Press release
2025-2034 Healthcare Data Storage Market Outlook: Key Drivers, Emerging Challenges, and Strategic Insights
Healthcare Data Storage
What Will the Healthcare Data Storage Industry Market Size Be by 2025?
The market size of healthcare data storage has seen considerable growth in the last few years. It is projected to expand from $6.21 billion in 2024 to $7.08 billion in 2025, boasting a compound annual growth rate (CAGR) of 14.0%. The unprecedented growth in the historical period can be credited to the surge in healthcare data volume, observance of regulatory compliance, enhanced provisions for data backups and disaster recovery, increase in research activities and clinical trials, as well as improved interoperability and health information exchange (hie).
What's the Long-Term Growth Forecast for the Healthcare Data Storage Market Size Through 2029?
The healthcare data storage industry is projected to grow rapidly in the upcoming years, reaching $14.64 billion by 2029 with a compound annual growth rate (CAGR) of 19.9%. This expected growth over the forecast period is likely due to the contributions of big data and analytics, genomics and precision medicine, artificial intelligence (AI) and machine learning, cybersecurity and data protection, and the rise of 5G connectivity. Key trends predicted for the forecast period are the expansion of electronic health records (EHR), increased use of cloud-based healthcare storage, focus on data security and compliance, healthcare IoT data, and the use of edge computing for healthcare data.
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What Are the Key Growth Drivers Fueling the Healthcare Data Storage Market Expansion?
The anticipated expansion of the healthcare data storage market is attributed to the escalating volume of digital data storage within healthcare institutions. The expansion of big data analytics tools, advancement in medical imaging, and the growing accessibility of real-time data that assist in clinical decision making are all elements contributing to the swift escalation in the volume of healthcare data. The accumulation and storage of healthcare information from different sources promote effective doctor-patient communication and enhances the overall quality of patient care, while also providing a deeper understanding of specific ailments. For example, RBC Capital Markets, an investment bank based in Canada, reported that approximately 30% of the global data volume is produced by the healthcare sector. Furthermore, it's predicted that healthcare data will grow at a compound annual rate of 36% by 2025. As a result, the rise in digital data storage volume in healthcare institutions is poised to bolster the growth of the market.
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What Are the Key Trends Driving Healthcare Data Storage Market Growth?
Top businesses in the healthcare data storage market are innovating with high-end technology such as artificial intelligence (AI)-driven data management systems, aimed at enhancing the precision and productivity of data management, while also augmenting security and accessibility for healthcare providers. An AI-powered data management platform is a highly advanced tool that deploys AI to upgrade, automatize, and refine the process of gathering, storing, managing, and examining data. As an illustration, in May 2022, Informatica, a cloud data management firm based in the US, released the Intelligent Data Management Cloud (IDMC) specifically for Healthcare & Life Sciences. This platform ushers in new opportunities designed around a cloud-first, cloud-native approach in order to encourage the establishment of digital-first experiences for integrated patient care. The IDMC for Healthcare & Life Sciences is a cloud-agnostic, AI-driven data management system, capable of ingesting, handling, and governing data within a hybrid, multi-cloud setup.
How Is the Healthcare Data Storage Market Segmented?
The healthcare data storage market covered in this report is segmented -
1) By Type: Magnetic Storage, Flash Storage, Solid- State Storage
2) By Architecture: Block Storage, File Storage, Object Storage
3) By Deployment: On-Premise Solutions, Remote Solutions, Hybrid Solutions
4) By End User: Pharmaceutical, Hospitals, Other End-Users
Subsegments:
1) By Magnetic Storage: Hard Disk Drives (HDDs), Tape Storage Systems
2) By Flash Storage: Solid-State Drives (SSDs), USB Flash Drives, Memory Cards
3) By Solid-State Storage: Enterprise SSDs, Consumer SSDs, NVMe (Non-Volatile Memory Express) Storage
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Which Companies Are Leading the Charge in Healthcare Data Storage Market Innovation?
Major companies operating in the healthcare data storage market include Dell Technologies, International Business Machines Corporation, NetApp Inc., Hewlett Packard Enterprise Development LP, Pure Storage Inc., Hitachi Ltd., Western Digital Corporation, Huawei Technologies Co. Ltd., Toshiba Corporation, Scality, Fujitsu Limited, Drobo, Cloudian Inc., Samsung, Tintri Inc., Cisco Systems, Nutanix Inc., Commvault Systems, Cohesity, Rubrik, Datrium DRaaS, Veeam Software, Zadara, Caringo, Infinidat, Reduxio Systems, Silk Platform, Nexenta Systems, DataCore Software, Qumulo, SwiftStack, StorPool, Panzura
Which Regions Are Leading the Global Healthcare Data Storage Market in Revenue?
North America was the largest region in the healthcare data storage market in 2024. The regions covered in the healthcare data storage market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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