Health IT Security Market Size - By Component (Products {Antivirus & Antimalware, DDoS Mitigation}, Services {Managed Security Services}), Delivery Mode (Cloud-based), Application (Network Security), End-user & Global Forecast 2024 - 2032
Published Date: August - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationHealth IT Security Market Size
Health IT Security Market size accounted for USD 21.5 billion in 2023 and is estimated to grow at 18.2% to reach USD 96.3 billion by 2032 due to increasing number of data breach, cyber-attack and denial-of-service (DDoS) attacks.
For instance, according to the HIPAA Journal, as of 2021, approximately 4,419 healthcare data breaches were recorded involving 500 or more user records. Similarly, in 2023, according to U.S. Department of Health and Human Services, DDoS attacks increased by 67% year-on-year and 24% quarter-on-quarter.
Health IT security aims to safeguard electronic health records (EHRs), patient health information, medical devices, telehealth systems, and other healthcare-related technologies from threats, data breaches, and unauthorized access. It involves the protection of both personal health information (PHI), which identifies individual patients, and non-personal health information, such as medical research data and healthcare operational data.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Health IT Security Market Size in 2023 | USD 21.5 Billion |
| Forecast Period | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR | 18.2% |
| 2032 Value Projection | USD 96.3 Billion |
| Historical Data for | 2018 to 2023 |
| No. of Pages | 150 |
| Tables, Charts & Figures | 373 |
| Segments covered | Component, Delivery Mode, Application, End-user and Region |
| Growth Drivers |
|
| Pitfalls & Challenges |
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COVID-19 Impact
COVID-19 did a strange thing - it helped the health IT security industry. As more and more people got sick, hackers took advantage of the chaos and started attacking hospitals' computer systems, websites for healthcare, and even fancy medical gadgets. At the same time, the pandemic made telemedicine and digital healthcare way more popular, and hospitals started using more and more technology. But with all this new tech came new risks. Bad guys realized that hospitals' computer systems were full of tasty patient data and started hacking into them. So, now it's more important than ever to keep health IT systems safe. Hospitals need to make sure patients' information is protected, and that their systems can't be hacked or taken down. COVID-19 showed us how important it is to have strong health IT security.
Health IT Security Market Trends
Concerns about keeping patient information safe and private have skyrocketed, leading to a huge demand for ways to protect healthcare technology. With more and more healthcare being done digitally and the use of electronic health records (EHRs) on the rise, it's become clear that we need to keep sensitive patient information out of the hands of people who shouldn't have it. Things like medical records, insurance details, and personal information (like your name and address) need to be kept safe to build trust with patients and follow the rules. With the growing use of connected medical devices and other healthcare tech to improve patient care, the government has also stepped in with strict rules to protect patient information.
Health IT Security Restraint
Dearth of health IT and cyber security professionals is posing a significant challenge to the health IT security market progression. The health IT security solutions are complex in nature and requires skilled and experienced professionals to effectively navigate the system, manage patient data, and ensure accurate treatment planning. The increasing demand for robust security solutions in the healthcare industry is outpacing the availability of skilled professionals.
Health IT Security Component Market Analysis
By component, the health IT security market is classified into products and services. The services segment accounted for 52.8% of the industry share in 2022. Health IT security services encompass a range of measures and practices designed to protect healthcare organization’s sensitive data, systems, and infrastructure from cyber threats. These services include network security, data encryption, access controls, vulnerability assessments, threat detection, among others. Furthermore, health IT security services provide healthcare organizations with access to specialized expertise, proactive threat monitoring, and guidance in maintaining a strong security foundation.
By delivery mode, the health IT security market is segmented into cloud-based and on-premises. The cloud-based segment is expected to grow at 19% by 2032. Cloud-based delivery mode enables organizations to access and deploy security services on their changing needs. This flexibility eliminates the need of extensive infrastructure investments & maintenance as well as offers faster implementation & deployment, as a result it reduces the time needed to secure critical systems and costs and complexity. Also, it provides access to advanced security technologies and expertise without the need to build in-house capabilities.
The application in health IT security market is categorized into network security, endpoint security and data/content security. Network security segment accounted for USD 7.7 billion market revenue in 2022. Network security enables to safeguarding healthcare systems and data from unauthorized access, data breaches, and various cyber threats. The advantages offered by using health IT security solutions include enhanced protection of sensitive patient information, prevention of network-based attacks, mitigation of risks, and improved overall system security.
The People Who Use Health IT Security Products When it comes to health IT security, there are a few main groups of usersHospitals and clinicsThese healthcare providers handle a lot of sensitive patient information and use a lot of technology, like medical devices and computers. They need strong health IT security to keep patient data private and safe. Ambulatory care centers These are places like doctor's offices and urgent care centers where you don't stay overnight. They also need to protect patient data and comply with healthcare regulations. Healthcare payersThese are insurance companies and other organizations that pay for healthcare services. They need to protect patient data and comply with regulations as well. Other end-users This could include things like research institutions, medical device manufacturers, and government agencies. Why Hospitals and Clinics Are the Biggest Users Hospitals and clinics are projected to spend the most on health IT security in the coming years. This is because they handle the most sensitive patient information and rely heavily on technology. Implementing strong health IT security measures helps them keep patient data safe and avoid costly data breaches. In fact, the importance of health IT security for hospitals and clinics has been highlighted by recent data breaches. For example, in 2022, a ransomware attack hit Eye Care Leaders, an electronic health record provider. The attack put sensitive patient information at risk. The Future of Health IT Security As healthcare technology continues to advance, the need for strong health IT security will only grow. Healthcare providers will need to invest in robust security measures to protect patient data and stay compliant with regulations.
North America health IT security market accounted for 36.9% business share in 2022. Increasing number of hospitals and adoption of technologically advanced healthcare solutions is expected to boost the industry gains. Also, rising incidence of cyberattacks targeting the healthcare industry, such as data breaches and ransomware attacks coupled with increasing awareness regarding protecting sensitive patient information will significantly proliferate the industry expansion. Furthermore, strict government regulations regarding HIPAA and GDPR mandates to protect patient data and imposes penalties for non-compliance.
Health IT Security Market Share
Major market players operating in the health IT security market IBM Corporation,
- Oracle Corporation
- Intel Corporation
- Dell Technologies
Health IT Security Industry News
- In November 2022, Epic Systems Corporation partnered with Google Cloud. This partnership was aimed to run Epic's EHR workloads on Google Cloud. This strategy enhanced greater innovation, efficiencies, and security of patients data. This strategic partnership helped the company to accelerate healthcare digital transformation and drive revenue growth.
- In 2020, GE Healthcare launched Skeye, a new cybersecurity service offering that that brings together medical device expertise, artificial intelligence and process management tools to help hospital groups in their fight against cybersecurity threats. This strategy helped the company to enhance its health IT security portfolio and increase customer base.
The health IT security market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments
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By Component
- Products
- Antivirus and antimalware
- Distributed denial of services (DDoS) mitigation
- Encryption and data loss protection solutions
- Identity and access management solutions
- Intrusion prevention systems
- Risk and compliance management solutions
- Services
- Consulting
- Managed security services
- Other services
By Delivery Mode
- On-cloud
- On-premises
Application
- Network security
- Endpoint security
- Data/content security
- Content security
End-user
- Hospitals and clinics
- Ambulatory care centers
- Healthcare payers
- Other end-users
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of MEA
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