Global Healthcare Data-Storage Market by Type (Flash & Solid-State Storage & Magnetic Storage), By Storage System (Storage Area Network, Direct-Attached Storage & Network-Attached Storage), By End-user (Pharmaceutical & Biotechnology Companies, Hospitals & Clinics, Research Centers, and Others), By Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America); Trend Analysis, Competitive Market Share & Forecast, 2016-2026.

Global Healthcare Data-Storage Market size- Industry Trends & Forecast Report 2026

The Global Healthcare Data Storage market has gained momentum in recent years with a CAGR of 10.0%, in value terms, over the forecast period 2020-2026, and is expected to reach USD 5,470.66 million by 2026. 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), and computerized provider order entries (CPOE), and the acceptance of hybrid data storage solutions.

Data volume is undergoing high growth in recent years. Most organizations work with unstructured & disorganized data including emails, and web pages. Data storage has become one of the major issues for IT managers & business executives in achieving cost control and storage utilization. An increase in stored data volume leads to rising demand in the global market. However, the information protection system awareness is raising among organizations & government bodies.

Global Healthcare Data-Storage Market Overview:

Data storage is essentially data recording of various storage media such as DNA and RNA, handwriting, phonograph recording, magnetic tape, and optical discs. Electronic media is also used to archive information using different data formats. Even volatile organic compounds are often used to make the data decay over a while. These electronic data storage solutions are now used to store business data and applications for customer storage.

The importance of storage is a gradual rise in the creation of new data due to big data and the network of devices (IoT). Modern storage systems need improved technologies to allow businesses to implement machine learning-enabled artificial intelligence (AI) to collect, interpret, and write 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), has led to broader server scripts and real-time database analytics.

Global Healthcare Data-Storage Market Forecast and Trends

Growth drivers

Growth in Digital Data Volume in Healthcare Organizations

In the era of information technology, the healthcare sector needs to contend with vast volumes of data from outpatient departmental end-case cards, medical records from intensive care units, and scanning outcomes from testing instruments such as CT scanners and MRIs X-ray machines. Hospitals require an effective data storage infrastructure for effective information management to handle such a vast volume of data and obtain assistance from data storage specialist firms who support the development of the demand for healthcare data storage. Different forms of data storage methods are available that are applied according to the healthcare facility and the generated data.

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. For its special characteristic of allowing Picture Archiving and Communication Systems (PACs), SAN's demand is increasing due to the increased need to exchange diagnostic data. Statistics further state 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, etc.

Increasing Adoption of Hybrid Data Storage Solutions

For versatility and the opportunity to switch software from private and public clouds, the healthcare industry is moving to hybrid 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 and is rapidly embracing hybrid clouds that incorporate private and public clouds.

The reasons for this rapid acceptance are numerous. Healthcare entities need to resolve a range of critical IT needs including improved safety, the security of confidential patient records, and compliance with regulatory requirements. More than 28 percent of healthcare respondents listed protection and enforcement as their number one decision criteria when deciding where to run workloads. With hackers attacking medical records with sought-after personal details such as patient healthcare and insurance numbers, healthcare institutions need security technologies that can manage sensitive data movement in a consistent and secure manner.

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. Highly confidential information is subject to phishing and malware attacks. The human factor loophole should not be overlooked in the correct method of ensuring the confidentiality of On-premise healthcare information with secure anti-virus applications, firewalls, encryption, and multi-factor authentication. As On-premise data protection is primarily based on IT infrastructure, there is still space for error. According to a survey, 80% of IT practitioners and healthcare administrators shared concern about employee knowledge of healthcare records' security. The stakeholders will also neglect or postpone technological upgrades without enough knowledge, or perforate faster ways of accessing the data, which can open it up to attacks. One vulnerable judgment could result in the data breach of a large data center involving millions of patients with the privacy and protection of health data.

Impact of COVID-19 in industry

The World Health Organization now considers the novel coronavirus (COVID-19) to be a pandemic. As the virus spreads and cases mount, and measures stiffen to control the spread of the virus, there are numerous ways the payment system at all levels will be impacted in the coming weeks and months. Developing countries are particularly at risk as COVID-19 due to a reduction in the labor force, affect economies and livelihoods as well as a reduction in production operations.

While its related industries such as the data center, consumer electronics & semiconductors, and communications infrastructure industry is witnessed to be more buoyant with continued strategic investments made to assists the rising network traffic & data usage for remote working during the lockdown phase. From school closures necessitating students for the usage of virtual offerings (Google Classroom) to the governments utilizing business analytics services (Power BI) for communicating virus updates, the demand for communication services & related infrastructure has projected an unprecedented rise amidst the global pandemic. Digital services such as telemedicine are projected to remain popular even after the pandemic is contained, henceforth ensuring strong growth in the communication infrastructure sector. 

Global Healthcare Data-Storage Market: By Type

Based on Type, Global Healthcare Data Storage Market comprises of Flash & Solid-State Storage, and Magnetic Storage. Flash & Solid-State Storage type is dominating the market with a valuation of USD 1,523.61 Million in 2019 and is anticipated to grow with a CAGR of 12.5% during the period 2020-2026. owing to the high capacity of flash and solid-state compared to magnetic disks. Besides, the price of flash drives and solid-state drives has declined significantly, leading to increased end-user adoption. 

Global Healthcare Data-Storage Market: By Storage System

Based on the storage system, Global Healthcare Data Storage Market is segregated into Storage Area Network, Direct-Attached Storage, and Network-Attached Storage. Storage Area Network is leading the market in 2019 with a valuation of USD million and is expected to grow during the forecast period 2020-2026. SAN in healthcare, medical researchers are bringing Al supported operations, which will generate a large amount of data. The low-latency SAN enables quick access to data that can improve accuracy and save time. 

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. There is an increase in demand for healthcare storage solutions in healthcare companies to store research and development data, product information, and operate data.

Global Healthcare Data-Storage Market: Regional insights

Based on the region, the Healthcare Data Storage market has been segmented into North America, Europe, Asia Pacific, Latin America, and 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. Adaptation by clinics & hospitals to creative technologies to ensure patient data and the utilization of advanced IT health care.

Source: BlueWeave Consulting

Competitive landscape

Companies such as Dell, Hewlett Packard Enterprise (HPE), IBM Corporation, Fujitsu, NetApp, Nutanix, Pure Storage, Cloudian, Hitachi Systems Ltd., Tintri, Western Digital, and Other Prominent Leaders are the key players in the Healthcare Data-Storage. 

In March 2019, Medigate Launches Healthcare Protection Solution for Clinical Data Centers and Networks: Medigate, a dedicated monitoring and asset management solution company for medical equipment, today unveiled the Dell Technologies driven Medigate Healthcare Defense System. The Medigate partnership with Dell Technology and VMware offers greater insight into their clinical data centers for hospitals and healthcare organizations to discover network flaws and then defend against security threats.

Recent Development 

In February 2019, Fujitsu Launches the "Healthcare Personal service Platform" to Manage Health and Medical Information: Fujitsu announced the launch of the Fujitsu Healthcare Solutions Healthcare Personal Support Network, a health and medical information-based network-as-a-service (PaaS) for the automated management of consumer-facing services. The new service will compile and enhance the personal health record of an individual, allowing that health and medical records to be easily and efficiently preserved and used.  

Based on its extensive knowledge and skills in designing regional healthcare network networks and Electronic Medical Record (EMR) networks, Fujitsu will provide this service and has the highest market share in these areas in Japan.

In March 2019, Western Digital launches ‘Data Innovation Bazaar 2020: Data Innovation Bazaar 2020 (DIB 2020) was announced by Western Digital, a data service company, to fund and promote India's thriving entrepreneurship market. Data Innovation Bazaar 2020 will collaborate with the ecosystem to facilitate tech-driven technologies for healthcare, education, financial inclusion, energy & atmosphere, agriculture, intelligent transportation, and smart cities.

Scope of the Report

Scope of the Report

By Type

Ø  Flash & Solid-State Storage

Ø  Magnetic Storage

By Storage Space

Ø  Storage Area Network

Ø  Direct-Attached Storage

Ø  Network-Attached Storage

By End User

Ø  Pharmaceutical & Biotechnology Companies

Ø  Hospitals & Clinics

Ø  Research Centers

Ø  Others

By Region:

Ø  Asia Pacific

Ø  North America

Ø  Europe

Ø  Middle East & Africa

Ø  Latin America

     The objective of the Study:

Ø  To analyze and forecast the global Healthcare Data-Storage market size of the market, in terms of value.

Ø  To examine the careful market segmentation and forecast the market size, in terms value, based on the region by segmenting the Global Healthcare Data-Storage market into five regions, namely, North America, Europe, Asia Pacific, Latin America, Middle East & Africa and their leading countries.

Ø  To outline, categorized and forecast the global Healthcare Data-Storage market based on the type, storage space, end user and Region.

Ø  To examine competitive developments like technological advancement, services, and regulative framework within the global Healthcare Data-Storage market.

Ø  To highlight the impact analysis of the factors, affecting the market dynamics such as drivers, restraints, opportunities, and challenges.

Ø  To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.