Rapidly increasing global geriatric population and technological advancements are key factors driving rapid revenue growth
— Emerging research
VANCOUVER, BC, CANADA, Aug. 24, 2022 /EINPresswire.com/ — The global healthcare data archiving market size is expected to reach USD 9.28 billion in 2028 and record a steady revenue CAGR of 14.1% between 2021 and 2028, according to the latest analysis by Emergen Research. Rising volume of digital data and rapid deployment of cloud-based storage are some of the key factors driving the revenue growth of the global healthcare data archiving market and the trend is expected to continue during the period. forecast.
An urgent need for more advanced and technologically efficient healthcare services and solutions is created by the growth of geriatric and global populations. This accelerates the production of massive amounts of data on patients, diagnoses and other topics. Health Data Archives are designed to preserve important data for reporting and compliance needs while reducing on-premises footprint, addressing security issues and reducing support costs.
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Terabytes of data, including test results, patient information, and medical photographs, are produced every year by healthcare organizations. The market is growing as hospitals more frequently adopt the Internet of Things (IoT) and wearable healthcare devices continue their steady trend. Future market revenue growth is expected to be driven by increasing adoption of electronic medical records (EMRs), acceptance of hybrid data storage solutions, and computerized vendor order entry (CPOE).
Many healthcare practices prefer onsite data archiving because it gives professionals more control over their own records. However, it has a serious drawback like unintentional data loss. Loss or inaccessibility of data may occur as a result of natural disasters, fires or device malfunction. Due to the ability of hybrid deployment to increase storage capacity and allow easy access to images and medical records, many healthcare providers are making the switch.
Key Healthcare Data Archiving Market Competitors profiled in the report include:
IBM Corporation, Dell, Pure Storage, NetApp Inc., Hitachi Limited, Huawei Technologies Co., Ltd., Western Digital Corporation, Hewlett Packard Enterprises, Samsung Electronics Co., Ltd. and Fujitsu Limited.
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Some highlights of the report
In May 2021, national hospital chain HCA Healthcare Inc. and Google signed an agreement to develop healthcare algorithms using patient data. HCA will consolidate and store digital health records with Google as part of the agreement. HCA and Google engineers work together to develop algorithms to improve efficiency.
Flash and solid-state storage segment accounted for the largest revenue share in 2020 due to the high speed offered by this technology. It can write data and perform random I/O operations in a flash. Flash and solid-state storage is highly durable, faster than hard disk, and energy efficient. It is more convenient for small businesses because these devices are available in different sizes and do not take up space.
Revenue from the cloud segment is expected to register significant growth over the forecast period as the cloud offers more benefits in terms of cost reduction, reduces the responsibilities of IT staff and is currently in vogue. Cloud storage does not require significant capital and healthcare providers can use it with an affordable monthly subscription. Cloud-based storage is developed to adapt to business needs and follows the demands of rapidly growing businesses.
The segment of pharmaceutical and biotechnology companies accounted for the largest share of revenue in 2020, as extensive research is carried out by these institutions and vast volumes of data are generated. Contract Research Organizations (CROs) and Contract Manufacturing Organizations (CMOs) conduct many clinical trials and have several pipeline projects, from which data must be stored and managed in case it is needed for the coming.
The North America market accounted for the largest revenue share in 2020 owing to the rapid adoption of advanced technologies and the presence of state-of-the-art research facilities. Strict regulations in the United States have made data storage mandatory, which further contributes to the growth of the market. The use of EHR in almost all hospitals is also fueling the growth of the market.
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Emergen Research has segmented the global healthcare data archiving market based on type, storage system, deployment, architecture, end use, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
Flash and Solid-State Storage
Storage System Outlook (Revenue, USD Billion; 2018-2028)
Direct Attached Storage
Network of storage areas
Deployment Outlook (Revenue, USD Billion; 2018-2028)
On the site
Architecture Outlook (Revenue, USD Billion; 2018-2028)
End-Use Outlook (Revenue, USD Billion; 2018-2028)
Hospitals & Clinics
Pharmaceutical and biotechnology companies
University and research centers
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Regional Outlook (Revenue, USD Billion; 2018-2028)
The rest of Europe
Rest of APAC
Rest of LATAM
Middle East and Africa
United Arab Emirates
Rest of MEA
Key report objectives:
Analysis and estimation of the Healthcare Data Archiving market size and share for the projected period of 2020-2028
In-depth analysis of major market players by SWOT analysis and Porter’s Five Forces analysis to give a clear understanding of the competitive landscape
Study of current and emerging trends, restraints, drivers, opportunities, challenges, growth prospects, and risks of the Global Healthcare Data Archiving Market
Analysis of growth prospects for stakeholders and investors through the study of growth segments
Strategic recommendations to established players and new entrants to capitalize on emerging growth opportunities
About Emergen Research
At Emergen Research, we believe in advancing with technology. We are a growing market research and strategy consulting firm with an extensive knowledge base on cutting-edge and potentially market-disrupting technologies that are expected to become more prevalent over the next decade.
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