Health IT Security Market - Forecast(2023 - 2028)

Report Code: HCR 0503 Report Format: PDF + Excel

Health IT Security Market Overview

The Health IT Security Market size is estimated to reach $23.8 billion by 2026, growing at a CAGR of 13.4% during the forecast period 2021-2026. Health IT Security systems ensure the protection of digital information and assets from unauthorized access, use, disclosure, and alteration. Health IT security is crucial in the healthcare industry as the data stored by these facilities contain highly sensitive and confidential information such as medical history, patient and employee contact details, and other private information. Some of the common products used to improve network security in the market include Risk and Compliance Management Solutions, Antivirus and Antimalware, Intrusion Prevention Systems, and Distributed Denial of Services (DDOS). The rise in cases of cyber-attacks in the healthcare industry is driving the market for Health IT Security systems. However, the high costs associated with their implementation act as a major challenge for the Health IT Security industry.

Report Coverage

The report: “Health IT Security Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Health IT Security Market.

By Product Type: Antivirus and Antimalware, Identity and Access Management Solutions, Encryption and Data Loss Protection Solutions, Risk and Compliance Management Solutions, Intrusion Prevention Systems, and Distributed Denial of Services (DDOS) Mitigation.
By Services: Consulting, Managed Security Services, and Others.
By Delivery Mode: On-Premise and On-Demand.
By Application: Network Security, Endpoint Security, Application Security, and Content Security.
By End User: Hospitals and Clinics, Ambulatory Care Centers, Academic Institution, Pharmaceutical companies, Healthcare Payers and Others.
By Geography: North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, and Rest of South America) and Rest of World (the Middle East and Africa).

Key Takeaways

  • Geographically, the North American Health IT Security Market accounted for the largest share in 2020 owing to the well-developed healthcare infrastructure and high public and private R&D expenditure.
  • An increase in the implementation of cloud computing systems in the healthcare sector is driving the market during the forecast period. However, low awareness levels in low and middle-income regions is anticipated to challenge demand generation.
  • Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Health IT Security Market Report. 
Health IT Security Market Share, By Geography, 2020(%)
Health IT Security Market
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Health IT Security Market Segment Analysis-By Product Type

Based on Product Type, the Health IT Security Market is segmented into Antivirus and Antimalware, Identity and Access Management Solutions, Encryption and Data Loss Protection Solutions, Risk and Compliance Management Solutions, Intrusion Prevention Systems, and Distributed Denial of Services (DDOS) Mitigation. The DDOS Mitigation segment is anticipated to have the largest Health IT Security market share in 2020 and is also projected to register the fastest growth at a CAGR of 14.8% during the forecast period 2021-2026. DDOS mitigation is used to protect healthcare servers or networks from a DDOS attack, where cybercriminals flood the network with requests that overwhelm them. This causes the network to be disrupted temporarily or indefinitely. DDOS Mitigation filters out any malicious traffic from reaching the network or server thereby, ensuring the smooth functioning of Healthcare IT systems.

Health IT Security Market Segment Analysis-By Application

The Health IT Security Market based on Application can be further segmented into Network Security, Endpoint Security, Application Security, and Content Security. The Network Security segment accounted for the largest share of the market in 2020. This is attributed to the storage of large volumes of sensitive and confidential patient data in hospital networks. This sensitive and private information includes patient health history, treatment history, biometric data, symptoms, contact details, and lifestyle choices. This makes hospital networks extremely attractive to hackers as medical records can be sold on the dark web or even used to create fake passports and identities. Healthcare Network Security is designed for Health Insurance Portability and Accountability Act (HIPPA) compliance and protects data from cyberattacks. The Network Security segment is also anticipated to witness the fastest growth during the forecast period at a CAGR of 14.4%.

Health IT Security Market Segment Analysis-By Geography

The Health IT Security Market based on Geography can be segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. The North American segment is projected to dominate the Health IT Security Market during the forecast period 2021-2026 with a market share of 36% owing to the presence of highly developed healthcare infrastructure, increasing cyberattacks on healthcare facilities, and rising use of cloud computing systems and digital medical records in the region. Moreover, the presence of key industry players such as IBM Corporation, Intel Corporation, Oracle Corporation, Dell inc., and Norton LifeLock Inc. in the region ensure lower costs and more options for customers. The Asia Pacific region is predicted to register the fastest growth owing to the increase in awareness levels, digitization, and growth in public healthcare funding in major emerging economies like China and India.

Health IT Security Market Drivers

Increase in Cyberattacks is Projected to Drive Market Growth.

The increase in Cyberattacks on Healthcare Providers in North America and Europe is driving the demand for implementing IT security systems. For instance, on average, more than 3.34 million healthcare records were breached every month in the US between July 2020 and June 2021 by ransomware and other cyberattacks. The leaked information includes patient names, addresses, diagnosis information, contact details, and insurance information. These medical records are then sold by the attackers for up to $1000 per individual record. The American health service provider UHS lost around $67 million in 2020 owing to network shutdowns caused by ransomware attacks.

The rise in Emergence of Cloud Computing is Anticipated to Boost Product Demand.

The adoption of cloud computing systems in the healthcare sector is contributing to the growth of the Health IT Security Market. Healthcare providers are using the technology to increase efficiency, optimize workflow, reduce expenses and enhance treatment effectiveness. Moreover, cloud computing has enabled the increase in the use of telehealth services by healthcare providers. In the US, around 76% of the hospitals used telemedicine to connect with patients in 2020. 39.5% of medical professionals practicing in Radiology, 27.8% in Psychiatry, and 24.1% in Cardiology used telemedicine to connect with patients. This increases the demand for robust IT security systems to protect cloud computing systems that are vulnerable to ransomware and other cybersecurity threats.

Health IT Security Market Challenge

Low levels of Healthcare Digitization in Developing Regions are Anticipated to Hamper Market Growth.

Low and middle-income countries of Asia Pacific and Africa primarily use physical documents for the storage of patient information. Digital systems such as Picture Archiving and Communication System (PACS) and electronic health records are rarely used in the region owing to the low public and private investment in the healthcare sector. Moreover, according to the World Health Organization (WHO) database, the annual per capita healthcare expenditure in developing regions like South Africa and Bangladesh was only $525.9 and $41.9 respectively. This is extremely low compared to developed countries such as the US who spent around $10,623.8 per capita. This leads to the low purchasing power of public and private hospitals in the region and thereby reduces demand for IT security systems.

Covid-19 Pandemic and Subsequent Restrictions is Projected to Limit Growth Opportunities

The rapid spread of the Covid-19 virus and the increased cases of hospitalizations have led to hospitals diverting funds and manpower from other areas. For instance, the American Hospital Association (AHA) estimates that around $202.6 billion of revenue was lost for US hospitals and healthcare systems owing to the pandemic. Furthermore, it could cost developing countries around $52 billion a month for combating the Covid-19 crisis. This significantly decreases the purchasing power of hospitals and thereby, reduces the demand for installation and maintenance of expensive Health IT security services.

Health IT Security Market Industry Outlook:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Health IT Security Market. The top 10 companies of the industry include:
  1. IBM Corporation
  2. Intel Corporation
  3. Norton LifeLock Inc
  4. EMC Corporation
  5. Trend Micro
  6. Oracle Corporation
  7. SailPoint Technologies
  8. Dell Inc
  9. CenturyLink
  10. Wipro

Partnerships/Product Launches:

  • In September 2020, GE Healthcare announced the launch of a new cybersecurity service offering that brings together medical device expertise, artificial intelligence, and process management tools to help hospital groups protect themselves from cybersecurity threats. The new solution, called Skeye, augments hospitals’ existing resources and capabilities by providing proactive monitoring through a remote security operations center (SOC) which helps them detect, analyze and respond to cybersecurity threats in real-time.    
  • In November 2019, Broadcom Inc. announced the acquisition of the Enterprise Security business of Symantec Corporation. Following the acquisition, the company changed its name from Symantec to Norton LifeLock. Norton LifeLock has around 50 million customers worldwide that use their services.

Relevant Links:

Report Code: HCR 40559

Report Code: ITR 0132

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1. Health IT Security Market - Overview
    1.1 Definitions and Scope
2. Health IT Security Market - Executive Summary
    2.1 Market Revenue and Key Trends by Company
    2.2 Key trends by Product Type
    2.3 Key trends by Application
    2.4 Key trends by Geography
3. Health IT Security Market – Comparative Analysis
    3.1 Company Benchmarking – Key Companies
    3.2 Financial Analysis – Key Companies
    3.3 Market Value Split by Key Companies
    3.4 Patent Analysis
    3.5 Pricing Analysis – Average Selling Price
4. Health IT Security Market - Startup Companies Scenario Premium
    4.1 Key Startup Company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Venture Capital and Funding Scenario
5. Health IT Security Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case Studies of Successful Ventures
6. Health IT Security Market - Forces
    6.1 Market Drivers
    6.2 Market Constraints/Challenges
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Health IT Security Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Market Life Cycle
8. Health IT Security Market – By Product Type (Market Size –$Million/$Billion)
    8.1 Antivirus and Antimalware
    8.2 Identity and Access Management Solutions
    8.3 Encryption and Data Loss Protection Solutions
    8.4 Risk and Compliance Management Solutions
    8.5 Intrusion Prevention Systems
    8.6 Distributed Denial of Services (DDOS) Mitigation
9. Health IT Security Market – By Services (Market Size –$Million/$Billion)
    9.1 Consulting
    9.2 Managed Security Services
    9.3 Others
10. Health IT Security Market – By Delivery Mode (Market Size –$Million/$Billion)
    10.1 On-Premise
    10.2 On-Demand
11. Health IT Security Market – By Application (Market Size –$Million/$Billion)
    11.1 Network Security
    11.2 Endpoint Security
    11.3 Application Security
    11.4 Content Security
12. Health IT Security Market - By End User (Market Size –$Million/$Billion)
    12.1 Hospitals and Clinics
    12.2 Ambulatory Care Centers
    12.3 Academic Institution
    12.4 Pharmaceutical companies
    12.5 Healthcare Payers
    12.6 Others
13. Health IT Security Market - By Geography (Market Size –$Million/$Billion)
    13.1 North America
        13.1.1 U.S.
        13.1.2 Mexico
        13.1.3 Canada
    13.2 Europe
        13.2.1 U.K.
        13.2.2 France
        13.2.3 Germany
        13.2.4 Italy
        13.2.5 Spain
        13.2.6 Russia
        13.2.7 Rest of Europe
    13.3 Asia Pacific
        13.3.1 China
        13.3.2 India
        13.3.3 Japan
        13.3.4 South Korea
        13.3.5 Australia & New Zealand
        13.3.6 Rest of Asia Pacific
    13.4 South America
        13.4.1 Brazil
        13.4.2 Argentina
        13.4.3 Rest of South America
    13.5 Rest of the World
        13.5.1 Middle East
        13.5.2 Africa
14. Health IT Security Market - Entropy
15. Health IT Security Market – Industry/Segment Competition Landscape Premium
    15.1 Market Share Analysis
        15.1.1 Global Market Share – Key Companies
        15.1.2 Market Share by Region – Key companies
        15.1.3 Market Share by Countries – Key Companies
        15.1.4 Competition Matrix
        15.1.5 Best Practices for Companies
16. Health IT Security Market – Key Company List by Country Premium Premium
17. Health IT Security Market Company Analysis
    17.1 Company 1
    17.2 Company 2
    17.3 Company 3
    17.4 Company 4
    17.5 Company 5
    17.6 Company 6
    17.7 Company 7
    17.8 Company 8
    17.9 Company 9
    17.10 Company 10
"*Financials for private companies would be provided on a best-efforts basis”.