Increasing Demand for Data Security to Drive Healthcare Data Storage Market
The global Healthcare Data Storage Market Trends is expected to grow at a strong CAGR of 13.9% over the forecast period from 2019 to 2025, according to the latest research report from Market Research Future (MRFR). The global healthcare data storage market is expected to reach a valuation of USD 48.2 billion by 2025, according to the report.
Healthcare data storage has emerged rapidly on to the global consciousness in the last few years due to the growing awareness about the applicability and benefits of electronic data storage in the healthcare sector. The healthcare sector has become a major consumer of electronic data storage systems over the last few years due to the steady growth of the healthcare sector. The growth of the healthcare sector has made conventional paper-based data storage systems redundant, as the required volume has rapidly outstripped the availability of conventional data storage. This has led to a growing demand for electronic data storage over the last few years. This is likely to be a major driver for the global healthcare data storage market over the forecast period from 2019 to 2025.
The increasing demand for cloud architecture in healthcare data storage is likely to be a major driver for the global healthcare data storage market over the forecast period. Cloud has become the new must-have technology for healthcare industry players, as this allows for the easy storage of larger data sets. Cloud architecture also allows the clients to access any data point at any time, making it more valuable and useful for the clients. This is likely to drive the demand for cloud data storage systems over the forecast period. To this end, many healthcare agencies are looking to collaborate with IT companies to develop tailored, scalable cloud data storage systems. Government support for the use of advanced data storage resources in the healthcare sector, in the form of the requirement for healthcare agencies to utilize technological solutions for data storage, is also likely to be a major driver for the global healthcare data storage market over the forecast period from 2019 to 2025. On the other hand, the high costs of electronic data storage systems and the need for training the personnel are the major restrictions acting on the global healthcare data storage market.
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Competitive Leaderboard:
Leading players in the global healthcare data storage market include DataCore Software, Dell Inc., IBM Corporation, NetApp, Hewlett Packard Enterprise (HP), Pure Storage, Hitachi, Western Digital, Nuance Communications Inc., and Carestream Corporation. Major players in the global healthcare data storage market are looking to develop secure, scalable solutions for data storage in the healthcare sector. In February 2019, Pure Storage launched a new data protection platform called ObjectEngine. In 2018, Dell Inc. launched EMC PowerMax, a fast storage solution that has gained widespread usage in the healthcare as well as BFSI sectors. New product development is likely to remain a major tactic for players in the global healthcare data storage market over the forecast period.
Data security is a key concern for clients in the healthcare sector. Developing secure data storage platforms is thus likely to be a profitable avenue for players in the global healthcare data storage market to explore over the forecast period.
Segmentation:
The global healthcare data storage market is segmented on the basis of solution, application, architecture, type, storage system, end use, and region.
By solution, the global healthcare data storage market is segmented into on-premise, cloud, and hybrid. The on-premise segment holds the largest share in the global healthcare data storage market.
By application, the global healthcare data storage market is segmented into clinical analysis, financial analysis, and operational analysis.
By architecture, the market is segmented into object storage, file storage, and block storage.
By type, the global healthcare data storage market is segmented into flash and solid state storage, and magnetic storage.
By storage system, the global healthcare data storage market is segmented into storage area network, direct attached storage, and network-attached storage.
By end use, the global market is segmented into hospitals and clinics, pharmaceutical and biotech companies (including CROs and CMOs), and others.
Regional Analysis:
The Americas is the largest regional market for healthcare data storage systems, followed by Europe. Asia Pacific is likely to grow at the highest growth rate over the forecast period.
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