Increasing need to efficiently manage large volumes of healthcare data, rising demand for robust storage and archive solutions, and rapid adoption of cloud-based storage technologies are some key factors expected to drive 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.
Healthcare data archiving solutions and electronic health records have played a significant role in streamlining medical records and comply with regulatory requirements. Increasing number of inpatients ad outpatients in hospitals have resulted in rising costs of medical documentation and increasing number of medical documents. Advancements in diagnostic technology and rising popularity of digital medical images have led to the development of various archiving systems to efficiently store massive volume of structured and unstructured data across the healthcare sector. Health data archiving solutions help healthcare organizations easily archive structured and unstructured data to enable easy access to vital patient information to make informed decisions and improve patient outcomes. This led to an increased adoption of health data archiving solutions and are key factors expected to drive market revenue growth over the forecast period.
Claim Your FREE Sample Copy with Table of content@ https://www.emergenresearch.com/request-sample/801
Data archiving in the healthcare sector stores and saves underlying information from systems in a unified, centralized, and easy-to-use archiving application without being dependent on existence of original systems. Data archiving offers numerous benefits to the healthcare organizations such as decreasing on-premise footprint by leveraging vendor neutral archiving, reducing support costs, fortifying cybersecurity, and preserving vital data for regulatory compliance requirements. Multiple types of data archiving solutions are available in the market that simplify procedures for data archiving, backup, and recovery by storing patient data and moving inactive and outdated application data to enable storage of low priority patient data on cost-effective storage solutions.
Health data archiving enhances data utilization, lowers healthcare expenditure, and reduces demands and burdens on IT. Patient data is spread across a variety of applications including Hospital Information Systems (HIS) and specialized imaging applications and increasing need to access these medical histories has led to rapid adoption of health data archiving solutions. This is another key factor expected to fuel revenue growth of the market going ahead.
However, cloud-based solutions and systems and connected infrastructure are more vulnerable to cyberattacks and increasing incidence of sophisticated malware and cyberattacks have created challenges in the IT infrastructure. This can slow down adoption of archiving solutions and is expected to restrain market growth to a significant extent over the forecast period.
COVID-19 Impact Analysis
- The virus outbreak and social distancing norms and restrictions severely disrupted the overall business landscape and operations worldwide.
- COVID-19 pandemic and lockdowns have resulted in several countries shutting down airports, ports, and commercial and domestic transportation. This had impacted manufacturing activities and operations globally and took a toll on the economy of various countries.
- Sudden and drastic downturn in economic activity caused a slowdown in manufacturing, production, import/export, and other sectors and also resulted in employment loss to a major extent.
- Supply impacts were further compounded due to challenges on the demand-side owing to reduced disposable income, depleting savings, and increased concerns and uncertainties.
- Emergence of variants of the virus and rise in infection rates during the initial waves and subsequent lockdowns has severely impacted operations and disrupted supply chains.
Check Our Prices@ https://www.emergenresearch.com/select-license/801
Rapid Adoption of Cloud-based Archiving Solutions to Drive Revenue Growth:
Cloud-based segment is expected to register significant revenue growth over the forecast period owing to rapid adoption of cloud-based systems across the healthcare organizations. Cloud-based solutions are cost-effective, reduce burden on IT department, and healthcare providers can avail the services on a subscription basis.
Magnetic Storage Segment to Account for a Significant Revenue Share:
Magnetic storage segment is expected to account for a considerably large revenue share over the forecast period attributable to its increasing benefits such as lesser costs per storage and rapid and secure access and retrieval period.
Hospital & Clinics Segment to Register Steady Revenue Growth:
Hospitals & Clinics segment to register steady revenue growth over the forecast period owing to increasing number of inpatient and outpatient outcomes, rapid integration of advanced system such as electronic health records and electronic medical records, and efficient incorporation of IoT in hospitals and clinics’ systems.
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share over the forecast period attributable to availability and adoption of advanced technologies, establishment of state-of-the-art healthcare and research facilities, implementation of stringent regulations that necessitate healthcare data storage, and increasing usage of EHR and EMR in hospitals and clinics of all sizes in the region.
Europe to Lead in Terms of Revenue CAGR:
Europe is expected to register significant revenue growth over the forecast period owing to increasing investment and funding to accelerate development of healthcare facilities and rapid adoption of EHR across healthcare facilities.
Major Companies in the 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
Click to access the Report Study, Read key highlights of the Report and Look at Projected Trends: https://www.emergenresearch.com/industry-report/health-data-archiving-market
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)
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
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
Take a Look at our Related Reports:
Autoinjectors Market By Therapy (Rheumatoid Arthritis, Multiple Sclerosis, Anaphylaxis, Diabetes, Other), By Type (Disposable, Reusable), By Route of Administration (Subcutaneous, Intramuscular) By End-Use (Hospitals & Clinics, Ambulatory Surgical Centers, Home Care Settings), and By Region Forecast to 2028
Dental 3D Printing Market By Component (Materials, Equipment, Services), By Technology (Selective Laser Sintering, Vat Photopolymerization, PolyJet Printing, Fused Deposition Modelling), By Application (Orthodontics, Prosthodontics, Implantology), By End-Use (Hospitals & Clinics, Laboratories, Research Institutes), and By Region Forecast to 2028
Surgical Instrument Tracking Systems Market By Component (Services, Software, and Hardware), By Technology (Radiofrequency identification (RFID), Barcode), By End Users (Hospitals, and Others), and By Region, Forecasts to 2027
Forensic Technology Market By Type (Polymerase Chain Reaction, Capillary Electrophoresis, Next Generation Sequencing, Rapid DNA Analysis, Automated Liquid Handling Technology, Microarrays), By Application (Healthcare, Law Enforcement Agencies, Banking & Financial Institutions, Telecom) and By Regions Forecasts to 2027
Digital Biomarkers Market By System Component, By Therapeutic Area, By End-Users, Forecasts to 2027
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Corporate Sales Specialist
Emergen Research | Web: www.emergenresearch.com
Direct Line: +1 (604) 757-9756
Read Full Press Release: https://www.emergenresearch.com/press-release/global-health-data-archiving-market