Global Healthcare Data Storage market data 2024, Forecast To 2033

The healthcare data storage market has witnessed rapid growth, advancing from $5.51 billion in 2023 to $6.34 billion in 2024, with a compound annual growth rate (CAGR) of 15.2%. This growth in the historic period is attributed to factors such as the increasing volume of healthcare data, regulatory compliance, data backups and disaster recovery, growth in research and clinical trials, and the emphasis on interoperability and health information exchange (HIE). Rapid growth is anticipated to continue, reaching $12.03 billion in 2028, with a CAGR of 17.4%. The forecasted growth is linked to factors such as big data and analytics, developments in genomics and precision medicine, the integration of artificial intelligence (AI) and machine learning, heightened cybersecurity and data protection measures, and the increasing connectivity provided by 5G. Major trends in the forecast period include the expansion of electronic health records (EHR), the adoption of cloud-based healthcare storage, a focus on data security and compliance, the utilization of healthcare IoT data, and the incorporation of edge computing for healthcare data.