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Exploding Volumes of Patient Data to Create Demand for Data Storage Devices in Healthcare, Finds Frost & Sullivan

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Exploding Volumes of Patient Data to Create Demand for Data Storage Devices in Healthcare, Finds Frost & Sullivan PR Newswire LONDON, July 11, 2012 - Need to Document Healthcare Files and Share Information to Underline Importance of Cost-effective, Secure Data Storage Solutions LONDON, July 11, 2012 /PRNewswire/ -- 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. New analysis from Frost & Sullivan (http://www.healthcareIT.frost.com), European Data Storage Market in Healthcare, finds that the market earned revenues of $1,011.4 million in 2010 and estimates this to reach $ 2,473.0 million in 2017. 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," notes Frost & Sullivan Research Analyst Somsainathan. "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.
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Exploding Volumes of Patient Data to Create
Demand for Data Storage Devices in
Healthcare, Finds Frost & Sullivan
PR Newswire
LONDON, July 11, 2012
- Need to Document Healthcare Files and Share Information to
Underline Importance of Cost-effective, Secure Data Storage
Solutions
LONDON
, July 11, 2012 /PRNewswire/ -- 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.
New analysis from Frost & Sullivan (http://www.healthcareIT.frost.com),
European Data Storage Market in Healthcare
, finds that the market
earned revenues of
$1,011.4 million
in 2010 and estimates this to reach
$
2,473.0 million
in 2017. 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," notes Frost &
Sullivan Research Analyst Somsainathan. "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."
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.
Similarly, 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," explains Somsainathan. "Therefore, the demand for
secure data storage systems is burgeoning across
Europe
."
However, the 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.