US Healthcare Cybersecurity: Innovative Solutions Create Promising Growth Opportunities
Increased adoption by end users and a growing number of new entrants catalyzing transformational growth
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Incidents of security breaches across the United States suggests that most healthcare stakeholders are still unable to prevent cyberattacks (external or internal) that have the potential to cause malfunctions of critical systems and devices involved in day-to-day clinical, financial, and operational decisions. Additionally, COVID-19 has strained healthcare’s budget allocation towards progressive cybersecurity solutions to prioritize funding for emergency services for the short term. Many healthcare businesses were compelled to drop their cybersecurity budget (as a percentage of total spend on IT) from 3% to 10% pre-COVID-19 to 1% to 2% during the pandemic. Further, more than 80% of those healthcare businesses are not expected to spend more than 6% of their total IT budget on cybersecurity solutions between 2021 and 2022. Enterprise-grade security solutions that enable safe access, aggregation, identification, and coordination of health information across the care continuum through multifactor authentication in the cloud or on-premise infrastructure has become a must-have for all. More importantly, emerging cybersecurity solutions for advanced medical devices and IoT enablers are disrupting how traditional cyber security vendors operate in this space. Between 2022 to 2025, security solutions to protect all internet of medical things (IoMT) enablers and clinical devices will be prioritized by providers. Sensitive patient data will be contextualized for precise intervention and de-identified for long-term value creation through large-scale population health management initiatives. The post-merger integration of IoMT and devices to centralized command centers will create growth opportunities for cybersecurity solution providers. Large healthcare businesses that are overhauling their security infrastructure at enterprise levels are going to increasingly prefer the ecosystem-based SMaaS approach over the relatively closed-loop platform-as-a-service (PaaS) approach. The SMaaS approach includes a variety of solutions and offers business advantages that include cost optimization and centralized account control.
The research service will provide an overview of the US healthcare cybersecurity management market. The study period is from 2021 to 2026. The report will provide a detailed segment analysis of the healthcare cybersecurity market, including industry challenges and various promising technologies, vendors, business models, and growth opportunities poised to influence the market dynamics during the study period. The market forecast for this study will involve an end-user level (payers and providers) breakdown for the United States market. The US healthcare cybersecurity market is poised for transformational growth during the next 5 years and is expected to increase its revenue by 113.25% to reach $13.74 billion by 2026 from $6.44 billion in 2021 . This is because payers and providers are prioritizing the need to increase spending (as a percentage of total spending on IT) on all types of security solutions. The aim is to modernize infrastructure & network, protect cloud-native platforms, secure all IoMT and clinical devices, and safeguard third-party applications from common cyber threat agents such as ransomware, phishing, credential harvesting attacks, and social engineering attacks. The increased adoption of cybersecurity solutions by providers and payers is also owing to migration to cloud solutions, which pose further challenges in terms of health data privacy and security, although many cloud providers now offer compute & storage solutions that are HIPPA, HITECH, GDPR, etc., compliant.
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