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

Healthcare Data Storage Market Growing at an Impressive Rate: Projected to Reach Worth USD 6.01 Million in 2027 Global Healthcare Data Storage Market – Industry Trends & Forecast Report 2027 S ummary Global Healthcare Dat a - Storage Market by Type (Flash & Solid - State Storage & Magnetic Storage), by Storage System (Storage Area Network, Direct - Attached Storage & Network - Attached Storage),by Delivery (Remote, Hybrid and On - premise), by End - user (Pharmaceutical & Biotechnology Companies, Hospitals & Clinics, Research Centers, and Others), By Region (North America, Europe, the Asia - Pacific, the Middle East & Africa, and Latin America); Trend Analysis, Competitive Market Share & Forecast, 2021 - 2027 According to a study conducted recently by th e strategic consulting and market research firm , BlueWeave Consulting , the global healthcare d ata storage market was worth USD 2.88 million in 2020and is further projected to reach USD 6.01 million by 2027at a CAGR of 10.2% during the forecast period 2021 - 2027 . Data volume is undergoing high growth in recent years. Most organizations working with u nstructured & disorganized data including emails, and web pages are now opting for data storage. Data storage has become one of the critical concerns for IT managers & business executives for achieving cost control and storage utilization. The rapidly incr easing volumes of stored data are driving the global demand for data storage solutions . View report Press release Sample report Healthcare Data Storage Market Growing at an Impressive Rate: Projected to Reach Worth USD 6.01 Million in 2027 Global Healthcare Data Storage Market – Industry Trends & Forecast Report 202 7 The global healthcare data storage marke t 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 perio d . 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 simpl e 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 . 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 st oring 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 technolog ies 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 - perfo rmance 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 Fo recast and Tren d Growth Driver s Growth in Digital Data Volume in Healthcare Organization s 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 adva nced 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 f or 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 st ore patient records, EMR, radiological images, and others . Healthcare Data Storage Market Growing at an Impressive Rate: Projected to Reach Worth USD 6.01 Million in 2027 Increasing Adoption of Hybrid Data Storage Solution s The healthcare industry is moving to hybrid clouds as they offer immense versatility and the opportunity to switch software from private and p ublic 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 indu stry 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 . Restraint s R ising Data Security Concer n 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 de vices 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 applicati ons, 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 incre ase 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, ther e 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 industr y The recent outbreak of CO VID - 19 had a positive effect on global healthcare data storage market due to the rising awareness and deployment of digital healt h platform s in h ospitals, clinics, research centers, CROs, and others. Data storage devices are largely adopted to obtai n criti ca l insights to related to the diagnosi s an d treatmen t of disease s and to combat new disease transmission . Production, operation, and infrastructural development activities have decelerated owing to the spread of coronavirus, which is further anticipated t o 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 clini cal trials and product developments, the demand of data storage has shown a significant rise . Healthcare Data Storage Market Growing at an Impressive Rate: Projected to Reach Worth USD 6.01 Million in 2027 Global Healthcare Data Storage Marke t : By Typ e 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. Addi tionally, 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 Marke t : By S torage Syste m 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 witn ess exponential growth during the forecast era 2021 - 202 7 . 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, fr eeing up the main server. These are the key factors driving the growth of SAN in the global market . Global Healthcare Data Storage Marke t : By Deliver y Based on delivery, the global healthcare data storage market is fragmented into on - premise, remote, and h ybrid 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 arch itecture 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 Marke t : By End Use r Based on end - user, the global healthcare data storage market is segmented into pharmaceutical & biotechnology companies, hospitals & clinics, research cen ters, 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 . Healthcare Data Storage Market Growing at an Impressive Rate: Projected to Reach Worth USD 6.01 Million in 2027 Global Healthcare Data Storage Marke t : Regional insight s The global market is segmented into five regions: North America, Europe, the Asia - Pacific, Latin America, and the Middle East & Africa. Increasing volumes of unstructured healthcare data and rapid technological developments have increased North America's demand for secure, reliable, and cost - effective computing facilities. Additionally, the rising acceptance of high - tech technologi es by clinics & hospitals for managing patient data is driving market growth . Competitive landscap e Key Players for Healthcare Data Storage Market Includ e : Hitachi (Japan), Schneider Electric (France), Siemens (Germany), Mitsubishi Electric (Japan), Ge neral Electric (US), Eaton (Ireland), Varentec (US), Amantys (UK), Ermco (US), SPX Transformer Solutions (US), ABB, GridBridge, Cloudian, and other prominent players . In March 2019, Medigate launched a healthcare protection solution for clinical data cente rs and networks.Medigate has also partnered with Dell Technology and VMware to provide healthcare organizations with improved visibility into their clinical data centers so as to identify network security vulnerabilities and offer protection against cybers ecurity threats . Recent Developmen t  In February 2021,Pure extended market leadership with New Purity Software and Third Generation Capacityoptimized flash platform, unifying file support and ransomware protection across flashblade and flasharray accelerate windows applications, deliver ransomware protection across file, block and native cloud - based apps, and make hybrid storage for both departmental and data center workloads obsolete with a third generation FlashArray//C all - QLC platform .  In November2020, Cloudian announced that eligible cloud providers in the VMware Partner Connect program can now protect healthcare data from ransomware with free software from Cloudian. For every healthcare organization enrolled, VMware cloud service pro viders serving this industry receive a free 50 TB, year - long license for Cloudian object storage software, including Cloudian’s government - certified Object Lock technology that protects stored data from ransomware tampering by making it immutable . Healthcare Data Storage Market Growing at an Impressive Rate: Projected to Reach Worth USD 6.01 Million in 2027 Scope of the Repor t Attribut e Detail s Years Considere d Historical data – 2017 - 201 9 Base Year – 202 0 Forecast – 2021 – 202 7 Facts Covere d Revenue in USD Billio n Market Coverag e U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, Argentina,AUAE, South Africa, Saudi Arabi a Product/Service Segmentatio n By type, storage system, delivery, end user and regio n Key Player s Key players for H ealthcare Data Storage market include : Hitachi (Japan), Schneider Electric (France), Siemens (Germany), Mitsubishi Electric (Japan), General Electric (US), Eaton (Ireland), Varentec (US), Amantys (UK), Ermco (US), , ABB, GridBridge, Cloudian, and other prom inent player s Scope of the Repor t By Typ e  Flash & Solid - State Storag e  Magnetic Storag e By Storage Syste m  Storage Area Networ k  Direct - Attached Storag e  Network - Attached Storag e By Deliver y Healthcare Data Storage Market Growing at an Impressive Rate: Projected to Reach Worth USD 6.01 Million in 2027  Remot e  Hybri d  On - premis e By End - Use r  Pharmaceutical & Biotechnology Companie s  Hospitals & Clinic s  Research Center s  Other s By Regio n  The Asia - Pacifi c  North Americ a  Europ e  The Middle East & Afric a  Latin Americ a Healthcare Data Storage Market Growing at an Impressive Rate: Projected to Reach Worth USD 6.01 Million in 2027 About us Blueweave Consulting offers a one - stop solution for your market intelligence needs for any service or product. You get well - researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well informed and tim ely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk - return trade - off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavours successful. For more information, kindly visit our Website www.blueweaveconsulting.com contact us at info@blueweaveconsulting.com Healthcare Data Storage Market Growing at an Impressive Rate: Projected to Reach Worth USD 6.01 Million in 2027