Health Data Archiving Market Forecast to 2028
The global health data archiving market size is expected to reach USD 9.28 Billion in 2028 and register a steady revenue CAGR of 14.1% between 2021 and 2028, according to latest analysis by Emergen Research. Increasing volume of digital data and rapid deployment of cloud-based storage are among some of the key factors driving global health data archiving market revenue growth and the trend is expected to continue over the forecast period.
The most recent report from Emergen Research, "World Health Data Archiving Market," was painstakingly created with the reader's comprehension in mind. It includes a comprehensive database of industry distribution. The study examines past and current market conditions to forecast the Health Data Archiving market's prospects for the near future (2021-2028). The factors influencing the market's overall expansion were the main focus of the researchers' in-depth examination of the global market. The research employs potent analytical techniques like SWOT analysis and Porter's Five Forces to analyse the strengths, weaknesses, opportunities, and threats connected to the expansion of various market segments.
Surge in global population and increasing geriatric population are creating urgent need for more technologically advanced and efficient healthcare services and solutions, which in turn, is resulting in rapid generation of large data volumes related to patients and diagnosis etc. Healthcare data archives are designed to reduce on-premise footprint, resolve security issues, and decrease support costs, all while preserving significant data for reporting and compliance purposes.
Healthcare organizations generate terabytes of data annually in the form of lab results, patient records, and medical images, among others. Increasing adoption of Internet of Things (IoT) in hospitals and the steady trend of healthcare wearables is further propelling growth of the market. Increasing application of Electronic Medical Record (EMR), acceptance of hybrid data storage solutions, and Computerized Provider Order Entries (CPOE) is expected to continue to drive revenue growth of the market going ahead.
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The global Health Data Archiving market report employs an extremely extensive and perceptive process that analyzes statistical data relating to services and products offered in the market. The research study is a pivotal document in understanding the needs and wants of the clients. The report is comprised of significant data about the leading companies and their marketing strategies. The Health Data Archiving industry is witnessing an expansion and change of dynamics owing to the entry of several new players.
The study outlines the rapidly evolving and growing market segments along with valuable insights into each element of the industry. The industry has witnessed the entry of several new players, and the report aims to deliver insightful information about their transition and growth in the market. Mergers, acquisitions, partnerships, agreements, product launches, and joint ventures are all outlined in the report.
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 Key Highlights from the Report
- In May 2021, National hospital chain HCA Healthcare Inc. and Google signed a deal to develop healthcare algorithms using patient’s data. HCA will consolidate and store with Google digital health records under the agreement. HCA and Google engineers are working together to develop algorithms to enhance efficiency.
- Flash solid-state storage segment accounted for largest revenue share in 2020 due to high speed offered by this technology. It can write data and perform random input/output operation in a flash. Flash solid-state storage are very durable, faster than hard disk, and is energy efficient. It is more practical for smaller businesses as these devices are available in different sizes and do not take up any space.
- Cloud segment revenue is expected to register significant growth during the forecast period as cloud provides more cost-saving benefits, reduces responsibilities of IT staff, and is trending currently. Cloud storage does not require significant capital and healthcare providers can use it with affordable monthly subscription. Cloud-based storage is developed to adjust to company’s needs, and keeps up with requirements of companies that are growing rapidly.
- Pharmaceutical biotechnology companies segment accounted for largest revenue share in 2020 as extensive research is done by these institutions and vast volumes of data are generated. Contract Research Organizations (CROs) and Contract Manufacturing Organizations (CMOs) conduct numerous clinical trials and have multiple pipeline projects, from which data need to be stored and managed in case it is needed in future.
- The market in North America accounted for largest revenue share in 2020 due to rapid adoption of advanced technologies and presence of state-of-the-art research facilities. Stringent regulations in the U.S. have made data storage mandatory, which is further contributing to growth of the market. Use of EHR in almost all hospitals is also fueling market growth.
Market Overview:
The report bifurcates the Health Data Archiving market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Segments Covered in this report are:
- Type Outlook (Revenue, USD Billion; 2018–2028)
- Flash Solid-State Storage
- Magnetic Storage
- Magnetic Discs
- Magnetic Tapes
- Storage System Outlook (Revenue, USD Billion; 2018–2028)
- Direct-Attached Storage
- Storage Area Network
- Network-Attached Storage
- Deployment Outlook (Revenue, USD Billion; 2018–2028)
- On-Premises
- Hybrid
- Cloud
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The research report offers a comprehensive regional analysis of the market with regards to production and consumption patterns, import/export, market size and share in terms of volume and value, supply and demand dynamics, and presence of prominent players in each market.
Regional Analysis Covers:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Furthermore, the report provides the analytical data in an organized format segmented into charts, tables, graphs, figures, and diagrams. This enables readers to understand the market scenario in an easy and beneficial manner. Moreover, the report aims to impart a prospective outlook and draw an informative conclusion to assist the reader in making lucrative business decisions. The report, in conclusion, provides a detailed analysis of the segments expected to dominate the market, the regional bifurcation, the estimated market size and share, and comprehensive SWOT analysis and Porter’s Five Forces Analysis.
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