Research Nester’s recent market research analysis on “Data Center Storage Market: Global Demand Analysis & Opportunity Outlook 2037” delivers a detailed competitor’s analysis and a detailed overview of the global Data Center Storage Market in terms of market segmentation by end-user, application and by region.
Growing Elderly Population to Promote Global Market Share of Microchips in Medicine
The global Data Center Storage Market is estimated to grow majorly on account of the increasing elderly population. The elderly population is more prone to various age-related medical conditions, which necessitates the use of advanced medical technologies that are integrated with microchips for the effective management of diseases. For instance, the number of individuals in the world who are 60 or older will increase to over 2 billion by 2050.
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Some of the major growth factors and challenges that are associated with the growth of global Data Center Storage Market are:
Growth Drivers:
Surge in Popularity of Digitalization in Healthcare Globally
Rising Need for Digital Drug Delivery
Challenges:
The lack of awareness regarding microchips in medicine, and the exorbitant cost of production are some of the major factors anticipated to hamper the global market size of microchips in medicine. Owing to a lack of resources in lower economic regions there is not enough knowledge about advanced medical technologies. This as a result, may limit the adoption of microchips in medicines in such regions.
By application, the global Data Center Storage Market is segmented into drug administration and home monitoring. The drug administration segment is to garner the highest revenue by the end of 2036 by growing at a significant CAGR over the forecast period. The growth can be attributed to the benefits provided by the segment. Microchips represent a new technology capable of on-demand release of various drugs and also allow for storage while providing extreme flexibility. In addition, it can be used for long-term treatment without the need for the patient to intervene.
Further, the home monitoring segment may witness significant growth on account of the rising popularity of remote patient monitoring. To monitor patients at home various medical devices such as wearable technologies are used. These technologies are integrated with microchips which can be used to track and monitor people, save and communicate personal, medical, financial, and other information, and then helps in making clinical decisions and keeping track of patients accordingly.
In addition, by end-user the market is segmented into hospitals and research centers. Out of which, the hospital segment is to garner notable revenue in the coming years. The growth can be attributed to growing cases of neurological disorders. The treatment for neurological diseases involves the usage of advanced medical technologies such as neural implants which are dependent on microchips for the transmission of signals. People with such conditions frequently visit hospitals since these technologies are easily available within the hospital premises.
By region, the North America Data Center Storage Marketis to generate the highest revenue by the end of 2036. This growth is anticipated by growing demand for technological advancements in healthcare. Technology in healthcare has provided the healthcare community with advanced tools to improve patient care, which may increase the demand for microchips in medicine in the region as they are used as crucial components in medical devices.
In addition, the market in Europe may witness a huge demand for microchips in medicine owing to rising count of hospitals and clinics in the region. This may increase the demand for advanced medical technologies and devices that rely on microchips for various functions.
Further, the Asia Pacific microchips in the medicine market are expected to hold a significant share by the end of 2036. The growth can be attributed to favorable government policies to encourage the adoption of advanced healthcare technologies such as electronic health records. This technology is dependent on microchips since it provides a secure and trustworthy method of patient identification, and also allows the care provider to access medical records and other vital information that is maintained on computers.
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