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With healthcare staff coming to terms with inevitable compliance standards and the healthcare industry poised to grow at double-digit rates, the market looks highly lucrative over the forecast period.
New analysis from Frost & Sullivan (autoID.frost.com), World Healthcare Security Markets, finds that the market earned revenues of $1.66 billion in 2007 and estimates this to reach $5.78 billion in 2014.
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the world healthcare security markets, then send an email to David Escalante, Corporate Communications, at david.escalante[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, an overview will be sent to you by email.
“Use of security applications within the healthcare industry is largely driven by compliance requirements,” notes Frost & Sullivan Research Analyst Santosh Antony. “Taking into account the increasing pressure from government bodies, healthcare security is becoming a matter of compulsion rather than choice.”
The Health Insurance Portability and Accountability Act (HIPAA) is perhaps the strongest driver for logical healthcare security and influences physical healthcare security. HIPAA compliance deadline for most healthcare entities in North America was in May of 2007. Now, noncompliance carries the risk of fines, penalties, litigations, and sometimes even criminal prosecution in extreme cases.
In addition to the HIPAA, the Joint Commission on Accreditation of Healthcare Organizations (JCAHO) lays emphasis on maintenance of a number of aspects of security such as access control, infant protection, employee/patient identification, and a written Security Management Plan. Hospitals aggressively seek out JCAHO’s accreditation because accreditation is required in order to receive Medicare certification and insurance settlement.
However, the biggest challenge for security vendors will likely come from the employees in healthcare organizations who consider extensive physical and logical security checks as a hindrance to their normal functioning.
“Ensuring patient health record safety requires doctors to constantly key in passwords at common workstations, and is often repeated 40-50 times over a few hours,” explains Santosh. “Doctors, who generally have the final say in most administrative changes, certainly do not appreciate such delays as they can prove lethal.”
Given these challenges, security vendors will need to position their products as convenient and less time consuming. It remains crucial to utilize the latest advances in technology to stay ahead of competition. Identity and Access Management vendors have revolutionized the market with the ‘One Sign’ technology, which enables workstations to switch users in a matter of a few seconds by using biometrics technology.
World Healthcare Security Markets is part of the Automatic Identification and Security Growth Partnership Service program, which also includes research in the following markets: World Silicon Chip Finger Print Market, World Biometrics Market, North American IP Video Surveillance Storage Markets, North American Encoders and Video Server Markets, North American Video Surveillance Software Market, World Hand Geometry Market-A White Paper, North American Criminal AFIS Market, World RFID Middleware Market, and World Post Transaction Processing and Effect of Faster Transaction Speeds on Payment. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 31 offices on six continents.
World Healthcare Security Markets - N421
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