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Healthcare Data Storage Market Worth $5.4 Billion in 2024 - Exclusive Report by MarketsandMarkets

CHICAGO, Oct. 11, 2019 /PRNewswire/ -- According to the new market research report "Healthcare Data Storage Market by Delivery (Remote, Hybrid, On-premise), Architecture (File, Block, Object), Type (Tape, Flash, Solid), Systems (Direct, Network), End-User (Pharma, Biotech, CRO, Hospital, Research Center), Region - Global Forecast to 2024", published by MarketsandMarkets, the Healthcare Data Storage Market is projected to reach USD 5.4 billion in 2024 from USD 2.8 billion in 2019, at a CAGR of 14.3%.


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Growth in this market is driven mainly by the increasing volume of digital data in healthcare organizations, faster and easier deployment of cloud storage solutions, and increasing adoption of hybrid data storage solutions.

"The flash & solid-state storage segment is projected to grow at the highest CAGR during the forecast period."

Based on type, the Healthcare Data Storage Market is segmented into magnetic storage and flash & solid-state storage. The flash & solid-state storage segment is expected to register the highest CAGR during the forecast period. Over the years, the capacities of flash & solid-state drives have surpassed that of magnetic disks, while their prices have reduced considerably. Both factors have driven their adoption over magnetic storage.

Browse in-depth TOC on "Healthcare Data Storage Market"

138 - Tables

33 - Figures

165 - Pages

Based on the storage system, the NAS segment is projected to grow at the highest CAGR during the forecast period.

Based on the storage system, the Healthcare Data Storage Market is segmented into direct-attached storage (DAS), network-attached storage (NAS), and storage area network (SAN). The NAS segment is projected to grow at the highest CAGR during the forecast period. NAS solutions provide data accessibility from any connected device for multiple authenticated users via a network. This ease of access is one of the key factors driving the adoption of NAS.

The pharmaceutical & biotechnology companies, CROs, and CMOs segment is expected to dominate the Healthcare Data Storage Market.

Based on end user, the Healthcare Data Storage Market is segmented into pharmaceutical & biotechnology companies, CROs, and CMOs; research centers, academic & government institutes, and clinical research labs; hospitals, clinics, and ASCs; diagnostic & clinical laboratories; and other end users. In 2018, the pharmaceutical & biotechnology companies, CROs, and CMOs segment accounted for the largest share of the global Healthcare Data Storage Market. This can be attributed to the fact that pharmaceutical & biotechnology companies conduct extensive research on drug discovery, which generates a massive amount of data.

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North America to dominate the market in 2019

In 2019, North America is expected to command the largest share of the market. The large share of this regional segment can be attributed to factors such as the increasing volume of unstructured healthcare data across and rapid technological advancements, which have led to an increased demand for secure, reliable, and cost-efficient storage infrastructure in North America.

The Healthcare Data Storage Market is marked by the presence of several big and small players. Some of the prominent players offering healthcare data storage products are Dell (US), IBM Corporation (US), NetApp (US), Hewlett Packard Enterprise Development LP (US), Pure Storage, Inc. (US), Hitachi, Ltd. (Japan), Toshiba Corporation (Japan), Western Digital Corporation (US), Scality (US), and Huawei Technologies Co., Ltd. (China). These players have adopted growth strategies, such as product launches, acquisitions, partnerships, agreements, and collaborations, to further expand their presence in the global market.

Browse Adjacent Markets: Healthcare IT Market Research Reports & Consulting

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Healthcare IT Market by Product (EHR, RIS, PACS, VNA, CPOE, HIE, Telehealth, Healthcare Analytics, Population Health Management, Supply Chain Management, CRM, Fraud Management, Claims Management) End User (Provider, Payer) - Global Forecast to 2024

About MarketsandMarkets

MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.


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