Healthcare Data Storage Market Sees 18% Growth Rate With Big Data Analytics Advances

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May 12, 2022, 11:00 ET

The Business Research Company's healthcare data storage market research report covers market growth, healthcare data market landscape and forecasts.

LONDON, May 12, 2022 /PRNewswire/ -- An increase in the volume of digital data storage in healthcare organizations is expected to drive the growth of the healthcare data storage market going forward. Advances in big data analytics tools and medical imaging, as well as the increasing availability of real-time data to aid clinical decision-making, have all contributed to this rapid increase in healthcare data volume. The collection and storage of healthcare data from a variety of sources encourage efficient communication between doctors and patients, improves overall patient care quality, and provides deeper insights into specific conditions.

The global healthcare data storage market size is expected to grow from $4.17 billion in 2021 to $4.92 billion in 2022 at a compound annual growth rate (CAGR) of 18.0%. The global healthcare data storage market size is expected to grow to $9.23 billion in 2026 at a CAGR of 17.0%.

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Key Players And Their Strategies In The Healthcare Data Storage Industry

Major players in the healthcare data storage market are Dell, IBM Corporation, NetApp, Hewlett Packard Enterprise Development LP, Pure Storage Inc., Hitachi Ltd., Western Digital Corporation, Huawei Technologies Co. Ltd, Toshiba Corporation, Scality, Fujitsu, Drobo, Cloudian, Samsung, and Tintri.

In March 2021, Hitachi Ltd., a Japan-based social innovation business acquired GlobalLogic Inc. for $9.6 billion. Through this acquisition, Hitachi Group will be better able to carry out its objective of promoting Social Innovation Business using digital technology to address difficulties that consumers and society confront. Furthermore, Hitachi Group will be able to expedite the digital transformation of social infrastructure on a worldwide scale by growing its core Lumada digital solutions business. Global Logic Inc., is a US-based company that offers AI/ML-based healthcare case management software solutions.

Strategic collaborations between healthcare and IT companies have emerged as a key trend gaining popularity in the healthcare data storage market. Major companies operating in the healthcare sector are focusing to collaborate with IT companies to strengthen the data storage operations of the healthcare sector. For instance, in August 2021, Baxter International Inc., a US-based healthcare company announced a collaboration with Amazon Web Services to support new digital health and data management projects. Baxter will use Amazon Web Services' cloud-based data storage and analytics tools to develop new digital health tools, gain more performance insights for internal and external purposes, and enhance its overall online experience. Also in August 2021, GE Healthcare, a US-based digital health provider announced a strategic partnership with Amazon Web Services (AWS) to provide hospitals and healthcare providers with AI and integrated data, operational insights, clinical, cloud-based imaging solutions. GE Healthcare intends to make its AI-based imaging applications and Edison Health Services platform available on AWS, positioning the company to lead the way in assisting healthcare providers around the world in transitioning from a centralized, hospital-based care delivery model to a more decentralized, virtual, and distributed model.

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