Health Data Archiving Market Size to Reach USD 9.28 Billion in 2028 Growing at a CAGR of 14.1%, according to Emergen Research
Emergen Research has published its latest report titled “Health Data Archiving Market, By Type (Flash & Solid-state Storage, Magnetic Storage, Magnetic Discs, Magnetic Tapes), By Storage System (Direct-attached Storage, Storage Area Network, Network-attached Storage), By Deployment (On-premises, Hybrid, Cloud), By Architecture (Object Storage, File Storage, Block Storage), By End-use (Hospitals & Clinics, Pharmaceutical & Biotechnology Companies, Diagnostic Laboratories, Academic and Research Centers, Others), and By Region, Forecast to 2028”
According to Emergen Research, the global health data archiving market size was USD 3.21 billion in 2020 and is expected to reach USD 9.28 billion in 2028 and register a revenue CAGR of 14.1% during the forecast period, 2021-2028.
Significant revenue growth of the global health data archiving market is majorly supported by factors such as growing prevalence of chronic and acute diseases, rising volumes of digital healthcare data (including patient data and diagnostic information), increasing adoption of cutting-edge healthcare IT solutions, and rapid adoption of cloud-based health data storage systems. Other major factors driving the global market revenue growth are surge in geriatric population across the globe, rising need for technologically advanced health data archiving services & solutions, and rising awareness of the advantages of health data archiving systems such as reduced on-premise footprint, decreased support costs, and lesser security issues. Hence, rapid integration of the Internet of Things (IoT) technology in healthcare facilities, growing trend of smart healthcare wearables such as fitness watches, increasing adoption of Electronic Medical Record (EMR) solutions, and growing demand for hybrid health data storage solutions are further expected to boost revenue growth of the global health data archiving market over the forecast period.
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COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Flash & Solid-state Storage Type Segment Accounted for Largest Revenue Share in 2020:
The flash & solid-state storage segment was the most dominant in terms of revenue share in the global market in 2020. This technology is characterized by high speed and robust efficiency, as it can perform random input/output operations in seconds. These storage systems are faster, more durable, and more energy-efficient as compared to hard disks, and are more practical for smaller business enterprises.
Pharmaceutical & Biotechnology Companies End-use Segment to Account for Fastest Revenue CAGR:
Based on end-use, the pharmaceutical & biotechnology companies segment is expected to register the fastest revenue growth rate in the global health data archiving market over the forecast period. Key factors contributing to the revenue growth of this segment are increasing pharmaceutical and biotechnological research & development activities, rising adoption of advanced health data archiving systems in contract research organizations (CROs) and contract manufacturing organizations (CMOs), and growing number of clinical trials and new drug pipeline projects.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America health data archiving market accounted for largest revenue share in the global market in 2020. Increasing government investments in research & development programs in the life sciences sector, rapid adoption of the Electronic Health Record (EHR) technology, rising focus on enhancing the quality of healthcare services, and stringent regulations for health data storage are major factors contributing to the regional market revenue growth. Presence of state-of-the-art healthcare infrastructure in the region is another favorable factor for the North America health data archiving market revenue growth.
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Major Companies in the Global Health Data Archiving Market Include:
- IBM Corporation
- Pure Storage
- NetApp Inc.
- Hitachi Limited
- Huawei Technologies Co., Ltd.
- Western Digital Corporation
- Hewlett Packard Enterprises
- Samsung Electronics Co., Ltd.
- Fujitsu Limited
- Toshiba Corporation
For the purpose of this report, Emergen Research has segmented the global health data archiving market based on type, storage system, deployment, architecture, end-use, and region:
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)
Architecture Outlook (Revenue, USD Billion; 2018–2028)
- Object Storage
- File Storage
- Block Storage
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Hospitals & Clinics
- Pharmaceutical & Biotechnology Companies
- Diagnostic Laboratories
- Academic and Research Centers
Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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