Health IT Security Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

  • Single User License $3500

Health IT Security Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : November, 2020 | Healthcare IT | PPT format

Report Digest


Global Health IT Security Market: Snapshot

Health IT security is needed by organizations to combat cybercrime and ransomware that hospitals and healthcare organizations are susceptible to. The complex infrastructure and the range of devices used by healthcare organizations provide a host of entry and pivot points that cybercriminals can exploit. This requires hospitals and healthcare organizations to be equipped to sustain the evolving threat landscape and comprehend the most common areas of cyber security risk.

Amongst all attacks that hospitals and healthcare organizations are susceptible to, ransomware has surfaced as the most feared hacking technique. The technique has the potential to allow hackers to seal access to data until a sum of money is paid to them. As per findings of a recent research, hospitals are the target of 88% of cases of ransomware. The other areas that pose risk of data breach for hospitals and healthcare organizations are inadequately secured IoT devices and human error element. This, along with HIPPAA and other regulatory requirements necessitate health information to be protected. Healthcare organizations have plentiful serious security considerations that must be timely addressed in order to ensure patient safety and privacy.

Healthcare organizations are implementing a number of processes to maximize the security effort and attain compliance. These are establishing a security plan, prioritize offline storage, secure biomedical devices, educate users, and train patients. This is because information security and patient privacy are key components of a well-operating healthcare environment. Moreover, the privacy and security realms of healthcare information and management systems society (HIMSS) provide resources so as to assist healthcare organizations with their privacy and security goals.

Global Health IT Security Market: Overview

Increasing incidences of highly specialized and extensive data security breaches in the healthcare industry has brought to the fore the pressing need to employ effective security measures across healthcare IT systems. Data breaches continue to cost the healthcare industry hefty sums on an annual basis, with countries having technologically advanced healthcare infrastructures such as the U.S. and several European countries suffering the most. As a result, the tremendous monetary pressure as well as negative publicity that weak cybersecurity can bring to an organization is garnering increased focus and the healthcare industry is ramping up its spending on IT security. 

This report on the global health IT security market presents a detailed overview of the growth dynamics of the market in present times and includes vast projections regarding the growth prospects of the market over period between 2016 and 2024. The report includes comprehensive qualitative as well as quantitative data pertaining to key market segments and their valuation, expected rate of growth over the mentioned period, and overall attractiveness across regional markets. 

Global Health IT Security Market: Trends and Opportunities

The healthcare industry is coming to terms with the fact that data breaches have been consistently rising in terms of impact, frequency, volume, and cost over the past few years. Also, the fact that data breaches in present times are highly professional in the way they are planned and executed makes it necessary for healthcare organizations to be equally proactive and prepared in the way security of the organization is planned and executed. The need to assess the present state of security readiness and implement a much more effective security model is the key factor driving the global health IT security market. 

The market is also driven by the increasing penetration of mobile devices in internal networks of a healthcare IT infrastructure, stringent regulations, and rising spending by government bodies on IT security. Evolution of highly effective futuristic IT security solutions for the healthcare industry and the increasing adoption of cloud computing models for accessing IT security solutions at economical and pay-as-use pricing models are also fueling the adoption of health IT security solutions globally. 

Global Health IT Security Market: Segmentation

The key product varieties offered by the health IT security market include risk and compliance management solutions, disaster recovery, firewalls and unified threat management solutions, antimalware and antivirus, intrusion detection/intrusion prevention systems, and identity and access management solutions. On the basis of services, the health IT security market can be segmented into upgradation, maintenance, implementation, managed services, consulting, and on-going support. 

The key applications of health IT security solutions are found across areas such as endpoint security, content security and network security. Based on the mode of delivery of health IT security solutions, the market is segmented into on-premise, cloud, and hybrid. The key end users of health IT security solutions are healthcare payers (insurance firms) and healthcare providers. 

Global Health IT Security Market: Regional and Competitive Outlook

From a geographical perspective, developed regions such as Europe and North America are the leading contributors to the revenue of the global health IT security market. The digitally and technologically advanced healthcare infrastructures in these regions have been the prime targets of the recent times’ most costly and sophisticated cyber-attacks. In response to this, these regions are significantly increasing spending on cybersecurity. These regions are expected to remain the leading contributors to the global market in the next few years as well. 

In the highly competitive and fragmented vendor landscape of the global health IT security market, no major vendor accounts for a dominant share. Some of the leading companies operating in the market are Intel Corporation, SailPoint Technologies, Symantec, Hewlett Packard, AT&T, EMC Corporation, IBM Corporation, Wipro, and Verizon.

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?