European data storage market in healthcare earned revenues of $1,011.4 million in 2010 and estimates this to reach $ 2,473.0 million in 2017, according to Frost & Sullivan.
The research covers hospital IT, research and imaging segments.
“Advanced imaging leads to high resolution images that, in turn, enlarge data volumes, putting tremendous pressure on data storage devices. As the resolution of images becomes higher, data volumes swell, thereby increasing the need for advanced data storage, because there are regulations now that demand longer retention of patient data,” said Frost & Sullivan Research Analyst Somsainathan.
Changing times have led hospital administrations to focus on developing defensive evidence to address legal issues. This requires the retention of large volumes of patient data for a longer period of time.
The growing exchange of healthcare information is motivating the need for efficient data storage.
Data sharing is becoming a vital component in healthcare delivery to ensure uninterrupted and highly efficient treatment of patients, irrespective of their demographic location. Therefore, the demand for secure data storage systems is burgeoning across Europe.
Lack of budgetary allocations for hospital information infrastructure, alongside the number of new systems and medical devices that are being introduced in healthcare, is putting pressure on the data storage market. Growth is being largely restricted due to budget constraints and the rapid technology developments, which data storage device manufacturers are unable to keep pace with.
Investing in cost-effective technology to overcome exploding data levels will help in overcoming budget constraints. Traditionally, only 3 per cent of hospital budgets is allocated for the development of information infrastructure. Hence, allocating funds prudently to address need for data storage will help the market grow.
Frost & Sullivan suggests that market participants need to keep pace with technology developments and develop cost-effective solutions. This will be pivotal in achieving market growth in the highly competitive European data storage in healthcare.
The European data storage market in healthcare is driven by technology developments and a growing need to document patient data for future interpretation.
Rapid penetration of technology is a key characteristic of the data storage market. Cloud computing is expected to make strong inroads into healthcare data storage as the demand for cost-effective and efficient technologies increases at a rapid pace.
