by Global healthcare sector has witnessed an exponential growth in terms of data generation majorly driven by rising healthcare expenditure, adoption of precision medicine and proliferation of mobile health apps and wearables. Advancements in diagnostic tools and imaging technologies have enabled healthcare providers to capture intricate patient medical details that now needs to be securely stored and easily accessed.
The Global Healthcare Data Storage Market Size is estimated to be valued at US$ 3.74 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the Healthcare Data Storage are Dell Inc., NetApp, Hewlett Packard Enterprise (HPE), IBM, Pure Storage, Hitachi, Ltd., Western Digital, Scality, Quantum, Drobo, Tintri, Cloudian, Excelero, StorONE, DataCore Software, Pure Storage, Inc., and Infortrend Technology Inc. These players are focusing on developing high-performance storage solutions tailored for unstructured healthcare data.
Growing technological advancement in precision medicines and genomics is expected to generate huge amount of complex data that needs to be securely stored for longer duration. This presents lucrative growth opportunities for healthcare data storage providers to develop scalable solutions.
North America dominated the global healthcare data storage market in 2022. However, Asia Pacific region is expected to witness highest CAGR during the forecast period driven by increasing healthcare expenditure, digitization of healthcare processes and supportive government initiatives in major countries like India and China.
Market Drivers
Proliferation of digital healthcare records and imaging: Adoption of electronic health records and Picture archiving and communication systems have enabled easy sharing of patient’s data among different healthcare facilities. However, this has led to exponential surge in volume of stored healthcare data presenting the need for scalable and high performance data storage solutions.
PEST Analysis
Political: With increasing healthcare reforms and implementation of favorable regulations towards digitization of healthcare data in many regions, the market is expected to witness growth.
Economic: Rising healthcare expenditure globally and investments in healthcare IT infrastructure is positively impacting the demand.
Social: Growing digitization and need for secure storage of critical patient data is a key social trend driving the adoption of data storage solutions in the healthcare sector.
Technological: Advancements in data storage technologies such as cloud, hyperconverged infrastructure and big data analytics are supporting organizations to efficiently manage vast volumes of healthcare information. Emerging technologies in healthcare industry are also stimulating data storage requirements.
Geographical regions where market is concentrated in terms of value
North America dominates the global healthcare data storage market and holds the highest market share currently. This is attributed to factors such as the region being an early adopter of digital transformation and IT solutions across healthcare facilities. Additionally, presence of leading data storage solution providers and advanced healthcare infrastructure are driving the North American market.
Asia Pacific is the fastest growing region for the global healthcare data storage market.
The Asia Pacific market is experiencing rapid growth due to increasing government initiatives towards development of digital healthcare systems, growing healthcare expenditure, rising medical tourism and expansion of private hospitals & clinics in developing nations. Additionally, emergence of regional data center providers and need for secure management of patient records is propelling the APAC healthcare data storage industry.
What Are The Key Data Covered In This Global Healthcare Data Storage Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Global Healthcare Data Storage’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Global Healthcare Data Storage and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Global Healthcare Data Storage Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Global Healthcare Data Storage vendors
FAQ’s
Q.1 What are the main factors influencing the Global Healthcare Data Storage?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Global Healthcare Data Storage companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Global Healthcare Data Storage’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
