Global Healthcare Data Storage Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)
Global Healthcare Data Storage Market is Segmented By Type (Direct Attached Storage , Network Attached Storage (NAS), Storage Area Network), By Archit....
Global Healthcare Data Storage Market Size
Market Size in USD Bn
CAGR16.9%
| Study Period | 2023 - 2030 |
| Base Year of Estimation | 2022 |
| CAGR | 16.9% |
| Fastest Growing Market | Europe |
| Largest Market | North America |
| Market Concentration | High |
| Major Players | Dell Inc., NetApp, Hewlett Packard Enterprise (HPE), IBM, Pure Storage and Among Others. |
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Global Healthcare Data Storage Market Analysis
The healthcare data storage market is estimated to be valued at US$ 3.74 billion in 2023 and is expected to reach US$ 11.16 billion by 2030. It is expected to show a CAGR of 16.9% during the forecast period. Healthcare data storage refers to solutions and infrastructure used to store, manage, protect, and analyze the vast amounts of data generated in the healthcare industry. Key drivers include the growing volume of healthcare data, increasing adoption of electronic health records (EHRs), and favorable government regulations.
Healthcare Data Storage Market Drivers:
- Growing Data Volumes in Healthcare: The healthcare industry is experiencing exponential growth in data volumes, primarily driven by the increasing adoption of electronic health records (EHRs), the rise of wearable and remote patient monitoring devices, and the growth in medical imaging data from advanced modalities like magnetic resonance imaging (MRI) and PET scans. Managing and leveraging this deluge of patient health data requires robust and scalable data storage infrastructure, thereby driving the growth of the healthcare data storage market.
- Transition to Patient-centric Care: Healthcare systems around the world are transitioning from volume-based to patient-centric value-based care. This is increasing focus on technologies like big data analytics, artificial intelligence, and blockchain that require healthcare providers to consolidate and analyze huge amounts of patient data stored in different formats and systems. This is expected to significantly drive demand for advanced healthcare data storage solutions.
- Favorable Government Regulations: Government policies and regulations such as the Health Information Technology for Economic and Clinical Health (HITECH) Act in the U.S. are promoting the adoption of technologies like EHR and e-prescribing. This is encouraging healthcare organizations to modernize their storage infrastructure to accommodate increasing digitalization. Moreover, stringent data security regulations are also propelling the adoption of data storage solutions with advanced encryption and access controls.
Healthcare Data Storage Market Opportunities:
- Hybrid Cloud Adoption: Hybrid cloud solutions are gaining popularity as they allow healthcare organizations to optimize their storage performance and costs. Storing non-sensitive data on the public cloud while keeping critical data on-premises enables compliance with data privacy regulations while also enabling seamless data sharing across locations. As hybrid cloud models gain more traction, it is likely to emerge as an opportunity for vendors in the healthcare data storage market.
- Expanding Genomic Datasets: The decreasing costs and greater availability of genomic testing across clinical settings are leading to the exponential growth of genomic datasets globally. Effectively leveraging these datasets for precision medicine and clinical research requires highly scalable and secure data storage systems. This creates a significant opportunity for genomic data storage solutions tailored specifically for healthcare.
- Emergence of Data Lakes: Creating centralized data repositories or data lakes containing integrated health data from disparate source systems is gaining interest in healthcare. As more organizations implement data lakes on the cloud, the need for cost-effective and flexible storage solutions for unstructured data will rise. Data lakes represent a lucrative prospect for healthcare data storage vendors.
Healthcare Data Storage Market Restraints:
- Data Security and Privacy Concerns: The highly sensitive nature of healthcare data means that security is paramount during storage and transit. However, data breaches affecting cloud-based solutions present a major concern. Additionally, variability in data protection regulations across countries acts as a barrier to adoption in some regions. Data privacy issues could hinder market growth unless technological enhancements and policies evolve.
- Legacy Healthcare IT Systems: Many healthcare providers have legacy data management systems that are not compatible with new data storage platforms. Migrating to modern storage infrastructure requires significant time and monetary investments which can limit adoption. Vendors may also face challenges around integration and interoperability.
Global Healthcare Data Storage Market Trends
Adoption of All-flash Storage:
All-flash storage technology is displacing traditional hard disk drive (HDD) storage in healthcare owing to significant performance benefits like faster access to patient data, lower latency, and support for emerging workloads like AI. The declining prices of flash drives along with the rising need for real-time data accessibility is expected to drive the adoption of all-flash storage.
Healthcare Data Storage Market Regional Insights:
- North America is expected to be the largest market for healthcare data storage during the forecast period, accounting for over 36.9% of the market share in 2023. The growth of the market in North America is attributed to the high adoption of digital health solutions, the presence of key players such as Dell Inc., NetApp, Hewlett Packard Enterprise (HPE), IBM, and others, and increasing healthcare spending.
- Europe is expected to be the second-largest market for healthcare data storage, accounting for over 26.2% of the market share in 2023. The growth of the market in Europe is attributed to the growth of big data analytics, investments in healthcare IT infrastructure, and the growth of genomic datasets.
- Asia Pacific market is expected to be the third-largest market for healthcare data storage, accounting for over 22.0% of the market share in 2023. The growth of the market in Asia Pacific is attributed to the increasing adoption of EHR systems, government funding for healthcare IT, and the growth of medical tourism industry.
Figure 1. Global Healthcare Data Storage Market Share (%), by Region, 2023
Competitive overview of Global Healthcare Data Storage Market
The global healthcare data storage market included market players such as 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..
Global Healthcare Data Storage Market Leaders
- Dell Inc.
- NetApp
- Hewlett Packard Enterprise (HPE)
- IBM
- Pure Storage
Global Healthcare Data Storage Market - Competitive Rivalry, 2023
Global Healthcare Data Storage Market
(Dominated by major players)
(Highly competitive with lots of players.)
Recent Developments in Global Healthcare Data Storage Market
New product launches
- In September 2022, Pure Storage, Inc., a U.S.-based information technology (IT) company, announced that it had launched a new platform named FlashBlade, a platform that addresses the demands of unstructured data and is used for the management of healthcare data
- In September 2022, AGS Health, LLC, a healthcare service provider, announced that it had launched a new AGS AI Platform, a connected solution that blends artificial intelligence (AI) and automation to maximize revenue cycle performance and for storage of revenue for various healthcare organizations
Acquisition and partnerships
- In January 2022, Francisco Partners, a U.S.-based private equity firm focused exclusively on investments in technology and technology-enabled services businesses, announced that it had acquired healthcare data and analytics assets from IBM, a U.S.-based multinational technology company
Global Healthcare Data Storage Market Segmentation
- By Type
- Direct Attached Storage
- Network Attached Storage (NAS)
- Storage Area Network (SAN)
- By Architecture
- Block Storage
- File Storage
- Object Storage
- Hyperscale Storage
- Software-Defined Storage (SDS)
- Others
- By Deployment
- On-premise
- Cloud
- Hybrid
- By End User
- Healthcare Providers
- Healthcare Payers
- Pharmaceutical & Biotechnology Companies
- CROs & CDMOs
- Others
- By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East
- Africa
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Frequently Asked Questions :
What are the key factors hampering the growth of the healthcare data storage market?
Data security and privacy concerns and legacy healthcare IT systems are the key factors hampering the growth of the healthcare data storage market.
What are the major factors driving the healthcare data storage market growth?
Growing data volumes in healthcare and transition to patient-centric care are the major factors driving the healthcare data storage market growth.
Which is the leading type segment in the healthcare data storage market?
The leading type segment in the healthcare data storage market is Direct Attached Storage.
Which are the major players operating in the healthcare data storage market?
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..
What will be the CAGR of the healthcare data storage market?
The CAGR of the healthcare data storage market is expected to be 16.9% during 2023- 2030.