NEW YORK, April 12, 2016 /PRNewswire/ -- The Health IT security market is expected to witness high growth in coming years. The market size, in terms of value, is expected to reach USD 9,867.5 million by 2020 from USD 4,905.9 million in 2015, at a CAGR of 15.0%. This market is categorized on the basis of products and services, applications, delivery mode, end users, and region.
Healthcare data breach is one of the major concerns in the healthcare industry. This is because personal health information (PHI) carries a very high value on the black market. Between 2010 and 2014, globally, ~37 million healthcare records were compromised. In the U.S. alone, in 2011, 236 breach reports were received by the Office for Civil Rights (OCR) for breaches wherein 500 or more individuals were affected. With a large number of healthcare data breaches, healthcare organizations are expected to focus on implementing effective IT security measures. This in turn is expected to drive the market for Health IT security products.
Apart from growing healthcare data breach, enactments of stringent regulations regarding data privacy is also driving the market growth. Healthcare organizations are expected to strictly adhere to various Acts and regulations, such as the Health Insurance Portability and Accountability Act (HIPPA), Payment Card Industry Data Security Standard (PCI-DSS), and the Department of Defense Information Assurance Certification and Accreditation Process (DIACA). Governments in a number of countries are taking initiatives to prevent healthcare data breaches by forming stringent cyber security laws. In July 2015, the German government passed a law to prevent the ever increasing cyber threats in the country.
Apart from comprehensive geographic and product analysis and market sizing, the report also provides a competitive landscape that covers the growth strategies adopted by industry players over the last three years. In addition, the company profiles comprise basic views on key players in the Health IT security market and product portfolios, developments, and strategies adopted by market players to maintain and increase their market shares in the near future. The above-mentioned market research data, current market size, and forecast of future trends will help key players and new entrants to make the necessary decisions regarding product offerings, geographical focus, change in strategic approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.
Reasons to Buy the Report:
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms to garner a greater market share. Firms purchasing the report can use one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.
The report provides insights on the following pointers:
- Market Penetration: Information on the product portfolios of the key players in the Health IT security market. The report analyzes this market by device type, surgical procedure, and region
- Product Development/Innovation: Insights on R&D activities, and new product launches in the Health IT security market
- Competitive Assessment: In-depth assessment of market strategies, geographical and business segments, and product portfolios of some of the key players in the Health IT security market
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the market for various Health IT security products across regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Health IT security market
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