Report Overview

Global Healthcare Data Storage Market – Industry Trends & Forecast Report 2027

The global healthcare data storage market has reached USD 3.08 billion in 2020, and is further projected to reach USD 6.12 billion by 2027, at a CAGR of 10.7% during the forecast period. The growth of the market is expected to be influenced by factors such as the amount of digital data produced in healthcare institutions, the fast and simple introduction of cloud storage solutions, expanded use of electronic medical records (EMR), computerized provider order entries (CPOE), and the growing acceptance of hybrid data storage solutions.

Source: BlueWeave Consulting

Global Healthcare Data Storage Overview:

Data storage is essentially data recording of various storage media such as DNA and RNA, handwriting, phonograph recording, magnetic tape, and optical discs. Nowadays, electronic data storage solutions are also used for storing business data and applications for customer storage. The explosive growth of data due to the emergence of big data world and the Internet of Things (IoT) is propelling the growth of data storage devices.

Modern storage systems need improved technologies to allow businesses to implement machine learning (ML)-enabled artificial intelligence (AI) for collecting, interpreting, and writing maximum value from this data. The emergence of extremely compressed and flexible storage systems, including high-performance computing technology, converged infrastructure, composable storage systems, hyper-converged cloud infrastructure, scale-out, and scale-up network-connected storage (NAS) is facilitating real-time database analytics.

Global Healthcare Data Storage Forecast and Trend

Growth Drivers

Growth in Digital Data Volume in Healthcare Organizations

The healthcare sector, in the era of information technology, needs to deal with large volumes of data generated from medical records, intensive care units, and scanning outcomes from testing instruments such as CT scanners and MRIs X-ray machines.

The advanced hospitals have been installing an effective data storage infrastructure for effective information management. Data storage infrastructure also helps them handle huge volumes of data and obtain assistance from data storage specialist firms who support the development of the demand for healthcare data storage.

Nowadays, different forms of data storage methods are applied based on the healthcare facility and the generated data, which in turn is driving the overall market growth. Additionally, the demand for Storage Area Network (SAN is multiplying due to the ever-increasing need for exchanging diagnostic data. Statistics further reveal that nearly 62 % of mid-to low-level hospitals use external storage media such as tapes, discs, etc. as data storage to store patient records, EMR, radiological images, and others.

Increasing Adoption of Hybrid Data Storage Solutions

The healthcare industry is moving to hybrid clouds as they offer immense versatility and the opportunity to switch software from private and public clouds. Nutanix recently released the findings of its Enterprise Cloud Index Survey (which quantifies healthcare expectations for the use of private, hybrid, and public clouds) for the healthcare sector. The analysis reported that the healthcare industry is now third in the number of hybrid cloud installations worldwide by industry. It is rapidly embracing hybrid clouds that incorporate private and public clouds. The aforementioned are the key factors propelling the overall market growth.

Restraints

Rising Data Security Concern

The on-premise data system is connected to the local network, and this should also be viewed as the most reliable alternative to preserve sensitive patient data. However, highly confidential information stored in data storage devices is more vulnerable to cyber attacks, such as phishing and malware attacks. Data security largely depends on human factor, which is often overlooked for ensuring the confidentiality of on-premise healthcare information with secure anti-virus applications, firewalls, encryption, and multi-factor authentication. [WU3] [h4] The high cost of healthcare data storage would be the major factor restraining market growth. According to a report released by Check Point in January 2021,cyberattack rates continued to increase in November and December 2020. Additionally, there was a 45% increase in cyber-attacks on healthcare organizations globally. The rate is double the percentage of the rise in attacks on all industry sectors worldwide over the same period. Globally, there was an average of 626 cyberattacks on healthcare organizations each week in November and December 2020, compared to 430 attacks in October 2020, which also acts as a hindrance to market growth.

Impact of COVID-19 in the industry

The recent outbreak of COVID-19 had a positive effect on global healthcare data storage market due to the rising awareness and deployment of digital health platforms in hospitals, clinics, research centers, CROs, and others. Data storage devices are largely adopted to obtain critical insights to related to the diagnosis and treatment of diseases and to combat new disease transmission.

Production, operation, and infrastructural development activities have decelerated owing to the spread of coronavirus, which is further anticipated to impact the demand. The Asia-Pacific is anticipated to get highly affected by the spread of COVID-19 due to the effect of the pandemic in China, Japan, and India.

While its related industries such as the data center, consumer electronics & semiconductors, and communications infrastructure industry is expected be more buoyant with continued strategic investments made for supporting the growing network traffic & data usage for remote working during the lockdown phase. With the increase in the number of clinical trials and product developments, the demand of data storage has shown a significant rise.

Global Healthcare Data Storage Market: By Type

Based on type, global healthcare data storage market comprises flash & solid-state storage and magnetic storage. Because of the high capacity of flash and solid-state storage compared to magnetic disks, the former is dominating the market in 2020 and is anticipated to grow with a healthy CAGR during the period 2021-2027. Additionally, the price of flash drives and solid-state drives has declined significantly, leading to increased end-user adoption, which is driving the demand for flash & solid-state storage in this specific segment.

Global Healthcare Data Storage Market: By Storage System

Based on the storage system, the healthcare data storage market is categorized into storage area networks (SAN), direct-attached storage, and network-attached storage. Storage Area Network is leading the market in 2020 and is expected to witness exponential growth during the forecast era 2021-2027. Storage area network (SAN) in healthcare, medical researchers are bringing Al supported operations, which likely to generate a large amount of data. The low-latency SAN enables quick access to data for boosting accuracy and saving time. For example, approximately 67 % of large hospitals with more than 500 beds use a data storage area network (SAN) in which images and data can go directly from storage to workstations independently on the pipe side, freeing up the main server. These are the key factors driving the growth of SAN in the global market.Global Healthcare Data Storage Market: By Delivery

Based on delivery, the global healthcare data storage market is fragmented into on-premise, remote, and hybrid solutions. The on-premise segment is expected to account for the largest share of the market and likely to dominate its presence in the upcoming era. On-premise solutions are the most widely used storage solutions in the market. The multi-vendor architecture can be used in this deployment model to minimize risks associated with data breaches and external attacks. Users also own on-premise storage and have control over their devices for deployment, backup, and data recovery. These benefits are driving the growth of the demand for on-premise solutions.

Global Healthcare Data Storage Market: By End User

Based on end-user, the global healthcare data storage market is segmented into pharmaceutical & biotechnology companies, hospitals & clinics, research centers, and others. Research Centers are the fastest-growing segment that accounts for the largest share. There is an increase in demand for healthcare storage solutions in healthcare companies to store research and development data, product information, and operate data. Moreover extensive research on drug development and an ever-increasing number of clinical trials are driving the growth of research centers in the market.

SCOPE  

1.       Research Framework

1.1.    Research Objective

1.2.    Product Overview

1.3.    Market Segmentation

2.       Research Methodology

2.1.    Qualitative Research

2.1.1. Primary & Secondary Research

2.2.    Quantitative Research

2.3.    Market Breakdown & Data Triangulation

2.3.1. Primary & Secondary Research

2.3.2. Secondary Research

2.3.3. Primary Research

2.4.    Breakdown of Primary Research Respondents, By Region

2.5.    Assumption & Limitation

3.       Executive Summary

4.       Global Healthcare Data Storage Industry Insights

4.1.    DROC Analysis

4.1.1. Growth Drivers

4.1.2. Restraints

4.1.3. Opportunities

4.1.4. Challenges

4.2.    Technological Landscape/ Recent Development

4.3.    Company Market Share Analysis, 2019

4.4.    Porter’s Five Forces Analysis

4.4.1. Bargaining Power of Suppliers

4.4.2. Bargaining Power of Buyers

4.4.3. Threat of New Entrants

4.4.4. Threat of Substitutes

4.4.5. Intensity of Rivalry

4.5.    Impact of Covid-19 on Global Healthcare Data Storage Industry.

5.       Global Healthcare Data Storage Market Overview

5.1.    Market Size & Forecast by Value, 2016-2026

5.1.1. By Value (USD Billion)

5.2.    Market Share & Forecast

5.2.1.        By Type

5.2.1.1.              Flash & Solid-State Storage

5.2.1.2.              Magnetic Storage

5.2.2.        By Storage system

5.2.2.1.              Storage Area Network

5.2.2.2.              Direct-Attached Storage

5.2.2.3.              Network-Attached Storage

5.2.3.        By End user

5.2.3.1.              Pharmaceutical & Biotechnology Companies

5.2.3.2.              Hospitals & Clinics

5.2.3.3.              Research Centers

5.2.3.4.              Others

5.2.4.        By Region

5.2.4.1.        North America

5.2.4.2.        Europe

5.2.4.3.        Asia Pacific

5.2.4.4.        Latin America

5.2.4.5.        Middle East & Africa

6.       North America Healthcare Data Storage Market

6.1.    Market Size & Forecast by Value, 2016-2026

6.1.1. By Value (USD Billion)

6.2.    Market Share & Forecast

6.2.1. By Type

6.2.2. By Storage system

6.2.3. By End user

6.2.4.  By Country

6.2.4.1.           United States

6.2.4.2.           Canada

7.       Europe Healthcare Data Storage Market

7.1.    Market Size & Forecast by Value, 2016-2026

7.1.1. By Value (USD Billion)

7.2.    Market Share & Forecast

7.2.1. By Type

7.2.2. By Storage system

7.2.3. By End user

7.2.4. By Country

7.2.4.1.           Germany

7.2.4.2.           United Kingdom

7.2.4.3.           France

7.2.4.4.           Italy

7.2.4.5.           Spain

7.2.4.6.           Rest of Europe

8.       Asia Pacific Healthcare Data Storage Market

8.1.    Market Size & Forecast by Value, 2016-2026

8.1.1. By Value (USD Billion)

8.2.    Market Share & Forecast

8.2.1. By Type

8.2.2. By Storage system

8.2.3. By End user

8.2.4. By Country

8.2.4.1.           China

8.2.4.2.           India

8.2.4.3.           Japan

8.2.4.4.           Rest of Asia Pacific

9.       Latin America Healthcare Data Storage Market

9.1.    Market Size & Forecast by Value, 2016-2026

9.1.1. By Value (USD Billion)

9.2.    Market Share & Forecast

9.2.1. By Type

9.2.2. By Storage system

9.2.3. By End user

9.2.4.  By Country

9.2.4.1.           Brazil

9.2.4.2.           Mexico

9.2.4.3.           Argentina

9.2.4.4.           Rest of Latin America

10.   Middle East & Africa Healthcare Data Storage Market

10.1.  Market Size & Forecast by Value, 2016-2026

10.1.1.         By Value (USD Billion)

10.2.Market Share & Forecast

10.2.1.    By Type

10.2.2.    By Storage system

10.2.3.    By End user

10.2.4.   By Country

10.2.4.1.     Saudi Arabia

10.2.4.2.     UAE

10.2.4.3.     South Africa

10.2.4.4.     Rest of Middle East & Africa

11.   Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) *

11.1.Dell,

11.2.Hewlett Packard Enterprise (HPE),

11.3.IBM Corporation,

11.4.Fujitsu,

11.5.NetApp,

11.6.Nutanix,

11.7.Pure Storage,

11.8.Cloudian,

11.9.Hitachi Systems Ltd.,

11.10.  Tintri,

11.11.  Western Digital,

11.12.  Other Prominent Players