Healthcare Data Storage Market - A Comprehensive Study by Key Players:Dell, Western Digital, Hewlett Packard Enterprise (HPE), IBM Corporation, Toshiba, NetApp, Huawei, Hitachi, Pure Storage, Scality

The global healthcare data storage market size is projected to reach USD 12.14 billion in 2032 from USD 3.2 billion in 2021, at a CAGR of 14.3%.

The growing amount of digital data created by healthcare companies, the quick & easy implementation of cloud storage solutions, and the increased acceptance of hybrid data storage solutions drive the healthcare backup and recovery. Furthermore, the enormous patient suffering from chronic diseases such as cancer, diabetes, and osteoarthritis produces huge clinical databases that are difficult to maintain, driving the rising demand for healthcare data storage solutions.

Leading players of Healthcare Data Storage including:

Dell, Western Digital, Hewlett Packard Enterprise (HPE), IBM Corporation, Toshiba, NetApp, Huawei, Hitachi, Pure Storage, Scality

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Healthcare Data Storage Market: Growth Drivers

The introduction of the cloud-based computing system will likely pave the way for global market growth..
The introduction of process standardization and cloud-based computer networks for illness detection is a major driving force in the global healthcare data storage market. There is an increasing global demand for the early detection of diseases. The computing revolution has resulted in cloud computing, which leverages software, infrastructure, and platforms as services, thereby driving market growth.

Healthcare Data Storage Market: Restraints

The rising number of security worries may hamper the global market growth.
However, enhanced security concerns over cloud-based image processing and analytics limit the market's growth. Rising security worries over cloud-based image processing and analytics are expected to hinder the global healthcare data storage market.

Global Healthcare Data Storage Market: Opportunities

Rise in data storage to bring up several growth opportunities.
The healthcare data storage business is expected to grow fast due to the recent acceptance of data storage devices. Healthcare data storage solutions allow healthcare organizations to store, organize, and analyze data, which can then be used to make informed decisions and enhance operations. This is projected to boost the healthcare data storage solutions market, propelling the market growth over the forecast period.

Global Healthcare Data Storage Market: Segmentation

The global healthcare data storage market is segregated based on, type, storage, deployment, architecture, storage system, end users, and region.
By deployment model, the market is classified into on-premises, hybrid and remote. Over the forecast period, the on-premises market is expected to develop at the fastest rate. Because customers have on-premises storage and manage their deployment, data retrieval systems, and backup, and restricted storage development model use multiple vendor design and reduce risks related to data breaches and external assaults.

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By Application

Clinical Analysis: It is the largest segment by application. This holds the largest market share owing to the increasing demand for software and solutions to maintains and analyze healthcare data such as patient information, medication related to the patient, patient history, and other information of providing better care and treatment to the patient.
Financial Analysis: It is the fastest-growing segment by application. The hospitals and clinics use this data storage software for billing, to understand the revenue cycle, and to store information about the patient insurance process.
Operational Analysis: In operational analysis, the data storage is used in the administrating process. The information about patient appointments, doctor visits, and other events.
By Architecture

Object Storage: It is the largest segment by architecture. Object storage can accommodate unstructured data with relative ease. This makes it a perfect fit for the big data needs of organizations in finance, healthcare, and beyond.
File Storage: It is an old method to store data using simple approach. Many companies demand centralized and easy to use and accessible way to store files. It is preferred by small businesses as it is cost-effective compared to other data storage approaches.
Block Storage: Is a conventional storage system that stores the data in singular blocks. It has a fix storage capacity. It is the most commonly used storage type.
By Type

Flash & Solid-State Storage: It is estimated to be the largest segment by type. It is expected to grow at the fastest pace owing to the high capacity of flash and solid-state compared to magnetic disks. In addition, the price of flash drives and solid-state drives has declined significantly, leading to increased end-user adoption.
Magnetic Storage: It is a form of non-volatile memory stored in a magnetic material. The magnetic storage is sub-segmented into magnetic disks and magnetic tapes.
By Storage System

Storage Area Network: It is the largest segment by the storage system. The storage area network is a bunch of disks that connect to a bunch of servers over fiber optics.
Direct-Attached Storage: It is directly connected to the computer system. These systems are ideal for small businesses to share local data.
Network-Attached Storage: It is a single server that shares its own storage over the network. It operates on data file.
By End User

Hospitals and Clinics: Holds the largest market share by end users. The key factors driving the healthcare data storage market growth are increasing demand for advance software for data storage, significant demand for patient medical records for drug discovery.
Pharmaceutical & Biotechnology Companies, CROS, and CMOS: It is the fastest-growing segment. There is an increase in demand for healthcare storage solutions in healthcare companies to store research and development data, product information and operate data.
Others: Covers the diagnostic & clinical laboratory centers.
By Region

Americas: The Americas is the largest regional market owing to the availability of advanced healthcare information technology (IT) solutions, the adaption of innovative solution by hospitals & clinics to maintain patient data in this region is likely to drive the growth of healthcare data storage market during the assessment period.
Europe: Europe has a large number of healthcare companies providing diagnostic and treatment products which increase the demand for IT solution for healthcare data storage, also the huge patient population suffering from chronic diseases such as cancer, diabetes, arthritis that develops huge clinical database which is difficult to handle increases the demand for healthcare data storage solutions in this region.

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The flash & solid-state storage segment is expected to grow at the highest CAGR during the forecast period
Based on type, the market is segmented into magnetic storage and flash & solid-state storage. The flash & solid-state storage segment accounted for the largest share of the market in 2018 and is expected to register the highest CAGR during the forecast period. The high capacities of flash & solid-state drives as compared to magnetic disks and their declining costs have resulted in their increased adoption by end users.

The on-premise model segment accounted for the largest share of the healthcare data storage market in 2018
Based on the deployment model, the market is segmented into on-premise, remote, and hybrid solutions. The on-premise segment is expected to account for the largest share of the market. On-premise solutions are the most-widely adopted storage solutions in the market. This deployment model can make use of multi-vendor architecture and minimize risks associated with data breach and external attacks. Also, users own on-premise storage and have control over their deployment, backup, and data recovery systems. These advantages are driving the growth of the on-premise solutions market.

The pharmaceutical & biotechnology companies segment accounted for the largest share in 2018
Based on the end user, the medical market is segmented into pharmaceutical & biotechnology companies, CROs, and CMOs; research centers, academic & government institutes, and clinical research labs; hospitals, clinics, and ASCs; diagnostic & clinical laboratories; and other end users. The pharmaceutical & biotechnology companies, CROs, and CMOs segment accounted for the largest share of the market in 2018. This can be attributed to the fact that extensive research on drug discovery is done in pharmaceutical & biotechnology companies, which generates a massive amount of data.

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