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Health IT security market is the market for security of healthcare data from hacking issues, such as phishing scams, ransomware attacks etc. Global Health IT security market is expected to have a CAGR of 15% during the forecast period 2014-2023. The market in terms of revenue is expected to reach up to $9,867.5 million by 2023 from $4,905.9 million in 2016.According to the second annual HIMSS Analytics HIT Security and Risk Management Study, organizations spend more on their IT budget in US health care industry spend approx 7.7% of their total budget on cyber security. According to their survey 24%of healthcare executives, C-Suite members, business and IT leaders, and clinical leadership spent 7-10% of their IT budget on cyber security in 2016.Data breach incidents among healthcare payers and providers increased by 55%-60% in 2014 as compare to 2013. This led to the increased need for deployment of IT security measures. Development in the next generation IT security solutions, and cloud security solutions for health care players and payers is creating gigantic opportunities for the global health IT security market. However, rapid changing nature of cyber-attack is the major challenge for the IT security market players.
Factors such as increased use of mobile phones due to BYOD, data breach in health care sector in larger number, demanding strict attention to rules and regulations to minimize the incidence of data breaching , are the important drivers the for Health IT security market. Now a days BYOD is used in health care industry to keep track records of patients. In USA, majorly health care industries use application software with smartphone devices and BYOD use of smartphone and other electronic devices increases the chance for data breach, so the need for IT security in health care increases. This drives the demand for security solutions, thus, increase the market for health IT security. However, factors such as inadequate expenditure of IT security and lack of cyber security professionals are expected to be the major factors restraining the growth of health IT security market.
Source: OBRC Analysis.
The methodology for research used in health IT security market is through both primary and secondary research. After estimating total market size, the data was split into respective segments and sub-segments within. The overall market valuation was verified through primary research, by consulting industry experts and association members. The base year for estimating market is 2015 and forecasted period is 2016-2023. The currency denomination maintained throughout the report is dollar ($) million.
The report on global health IT security market is segmented on basis of products, services, end users, delivery mode and application.
Product is further classified into:
Services are classified into:
Applications are further classified into:
Delivery mode is further segmented into:
End user is further segmented into:
The report scope is widely categorized on the basis of its end users which include healthcare provider and payer market. Moreover, the market revenue estimates and forecast includesother players also
Globalhealth IT security market report is geographically segmented into:
North America led the Health IT security market in 2015, with U.S. contributing for the highest market share, followed by Europe. The reason for this growth is due to the highly developed medical and healthcare infrastructure and high expenditure on healthcare information technology. Major pharmaceutical and medical devices companies contribute to the growth of this market in North America. Also, In US, government initiatives led the growth of the healthcare IT security. Asia-Pacific is the most attractive market. Market due to growing health care infracture and it is expected to have the highest CAGR during the forecast period. Awareness for IT security is the reason for the growth of the health IT security market. Government initiatives to make impactful regulations on data security, and increased use of mobile devices in healthcare practices market enhances the health IT security market. Rest of the world holds immense potential for the growth as there are untapped opportunities in health IT security market.
Health IT security market is classified into different segment such as product & services, application, delivery mode, end users and delivery mode. In product and services segment, security services dominated the Global health IT security Market. And would continue to be a dominant market till 2023.In application segment Network security market is leading the segment for the forecasted period.in segment by delivery mode on premises delivery of service is dominating the market. On basis of end user healthcare providers consist of physician practices, hospitals and others are expected to dominate the market segment.
The major market players of the global health IT security market are:
These companies use various strategies such as merger & acquisition, collaboration, partnership and product launch. Whereas, merger & acquisition is the key strategy adopted by the companies in the health IT security market. For instance: On August, 15, 2017, Alphabet has acquired a small, Seattle-based startup Stenosis. They developed apps for tracking different health issues.
The report covers detailed analysis of companies which comprises of overview, SCOT analysis, product portfolio, strategic initiative, strategic analysis, competitive landscape and market share analysis in voice communication equipment market.
Key reasons to buy the report:
How we are different from others:
At Occams we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global health IT security market offers detailed analysis of strategic models such as investment vs. adoption model, see saw analysis and others strategic models. Also, the report contains the detailed analysis of application, adoption scenario and decision support for each segment. The report discusses competitive landscape of the voice communication equipment market, with giving extensive SCOT analysisof key companies.
Key findings of the global health IT security market: