The US Healthcare Cybersecurity Market, 2018–2023

The US Healthcare Cybersecurity Market, 2018–2023

Overcoming Barriers to Adoption in the Face of an Increasing Threat

RELEASE DATE
12-Mar-2019
REGION
North America
Research Code: K307-01-00-00-00
SKU: HC03143-NA-MR_22923

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Description

The healthcare market is a prime target of hackers looking for protected health information (PHI). The US Office of Civil Rights, which tracks major data security breaches in the healthcare space, reported at least 300 significant breaches in 2018 alone. This situation is exacerbated by the fact that the threat posed by hackers is increasing every year.

In addition, technological advances will require an even more focused approach to security in healthcare. In particular, the Internet of Medical Things will greatly expand both the number of devices in the healthcare network and the number of exploitable points. As the number and variety of devices explodes, healthcare IT will be faced with a much more complex security environment.

Likewise, the application of new analytical tools based on artificial intelligence, Big Data, and cloud services will make the security of patient data harder to achieve. Big Data alone has the potential to amplify the effect of data breeches. Where previously a breach could compromise a subset of patient information, with Big Data lakes living in an interconnected cloud environment, a breach can now expose vast amounts of personally identifiable patient data.

Cloud services, too, can exacerbate the healthcare cybersecurity space by involving third parties in the security of patient data. Where a healthcare IT organization historically had control over 100% of patient data, now it must depend on cloud service vendors to implement strong cybersecurity protocols.

All of these changes make cybersecurity more difficult. Yet, in spite of the increasing threat, healthcare spends far less than most industry verticals on cybersecurity. The HIMSS cybersecurity survey discloses that, on average, healthcare organizations spend half what enterprises in other market verticals spend on cybersecurity.

New research by Frost & Sullivan discloses that this situation is about to change. Indications are that healthcare IT is preparing to increase its spending, with the result that Frost & Sullivan projects a 10.3% compound annual growth rate for healthcare cybersecurity revenue through 2023. Increases in spending will occur in every cybersecurity market segment and will include an increase in managed services spending as healthcare IT seeks to leverage the professional cybersecurity skills of third parties.

This new report by Frost & Sullivan provides essential healthcare cybersecurity market tracking data as well as revenue projections through 2023. It also provides insights into the market drivers and restraints that will shape cybersecurity spending by healthcare IT over the next 5 years.

Author: Michael Jude

Table of Contents

Key Findings

Key Questions this Study will Answer

Market Engineering Measurements

CEO’s Perspective

3 Big Predictions

The Healthcare Cyber Threat is Increasing

The Healthcare Cyber Threat is Increasing (continued)

Importance of Cybersecurity in Healthcare

Cybersecurity Spending by Market Vertical

Healthcare Cybersecurity Represents a Growing Market

5 Growth Opportunities Critical for Future Strategy

Strategic Imperatives for Market Participants

Introduction

Growth Opportunities Resulting from Broader Industry Convergence

Market Segmentation

Market Distribution Channels

Market Distribution Channels Discussion

Defining Healthcare Trends in the Future

Game-Changing Strategies

Market Drivers

Drivers Explained

Drivers Explained (continued)

Drivers Explained (continued)

Market Restraints

Restraints Explained

Restraints Explained (continued)

Market Engineering Measurements

Forecast Assumptions

Revenue Forecast

Revenue Forecast Discussion

Revenue Forecast Discussion (continued)

The Frost & Sullivan Telehealth MatrixTM

The Frost & Sullivan Telehealth MatrixTM (continued)

Telehealth MatrixTM Description

Telehealth MatrixTM Description (continued)

Professional Consumer Spectrum

ICT Healthcare Spectrum

Telehealth MatrixTM—Top 20 Telehealth Markets

Telehealth MatrixTM Discussion

Telehealth MatrixTM Discussion (continued)

Changes in the Competitive Environment

Competitive Environment

Top Competitors

Competitive Factors and Analyst Assessment

Cybersecurity Value Chain

Growth Opportunity Evaluation as Part of a Business Strategy

Levers for Growth

Growth Opportunity 1—Integrated Security Solutions

Growth Opportunity 2—New Technology

Growth Opportunity 3—Flexible Pricing

Growth Opportunity 4—Simplification

5 Major Growth Opportunities

Strategic Imperatives for Success and Growth

Key Findings

Market Engineering Measurements

Revenue Forecast

Pricing Trends and Competitive Assessment

Key Findings

Market Engineering Measurements

Revenue Forecast

Pricing Trends and Competitive Assessment

Key Findings

Market Engineering Measurements

Revenue Forecast

Pricing Trends and Competitive Assessment

Key Findings

Market Engineering Measurements

Revenue Forecast

Pricing Trends and Competitive Assessment

Key Findings

Market Engineering Measurements

Revenue Forecast

Pricing Trends and Competitive Assessment

Key Findings

Market Engineering Measurements

Revenue Forecast

Pricing Trends and Competitive Assessment

The Last Word—3 Big Predictions

Last Word Discussion

Legal Disclaimer

Market Engineering Methodology

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

Related Research
The healthcare market is a prime target of hackers looking for protected health information (PHI). The US Office of Civil Rights, which tracks major data security breaches in the healthcare space, reported at least 300 significant breaches in 2018 alone. This situation is exacerbated by the fact that the threat posed by hackers is increasing every year. In addition, technological advances will require an even more focused approach to security in healthcare. In particular, the Internet of Medical Things will greatly expand both the number of devices in the healthcare network and the number of exploitable points. As the number and variety of devices explodes, healthcare IT will be faced with a much more complex security environment. Likewise, the application of new analytical tools based on artificial intelligence, Big Data, and cloud services will make the security of patient data harder to achieve. Big Data alone has the potential to amplify the effect of data breeches. Where previously a breach could compromise a subset of patient information, with Big Data lakes living in an interconnected cloud environment, a breach can now expose vast amounts of personally identifiable patient data. Cloud services, too, can exacerbate the healthcare cybersecurity space by involving third parties in the security of patient data. Where a healthcare IT organization historically had control over 100% of patient data, now it must depend on cloud service vendors to implement strong cybersecurity protocols. All of these changes make cybersecurity more difficult. Yet, in spite of the increasing threat, healthcare spends far less than most industry verticals on cybersecurity. The HIMSS cybersecurity survey discloses that, on average, healthcare organizations spend half what enterprises in other market verticals spend on cybersecurity. New research by Frost & Sullivan discloses that this situation is about to change. Indications are that healthcare IT is preparing to incr
More Information
No Index No
Podcast No
Author Michael Jude
Industries Healthcare
WIP Number K307-01-00-00-00
Is Prebook No
GPS Codes 9564-B1,9600-B1,9612-B1