Health IT Security Market Size And Forecast

Health IT Security Market size was valued at USD 10.91 Billion in 2020 and is projected to reach USD 18.79 Billion by 2028, growing at a CAGR of 5.6% from 2021 to 2028.

Increasing cases of healthcare breaches, stringency in regulations, growing usage of smartphones and devices have been driving the Global Health IT Security Market. The Global Health IT Security Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Health IT Security Market Definition

Health IT Security is the software that is used by all healthcare organizations to protect their patient and related healthcare information from cybercrime. It involves the adoption of cyber security solutions and services to combat cyber-attacks and ensure the protection of the privacy of the healthcare organization. With the outbreak of COVID-19 worldwide as well as the stipulated lockdown, there is an ongoing downturn in the healthcare market. Aside from other communities, COVID-19 was equally disastrous for various world economies, especially the healthcare sector. Prominent stakeholders in the market are continuing to adapt their strategy to the rapidly changing situation. COVID-19 may have significant long-term impacts on the healthcare industry.

Several countries and major players have to undertake critical healthcare changes until the crisis takes a back seat. Technological progress, cost containment and increased access are integral parts of healthcare reforms. Digital health and telehealth took a front seat in the ongoing outbreak. COVID-19 has re-emphasized the importance of remote diagnosis, care and consultation. Over the past few years, regulatory and behavioural barriers have slowed down Telehealth growth. However, since many healthcare providers are currently working on video conferencing and telephone calls, this segment’s growth increases several folds over the next two years.

The social distancing measures has mandated online consultation of patients with moderate symptoms. In addition, it eventually reduces the burden on hospitals already swamped by counts of COVID-19 patients. Medical IoT devices that live at home with patients are now being used for optimizing outpatient treatment and minimizing repeat visits, and these devices can be used in a crisis. The pandemic led to severe resource constraints. This result in the development of competitive pricing and value-based pricing models, which accelerates market expansion in future. Considering all these factors, it is studied that COVID 19 has a significant impact on the health IT security market.

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Global Health IT Security Market Overview

Increasing cases of healthcare breaches, stringency in regulations, growing usage of smartphones and devices are driving the Global Health IT Security Market. While the shortage of cyber-security professionals and dearth of investments is one of the potential restraints for the overall market. Factors such as a large number of healthcare data breaches, stringent regulatory requirements, growing use of mobile devices, investments by venture capital firms, and a growing number of interconnected medical devices may drive the market for Health IT security.

Moreover, the evolution of next-generation IT security solutions and the emergence of cloud computing may offer several growth opportunities for market players. However, factors such as the shortage of cyber security professionals and limited spending on IT security in healthcare organizations are restraining the growth of this market during the forecast period. The market for the healthcare IT security services segment is dependent upon the development at a faster pace that is contrasted with the healthcare IT security products market in the upcoming years as the end clients in this market require consistent help to save their IT framework from rising cyber-attacks.

Cloud security provides new development roads of health IT security, and advancement of smart IT security systems is foreseen to make opportunities in the market. In addition, the monstrous unexplored market in developing nations is making large scope for the health IT security market to develop at a significant rate in the upcoming years. In a few cases, limited digital security experts and limited spending on IT security are the driving factors hampering the development of the global market. Digital health innovation aids to enhance communication among patients and healthcare suppliers to diminish medicinal blunders for improved coordinated care.

These advances likewise help to impart data to other healthcare associations and suppliers, such as emergency facilities, medical imaging facilities, pharmacies, clinics, and labs. Advanced health management, reliability, and affordability are significant objectives to be accomplished in the healthcare division. Patient security and data protection are significant parts of the well-working of the healthcare environment. Cybercrimes are on the constant rise worldwide. Hospital experiences key issues regarding various cyber-crimes which approach the safety and secrecy of their information resources and company IT frameworks.

Global Health IT Security Market: Segmentation Analysis

The Global Health IT Security Market is Segmented on the basis of End User, Application, Delivery Model, And Geography.

Health IT Security Market, By End User

• Healthcare Providers
• Healthcare Payers

Based on End User, the market is segmented into Healthcare Providers and Healthcare Payers. The Healthcare Providers component is witnessing the highest market share with strong market growth during the forecast period in the global market. The Segment centres on the standing and opportunity for significant application value, market share, and growth valuation of each application.

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Health IT Security Market, By Application

• Network Security
• Endpoint Security
• Content Security
• Application Security

Based on Application, the market is segmented into Network Security, Endpoint Security, Content Security, and Application Security.

Health IT Security Market, By Delivery Model

• On-Premise
• On-Demand (Cloud-Based and Hybrid Model)

Based on Delivery Model, the market is segmented into On-Premise and On-Demand (Cloud-Based and Hybrid Model).

Health IT Security Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Geography, the Global Health IT Security Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America has been the biggest market for health IT security, attributable to a substantial number of healthcare information breaches, and stringent administrative regulations on information protection. The U.S. contributed as the biggest revenue contributor in North America and the global health IT security market.

Key Players

The “Global Health IT Security Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are IBM Corporation, Intel Corporation, Symantec Corporation, Trend Micro Incorporated, Oracle Corporation, CA Technologies, EMC Corporation, Sailpoint Technologies, Inc., Dell, Inc., and Hewlett Packard.

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