Global Healthcare Data Storage Market to grow at 14.2% CAGR through 2026

July 22, 2020

According to the research report titled ‘Global Healthcare Data Storage Market Size study, by Type (Flash & Solid-State Storage, Magnetic Storage), Storage System (Storage Area Network, Direct-Attached Storage, Network-Attached Storage), End-User (Pharmaceutical & Biotechnology Companies, Hospitals & Clinics, Research Centers, Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global healthcare data storage market was worth USD 2.8 billion in the year 2019 and is expected to grow with a CAGR of 14.2% during 2020-2026.

For those uninitiated, healthcare organizations manage various kinds of data such as EHRs (electronic health records) and unstructured patient data, some of which needs to be retrieved quickly and frequently.

Shifting focus among healthcare organizations towards improving accessibility and flexibility of IT infrastructure in order to manage ever-growing data is a key factor fostering the adoption of healthcare data storage services across the globe. Moreover, medical institutes are implementing data storage solutions in order to store bandwidth-intensive data on an on-premise server.

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Rising volume of data generated in healthcare organizations coupled with increasing utilization of hybrid data storage systems are also driving the market growth. In fact, International Data Corp. (IDC) stated that around 153 exabytes of data was generated in healthcare industry in the year 2013, which is estimated to reach up to 2,314 exabytes by 2020. However, factors such as lack of structured data along with concerns regarding data security associated with cloud-based image analytics and processing may hamper the overall market expansion.

As per type, the market is segmented into magnetic storage and flash & solid-state storage. In terms of storage system, worldwide healthcare data storage industry is classified into network-attached storage, direct-attached storage and storage area network. Citing the end-user landscape, the market is split into research centers, hospitals & clinics, pharmaceutical & biotechnology companies, and others.

Regionally, North America healthcare data storage industry is poised to accumulate commendable returns in the forthcoming years, primarily due to rapid technological developments in storage infrastructure and rising amount of unstructured data in healthcare organizations.

Huawei Technologies Co. Ltd., Scality, Western Digital Corporation, Toshiba Corporation, Hitachi Ltd., Pure Storage, The Hewlett Packard Enterprise Company, NetApp Inc., IBM Corp., and Dell Inc. are the leading companies formulating the competitive terrain of worldwide healthcare data storage industry.

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