Northrook, IL -- (SBWIRE) -- 10/14/2019 -- According to the new market research report "Healthcare Data Storage Market by Delivery (Remote, Hybrid, On-premise), Architecture (File, Block, Object), Type (Tape, Flash, Solid), Systems (Direct, Network), End-User (Pharma, Biotech, CRO, Hospital, Research Center), Region - Global Forecast to 2024", published by MarketsandMarkets™, the Healthcare Data Storage Market is projected to reach USD 5.4 billion in 2024 from USD 2.8 billion in 2019, at a CAGR of 14.3%.

Growth in this market is driven mainly by the increasing volume of digital data in healthcare organizations, faster and easier deployment of cloud storage solutions, and increasing adoption of hybrid data storage solutions.

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"The flash & solid-state storage segment is projected to grow at the highest CAGR during the forecast period."

Based on type, the Healthcare Data Storage Market is segmented into magnetic storage and flash & solid-state storage. The flash & solid-state storage segment is expected to register the highest CAGR during the forecast period. Over the years, the capacities of flash & solid-state drives have surpassed that of magnetic disks, while their prices have reduced considerably. Both factors have driven their adoption over magnetic storage.

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Based on the storage system, the NAS segment is projected to grow at the highest CAGR during the forecast period.

Based on the storage system, the Healthcare Data Storage Market is segmented into direct-attached storage (DAS), network-attached storage (NAS), and storage area network (SAN). The NAS segment is projected to grow at the highest CAGR during the forecast period. NAS solutions provide data accessibility from any connected device for multiple authenticated users via a network. This ease of access is one of the key factors driving the adoption of NAS.

The pharmaceutical & biotechnology companies, CROs, and CMOs segment are expected to dominate the Healthcare Data Storage Market.

Based on end-user, the Healthcare Data Storage Market is segmented into pharmaceutical & biotechnology companies, CROs, and CMOs; research centers, academic & government institutes, and clinical research labs; hospitals, clinics, and ASCs; diagnostic & clinical laboratories; and other end users. In 2018, the pharmaceutical & biotechnology companies, CROs, and CMOs segment accounted for the largest share of the global Healthcare Data Storage Market. This can be attributed to the fact that pharmaceutical & biotechnology companies conduct extensive research on drug discovery, which generates a massive amount of data.

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North America to dominate the market in 2019

In 2019, North America is expected to command the largest share of the market. The large share of this regional segment can be attributed to factors such as the increasing volume of unstructured healthcare data across and rapid technological advancements, which have led to an increased demand for secure, reliable, and cost-efficient storage infrastructure in North America.

The Healthcare Data Storage Market is marked by the presence of several big and small players. Some of the prominent players offering healthcare data storage products are Dell (US), IBM Corporation (US), NetApp (US), Hewlett Packard Enterprise Development LP (US), Pure Storage, Inc. (US), Hitachi, Ltd. (Japan), Toshiba Corporation (Japan), Western Digital Corporation (US), Scality (US), and Huawei Technologies Co., Ltd. (China). These players have adopted growth strategies, such as product launches, acquisitions, partnerships, agreements, and collaborations, to further expand their presence in the global market.

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