Healthcare Data Storage Market Growing at an Impressive Rate: Projected to Reach Worth USD 6.12 Billion in 2027
Noida, Feb. 25, 2021 (GLOBE NEWSWIRE) — According to a recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting , the global healthcare data storage market was worth USD 3.08 billion in 2020 and is further projected to reach USD 6.12 billion by 2027 at a CAGR of 10.7% during the forecast period 2021-2027. Healthcare organizations across the world are investing a significant amount in upgrading their storage IT infrastructure to make it more versatile and robust so as to satisfy the growing demand in the healthcare sector. Organizations often face difficulties in managing clinical data created by connected medical devices, patient data generated by hospitals, and other health-related records. The growth of the market is expected to be influenced by factors such as huge volumes of digital data produced in healthcare institutions, the fast and simple introduction of cloud storage solutions, expanded use of electronic medical records (EMR), computerized provider order entries (CPOE), and the acceptance of hybrid data storage solutions.
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Introduction of the interoperable system and cloud-based computing system in the healthcare sector
The introduction of the interoperable system and cloud-based computing system for detecting diseases is a major driving force of the healthcare data storage market. The demand for early disease detection is rising globally. The computing revolution has given rise to the concept of cloud computing, which uses software, infrastructure, and platform as services. The U.S. National Institute of Standards and Technology studies states that cloud computing is a model for enabling ubiquitous, convenient access to a shared pool of configurable computing resources. For instance, HealthVault launched by Microsoft is a web-based Personal Healthcare Record system used for storing and managing health information. A lot of particular third-party applications, viz., blood pressure management tools, and medical image viewers, as well as hundreds of devices such as blood glucose meters and blood pressure monitors, are compatible with this platform to record health data in the healthcare sector. Moreover, the growing technological advancements devised for improving IT infrastructure, namely the implementation of IoT, artificial intelligence, and Big Data are some of the significant factors that are propelling the market growth. Additionally, cloud computing offering large scalable computing and storage services, along with data sharing services, on-demand 24/7 access to applications and resources in healthcare is driving the adoption of data storage in the healthcare sector.
Increasing Research & Development for Product Development
The rising number of clinical trials, especially the growth in outsourcing of Phase III and Phase II trials clinical trials, along with the growth in collaborations between key players and clinical service providers to minimize mechanical failures are the key factors driving the global healthcare data storage market.
ClinicalTrials.gov currently lists 367,663 studies in all 50 States and 219 countries as of January 2021. The geriatric population and the subsequent increase in the prevalence of chronic diseases, along with the development of new drugs and growing acceptance of evidence-based medicine for various therapeutic areas are accelerating the demand for more clinical research. Consequently, the growing need for more data storage by clinical research organizations for securing their data is fueling the demand for the global healthcare data storage market.
Flash-and Solid-State Storage type segment held the largest share in the global healthcare data storage market in 2020
Based on type, the global healthcare data storage market comprises flash and solid-state storage, and magnetic storage. The Flash and solid-state storage type segment held the largest share in the global healthcare data storage market in 2020. The high capacity of flash and solid-state compared to magnetic disks is driving its demand. Additionally, the price of flash drives and solid-state drives has declined significantly, leading to increased end-user adoption.
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An immense amount of substantial health care data comes with the outbreak of the COVID-19 pandemic. Huge volumes of data have been gathered from the number of reported cases coming from different countries and hospitals. For policymakers making strategic choices at the peak of this pandemic, it is crucial to exploit data-driven information in real-time, but many healthcare companies are unable to quickly and accurately harness the vast data sources to fulfill the healthcare industry’s demands.
Data teams globally are mobilizing the gathered data to help tackle the pandemic’s most important challenges in response to this threat. Modern data systems offer powerful computing resources that enable analysts, physicians and hospital executives, government, and pharmaceutical companies to compile and interpret different databases and provide decision-makers with actionable insights.
For most hospital systems, digital transformation has been a slow burn, but Covid-19 has sparked an increased initiative, especially in the shift towards integrated health records analytics. Advanced hospitals nowadays use different Electronic Health Record (EHR) systems with complex architectures for data storage and analytics. These complex structures often fail to communicate quickly, making it impossible to gather all the data that would provide a full image of a patient.
Data analytics technology also lets government departments easily generate up-to-date data sets at the state level and execute statistical models. It also helps them distribute money optimally, provide knowledge to public health testing activities, and effectively curtail the spread of Covid-19.
The pandemic has highlighted how the speed of data processing and interpretation is crucial for technological modernization. Cutting-edge infrastructure environments such as cloud data lakes empower companies in healthcare and life sciences to empower real-time data processing, while notebooks make it easier for data scientists to share knowledge and research with their colleagues.
Global Healthcare Data Storage Market: Regional Insights
The global healthcare data storage market is segmented into five regions—North America, Europe, the Asia-Pacific, Latin America, and the Middle-East & Africa.
North America witnessed the largest share in the market owing to the use of innovative solutions by clinics and hospitals for maintaining patient data and the availability of the most advanced healthcare information technology solutions. Europe holds the second-largest share in the global healthcare data storage market and is likely to maintain its place during the forecast period owing to the presence of several healthcare businesses providing diagnosis and treatment products, thereby driving the market for healthcare data storage IT solutions. Additionally, the emergence of a large patient population suffering from arthritis, diabetes, and cancer is further driving the market growth.
The Leading Players in The Market- Hitachi (Japan), Schneider Electric (France), Siemens (Germany), Mitsubishi Electric (Japan), General Electric (US), Eaton (Ireland), Varentec (US), Amantys (UK), Ermco (US), SPX Transformer Solutions (US), ABB, GridBridge, Cloudian, and other prominent players.
Cloudian (US)- Cloudian US is one of the leading service providers of healthcare data storage that helps manage, secure, and retain huge volumes of patient data, including scans, MRI, X-rays, and other relevant reports. Cloudian provides fast and futureproof S3 object storage. It has also partnered with green cloud technologies, a VMware cloud service provider, to facilitate the storage of healthcare data up to 50 Tb.
Scope of the Report
- Flash & Solid-State Storage
- Magnetic Storage
By Storage System
- Storage Area Network
- Direct-Attached Storage
- Network-Attached Storage
- Pharmaceutical & Biotechnology Companies
- Hospitals & Clinics
- Research Centers
- The Asia-Pacific
- North America
- The Middle East & Africa
- Latin America
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