Health IT Security Market 2019 - Recent Study Including Growth Factors, Applications and Forecast till 2024

The global health IT security market is witnessing considerable growth due to stringent regulatory requirements and interconnected medical devices. Since the usage of interconnected medical device is continuously increasing, health IT security would play a major role in the safety of health information assembled and imparted from various smart devices to patients and care givers.

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Moreover, increasing use of mobile device, due to greater adoption of bring-your-own device policy, is supporting the growth of the market. The adoption of health IT security across the globe is increasing, owing to increasing number of healthcare data breeches. The market for healthcare IT security services segment is expected to grow at the faster rate compared to healthcare IT security products market in the forecasted period, as the end users in this market would require continuous support in the form of service to protect their IT infrastructure from increased advanced cyber-attacks.

The cloud security proposes new growth avenues of health IT security, and evolution of next generation IT security solution is expected to create opportunities for the market. In addition, massive unexplored market in developing economies are creating abundant opportunities for the health IT security market to grow at a significant rate in the coming years. However, limited cyber security professionals and limited spending on IT security are the key factors hampering the growth of the global market.

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The digital health technologies help to improve communication between patients and healthcare providers to reduce medical errors for better coordinated care. These technologies also help to share information with other healthcare organizations and providers, such as medical imaging facilities, emergency facilities, laboratories, clinics, and pharmacies. Reliability, better health management and cost efficiency are major goals to be achieved in healthcare sector.

Geographically, North America has been the largest market for health IT security, owing to large number of healthcare data breeches, and stringent regulatory requirements on data privacy in the region. The U.S. contributed largest revenue to the North American as well as global health IT security market. Europe has been the second largest market for health IT security, where the market is driven by the increasing number of cyber-attacks to misuse healthcare information of an individual. Globally, the health IT security market is expected to witness the fastest growth in Asia-Pacific during the forecast period. The highest growth in the region is attributed to the increasing awareness of IT security and increasing adoption of connected medical devices for managing increasing prevalence of chronic illness in the region.

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The key players operating in the global market are IBM Corporation, Symantec Corporation, Trend Micro Incorporated, Oracle Corporation, EMC Corporation, SailPoint Technologies, Dell Inc., Hewlett Packard, AT&T, and Intel Corporation.