Increasing adoption of hybrid data storage solutions, rising geriatric population, rapid technological advancements, and high adoption of automation in the healthcare sector are some key factors expected to drive global market growth.
Increasing adoption of hybrid data storage solutions, rising geriatric population, rapid technological advancements, and high adoption of automation in the healthcare sector are some key factors expected to drive global market growth
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.
Market Dynamics:
Health data archiving is a process of collecting and managing patient data that is no longer active and storing it in protected areas that can be used later for taking crucial decisions and improving overall operations. Over the recent years, there has been a sudden rise in the prevalence of various chronic and infectious diseases across the globe which has led to an increase in inpatients and outpatients and the generation of large volume of digital data in all health healthcare organizations. Factors such as rapidly increasing global population, rising need for effective management of large data, large patient pool, and growing demand for advanced and cost-effective solutions are expected to fuel global market revenue growth over the forecast period.
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In addition, increasing demand for cloud storage solutions, rising awareness about data management, improving healthcare infrastructure, and increasing healthcare expenditure are other factors expected to fuel global market growth going ahead. However, rising risks of cybersecurity, lack of skilled healthcare professionals to handle advanced data systems and low adoption due to budget constraints are some key factors that can hamper market growth to a certain extent during the forecast period.
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
Cloud Segment Register Rapid Revenue CAGR:
The cloud segment is expected to register rapid revenue CAGR over the forecast period. Revenue growth can be attributed to factors such as increasing concerns about data security, rising need for storing and managing large patient data, and growing awareness about advanced, cost-effective cloud-based services. Cloud-based services are safe, secure, user-friendly, and can be easily accessed from anywhere.
Pharmaceutical and Biotechnology Companies Segment to Account for Largest Revenue Share:
The pharmaceutical and biotechnology companies segment is expected to account for largest revenue share during the forecast period owing to increasing research-based activities, ongoing research on drug discovery, and high demand for advanced solutions for storing large data generated during the research process.
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North America To Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market between 2021 and 2028 owing to factors such as presence of well-developed healthcare and research facilities, large patient pool, increasing adoption of cloud-based solutions, and rising concerns about data security and large data storage. Other factors such as growing awareness about healthcare data storage and preservation, rapid technological advancements, and increasing adoption of advanced, secure Electronic Health Record solutions in many hospitals across the region are expected to fuel North America market growth.
Major Companies in the Market Include:
- IBM Corporation
- Dell
- Pure Storage
- NetApp Inc.
- Hitachi Limited
- Huawei Technologies Co., Ltd.
- Western Digital Corporation
- Hewlett Packard Enterprises
- Samsung Electronics Co., Ltd.
- Fujitsu Limited.
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For the purpose of this report, Emergen Research has segmented the global health data archiving market on the basis of 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)
- On premises
- Hybrid
- Cloud
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
- Others
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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