Summary
Major players in the healthcare data storage market are Dell, IBM Corporation, NetApp, Hewlett Packard Enterprise Development LP, Pure Storage Inc., Hitachi Ltd., Western Digital Corporation, Huawei Technologies Co. Ltd., Toshiba Corporation, Scality, Fujitsu, Drobo, Cloudian, Samsung, and Tintri.
The global healthcare data storage market grew from $4.88 billion in 2022 to $5.7 billion in 2023 at a compound annual growth rate (CAGR) of 16.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The healthcare data storage market is expected to grow to $10.52 billion in 2027 at a CAGR of 16.6%.
The healthcare data storage market includes revenues earned by entities onsite data storage, public cloud data storage and hybrid cloud data storage solution.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
The healthcare data storage provides data storage solutions and applications to store medical records.Data storage record medium to retain data via computers or other devices.
The most common types of data storage are file storage, block storage, and object storage, each of which is suitable for a specific purpose.The data storage is used by the healthcare sector for patient records, electronic medical records (EMR) and backups, radiological images, insurance claims, and office documents.
The data storage solutions are also used by healthcare companies to store data about manufacturing products and their processes.
North America was the largest region in the healthcare data storage market in 2022. The regions covered in the healthcare data storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of healthcare data storage are magnetic storage, flash storage, and solid-state storage.In magnetic storage, data is stored in the form of tiny magnetised dots.
Magnetic fields created by very small electromagnets are used to create, read, and erase these dots.The various data architectures involved are block storage, file storage, and object storage that are deployed in on-premise solutions, remote solutions, and hybrid solution modes.
The storage services are used by pharmaceutical companies, hospitals, and other end users.
An increase in the volume of digital data storage in healthcare organisations is expected to drive the growth of the healthcare data storage market going forward.Advances in big data analytics tools and medical imaging, as well as the increasing availability of real-time data to aid clinical decision-making, have all contributed to this rapid increase in healthcare data volume.
The collection and storage of healthcare data from a variety of sources encourage efficient communication between doctors and patients, improves overall patient care quality, and provides deeper insights into specific conditions.For instance, according to RBC Capital Markets, a Canada-based investment bank, in 2020, the healthcare industry generated about 30% of the world’s total data volume.
In addition, data for healthcare is expected to grow at a compound annual growth rate of 36% by 2025. Thus, the increasing volume of digital data storage in healthcare organisations will support the growth of the market.
Strategic collaborations between healthcare and IT companies have emerged as a key trend gaining popularity in the healthcare data storage market.Major companies operating in the healthcare sector are focusing on collaborating with IT companies to strengthen the data storage operations of the healthcare sector.
For instance, in August 2021, Baxter International Inc., a US-based healthcare company, announced a collaboration with Amazon Web Services to support new digital health and data management projects. Baxter will use Amazon Web Services’ cloud-based data storage and analytics tools to develop new digital health tools, gain more performance insights for internal and external purposes, and enhance its overall online experience. In addition, in August 2021, GE Healthcare, a US-based digital health provider, announced a strategic partnership with Amazon Web Services (AWS) to provide hospitals and healthcare providers with AI and integrated data, operational insights, and clinical, cloud-based imaging solutions. GE Healthcare intends to make its AI-based imaging applications and Edison Health Services platform available on AWS, positioning the company to lead the way in assisting healthcare providers around the world in transitioning from a centralised, hospital-based care delivery model to a more decentralised, virtual, and distributed model.
In March 2021, Hitachi Ltd., a Japan-based social innovation business, acquired GlobalLogic Inc. for $9.6 billion. Through this acquisition, Hitachi Group will be better able to carry out its objective of promoting Social Innovation Business using digital technology to address difficulties that consumers and society confront. Furthermore, Hitachi Group will be able to expedite the digital transformation of social infrastructure worldwide by growing its core Lumada digital solutions business. Global Logic Inc. is a US-based company that offers AI/ML-based healthcare case management software solutions.
The countries covered in the healthcare data storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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