Selbyville, Delaware, April 22, 2024 (GLOBE NEWSWIRE) -- Health IT security Market Size is expected to accumulate USD 96.3 billion in revenue by the end of 2032. The increasing digitization of healthcare data and the widespread adoption of electronic health records (EHRs) is heightening the concerns about data security and privacy, further encouraging healthcare organizations to invest in robust IT security solutions.
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The growing frequency and sophistication of cyber threats targeting healthcare systems and patient data is also fueling the demand for advanced security measures and technologies. According to the HIPPA Journal, in February 2024, there were 24 instances of data breaches involving 10,000 healthcare records, with the largest breach being a 2.35 million record incident at Medical Management Resource Group in the U.S. This increasing number of cyber-attacks on medical records will amplify the market progression.
Rising regulatory requirements and compliance standards, such as the Health Insurance Portability and Accountability Act (HIPAA) in the U.S. are mandating stringent data protection measures. The rise of telemedicine and remote healthcare services amid the pandemic has further bolstered the attack surface for cybercriminals, underscoring the importance of implementing comprehensive security frameworks in healthcare IT infrastructure.
Products to account for substantial share
The products segment is estimated to accumulate sizeable revenue of the health IT security market by 2032. The increasing complexity and sophistication of cyber threats is necessitating healthcare organizations to deploy advanced security solutions, such as firewalls, antivirus software, and encryption tools to safeguard their IT infrastructure. The rising adoption of cloud-based security solutions and the proliferation of connected medical devices is driving the demand for security products tailored to the unique needs of the healthcare industry.
On-premises delivery mode to remain an ideal choice
Health IT security market from the on-premises delivery mode segment is projected to expand at substantial rate until 2032. This is owing to the increasing preference of healthcare organizations for on-premises security solutions to maintain full control over their data for ensuring compliance with regulatory requirements. The rising concerns about data sovereignty and privacy are driving the demand for on-premises solutions, especially in regions with stringent data protection laws. Moreover, the perceived security advantages of on-premises deployments, including reduced vulnerability to external threats and faster incident response times will boost the segment progression.
Europe to attract lucrative industry development opportunities
Europe health IT security market is predicted to expand at commendable CAGR from 2024 to 2032, due to the stringent data protection regulations. The General Data Protection Regulation (GDPR) across the region is mandating robust security measures and prompting healthcare organizations to invest in IT security solutions. The increasing adoption of electronic health records (EHRs) and digital health technologies is amplifying the need for comprehensive security frameworks. The rising cyber threats targeting healthcare data is further bolstering the need of proactive security measures.
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Health IT Security Industry Participants
Some of the leading firms operating in the health IT security market include Oracle Corporation, Intel Corporation, and Dell Technologies. These market players are incorporating several inorganic strategies, such as mergers & acquisitions, collaborations, and introducing innovative solutions to increase their market footprint.
For instance, in October 2023, following discussions on cybersecurity challenges, the Cybersecurity and Infrastructure Security Agency (CISA) and the Department of Health and Human Services (HHS) jointly launched the Cybersecurity Toolkit for Healthcare and Public Health in the U.S.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Health IT security market 3600 synopsis, 2018 – 2032
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Component trends
2.1.4 Delivery mode trends
2.1.5 Application trends
2.1.6 End-user trends
Chapter 3 Health IT Security Industry Insights
3.1 Industry ecosystem analysis
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.1.1 Increasing incidence of healthcare data breach and cyber attacks
3.2.1.2 Increasing concern about patient data privacy and security
3.2.1.3 Stringent regulations imposed by the government on the healthcare sector
3.2.2 Industry pitfalls & challenges
3.2.2.1 Inadequate spending on IT security
3.2.2.2 Dearth of health IT and cyber security professionals
3.3 Growth potential analysis
3.3.1 By component
3.3.2 By delivery mode
3.3.3 By application
3.3.4 By end-user
3.4 COVID- 19 impact analysis
3.5 Regulatory landscape
3.5.1 U.S.
3.5.2 Europe
3.6 Technological landscape
3.7 OCR penalties for HIPAA violations, 2018-2023
3.8 Porter's analysis
3.9 PESTEL analysis
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