Healthcare Data Storage Market Growing at an Impressive Rate: Projected to Reach Worth USD 6.01 Million in 2027
Data volume is undergoing high growth in recent years. Most organizations working with unstructured & 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 increasing volumes of stored data are driving the global demand for data storage solutions.
According to a study conducted recently by the strategic consulting and market research firm, BlueWeave Consulting, 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.
Increasing Research & Development for Product Development
The rising number of clinical trials, especially the growth in outsourcing of Phase III and Phase II trials clinical trials, along with the growth in collaborations between key players and clinical service providers to minimize failures are the key factors driving the global healthcare data storage market.
ClinicalTrials.gov currently lists 367,663 studies in all 50 States and 219 countries as of January 2021. The geriatric population and the subsequent increase in the prevalence of chronic diseases, along with the development of new drugs and growing acceptance of evidence-based medicine for various therapeutic areas are accelerating the demand for more clinical research. Consequently, the growing need for more data storage by clinical research organizations for securing their data is fueling the demand for global healthcare data storage market.
Rise in Pharmaceutical and Biotech Companies
The pharmaceutical and biotech business is all set to expand and India’s rapidly improving economy is well suited to accommodate the growth. The availability of cheap land and labor-backed by government rules and regulations is attracting different organizations and companies to set up their offices in India. Furthermore, the rising number of pharmaceutical and biotech companies, along with research and development efforts supported by IT skills, has paved the way for outsourcing business opportunities in various other segments, such as clinical trials, data management, and statistical analysis. Since the Indian economy offers a favorable business environment, a lot of parties involved in clinical research are interested in entering India, which in turn, is driving the growth of the global healthcare data storage market.
Hybrid Segment by Delivery to Accounts for the Largest Share
Healthcare industry holds the third place in hybrid cloud installations. Healthcare entities need to resolve a wide array 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 using personal details such as patient healthcare and insurance numbers, healthcare institutions need advanced security technologies that can manage sensitive data movement in a consistently and securely.
Global Healthcare Data Storage Market: Regional insights
The global healthcare data storage market is segmented into five regions — North America, Europe, the Asia-Pacific, Latin America, and the Middle-East & Africa.
North America witnessed the largest share in the market owing to the use of innovative solutions by clinics and hospitals for maintaining patient data and the availability of the most advanced healthcare information technology solutions. Europe holds the second-largest share in the global healthcare data storage market and is likely to maintain its place during the forecast period owing to the presence of several healthcare businesses providing diagnosis and treatment products, thereby increasing the market for healthcare data storage IT solutions. Additionally, the emergence of a large patient population suffering from arthritis, diabetes, and cancer is further driving the market growth.
The Leading Players in The Market-Hitachi (Japan), Schneider Electric (France), Siemens (Germany), Mitsubishi Electric (Japan), General Electric (US), Eaton (Ireland), Varentec (US), Amantys (UK), Ermco (US), SPX Transformer Solutions (US), ABB, GridBridge, Cloudian, and other prominent players.
Cloudian (US)- Cloudian US is one of the leading service providers of healthcare data storage that helps manage, secure, and retain huge volumes of patient data, including scans, MRI, X-rays, and other relevant reports. Cloudian provides fast and futureproof S3 object storage. It has also partnered with green cloud technologies, a Vmare cloud service provider, to facilitate the storage of healthcare data up to 50 Tb.