Corporation
- NetApp
- Hewlett Packard Enterprise Development LP
- Pure Storage Inc.
- Hitachi Ltd.
- Toshiba Corporation
- Western Digital Corporation
- Scality
- Huawei Technologies Co. Ltd.
- Fujitsu
- Samsung
- Drobo
- Tintri
- Cloudian
Healthcare Data Storage Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 4.7 Billion |
| Market Size by 2032 | US$ 15.54 Billion |
| CAGR | CAGR of 14.23% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Segment Analysis
By Type of Storage
Cloud-based storage dominated the segment, with over 55.0% share in 2023. Its growth has been largely attributed to its scalability, cost-effectiveness, and advanced features towards security aspects. Cloud storage solutions make it most appropriate for healthcare organizations embracing digital platforms, especially in delivering telemedicine and remote patient care services. Cloud-based storage solutions support healthy providers by offering high-capacity data storage safely. Healthcare professionals are facilitated to access such secure storage seamlessly from their locations.
By Deployment Model
In 2023, more than 45.0% of the market share for healthcare storage of data has been within the private cloud model. This is major because of their capabilities of providing more sophisticated security as well as higher levels of control. These capabilities are mainly identified to be significantly necessary to provide HIPAA compliance along with other such stringent requirements. Private cloud solutions provide organizations, more so healthcare organizations with committed resources that enhance the levels of data protection and privacy required to handle sensitive patient information.
By End User
Hospitals constituted the largest end-user segment in 2023 and held more than 60.0% market share. The tremendous volumes of data in hospitals, which include EHRs and medical imaging, necessitate advanced and secure data storage solutions in hospitals. With the high adoption of digital health solutions in hospitals combined with the need for real-time patient information, strong data storage systems are in big demand. Due to digitizing hospital operations and embracing innovative technologies, the requirement for reliable data storage solutions is likely to increase.
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Healthcare Data Storage Market Key Segmentation:
By Type of Storage
- On-premise storage
- Cloud-based storage
- Hybrid storage
By Deployment Model
- Public cloud
- Private Cloud
- Hybrid cloud
By End User
- Hospitals
- Clinics
- Research institutions
- Pharmaceutical companies
- Others
Regional Analysis
In 2023, North America would have remained the market leader in terms of accumulated healthcare data storage, as enormous amounts of unstructured healthcare data are accumulated in the region at a rapid pace. The high generation of demand for investments in healthcare digital health technologies, coupled with rapid technological advancements and an established healthcare infrastructure within the region, can be considered major contributors to such growth in the region. North America is home to major players such as Dell, IBM, and Amazon Web Services, which deliver advanced data storage solutions optimized for healthcare organizations. The adoption of telehealth services along with increasing importance on data security and compliance is further helping the market grow in this region.
Recent Developments
- July 2024: Microsoft has expanded its Healthcare Data Services by adding AI-driven analytics tools that enhance the prediction of patient outcomes. This will give providers of healthcare a chance to make more informed decisions through better use of their data.
- June 2024: Amazon Web Services unveiled an advanced data archiving solution tailored for healthcare organizations, with enhanced encryption and automated checks of compliance. The new solution aims to provide streamlined storage with integrity and security.
Hence, the Healthcare Data Storage Market is poised to grow rapidly with growing data volumes in healthcare organizations, the adoption of more digital health solutions, and a need for secure, compliant storage for the collection. The market is expected to address the varied needs of the healthcare sector by evolving to focus on cutting-edge technologies and advanced analytics, paving the way for improved patient care and operational efficiency.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
- Adoption Rates, 2023
- User Demographics, By User Type and Roles, 2023
- Feature Analysis, by Feature Type
- Cost Analysis, by Software
- Integration Capabilities
- Regulatory Compliance, by Region
6. Competitive Landscape
7. Healthcare Data Storage Market Segmentation, by Type of Storage
8. Healthcare Data Storage Market Segmentation, by Delivery Model
9. Healthcare Data Storage Market Segmentation, by End User
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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