The US healthcare cybersecurity market is poised for aggressive growth after the COVID-19 pandemic ends. The impending challenges related to the top 5 cyber threats (phishing attacks, credential harvesting, ransomware, social engineering attacks, and information theft or loss) will drive a higher spend on progressive cybersecurity solutions across infrastructure, applications, networks, cloud, and the Internet of Things (IoT).
More than 90% of all healthcare organizations reported at least one security breach over the last 3 years in the United States. As a result, robust cybersecurity has become a top priority of C-level healthcare executives regardless of business type, size, orientation, or affiliation.
Some 91% of all US-based provider CIOs had already identified cybersecurity as a major strategic focus in 2019. Yet in 2020, evidence 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. Further, 61% of US-based healthcare businesses acknowledged that they lack effective mechanisms to ensure cybersecurity at an organizational level. During the COVID-19 pandemic, the matter worsened as hackers started to target virtual care platforms, clinical trial database, remote patient monitoring devices, diagnostic systems, and ICU ventilators that historically were relatively more vulnerable to security threats that involve phishers, cybercriminals, and negligent/malicious insiders. Such attacks have a direct impact on patient safety and the integrity of the healthcare businesses responsible for it.
Poor cybersecurity is bad for business as well. Most hospitals spend, on average, 64% more on general advertising in the year after a data breach. Cyberattacks on revenue cycle management platforms disrupt claims management processes and reduce the cumulative quality rating or STAR ranking, which ultimately result in reduced reimbursement and a lower patient footprint: a double whammy for providers.
The Frost Radar™ reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar™ methodology. The document presents competitive profiles on each of the companies in the Frost Radar™ based on their strengths, opportunities, and a small discussion on their positioning. Frost & Sullivan analyzes hundreds of companies in an industry and benchmarks them across 10 criteria on the Frost Radar™, where the leading companies in the industry are then positioned.
Strategic Imperative
Growth Environment
Growth Environment (continued)
Frost Radar™: US Healthcare Cybersecurity Market, 2020
Frost Radar™: Competitive Environment
Amazon Web Services (AWS)
BlackBerry
Broadcom
Cisco
GE Healthcare
IBM Security
Imprivata
LexisNexis Risk Solutions
McAfee
Microsoft
Palo Alto Network
Philips Healthcare
RiskRecon
The Herjavec Group
Strategic Insights
Significance of Being on the Frost Radar™
Frost Radar™ Empowers the CEO’s Growth Team
Frost Radar™ Empowers Investors
Frost Radar™ Empowers Customers
Frost Radar™ Empowers the Board of Directors
Frost Radar™: Benchmarking Future Growth Potential
Frost Radar™: Benchmarking Future Growth Potential
Legal Disclaimer
Frost Radar™: Benchmarking Future Growth Potential 2 Major Indices, 10 Analytical Ingredients, 1 Platform
Growth Index
Growth Index (GI) is a measure of a company’s growth performance and track record, along with its ability to develop and execute a fully aligned growth strategy and vision; a robust growth pipeline system; and effective market, competitor, and end-user focused sales and marketing strategies.
- Market Share (previous 3 years)
This is a comparison of a company’s market share relative to its competitors in a given market space for the previous 3 years. - Revenue Growth (previous 3 years)
This is a look at a company’s revenue growth rate for the previous 3 years in the market/industry/category that forms the context for the given Frost Radar™. - Growth Pipeline
This is an evaluation of the strength and leverage of a company’s growth pipeline system to continuously capture, analyze, and prioritize its universe of growth opportunities. - Vision and Strategy
This is an assessment of how well a company’s growth strategy is aligned with its vision. Are the investments that a company is making in new products and markets consistent with the stated vision? - Sales and Marketing
This is a measure of the effectiveness of a company’s sales and marketing efforts in helping it drive demand and achieve its growth objectives.
Innovation Index
Innovation Index (II) is a measure of a company’s ability to develop products/ services/ solutions (with a clear understanding of disruptive Mega Trends) that are globally applicable, are able to evolve and expand to serve multiple markets and are aligned to customers’ changing needs.
- INNOVATION SCALABILITY
This determines whether an organization’s innovations are globally scalable and applicable in both developing and mature markets, and also in adjacent and non-adjacent industry verticals. - RESEARCH AND DEVELOPMENT
This is a measure of the efficacy of a company’s R&D strategy, as determined by the size of its R&D investment and how it feeds the innovation pipeline. - PRODUCT PORTFOLIO
This is a measure of a company’s product portfolio, focusing on the relative contribution of new products to its annual revenue. - MEGATRENDS LEVERAGE
This is an assessment of a company’s proactive leverage of evolving, long-term opportunities and new business models, as the foundation of its innovation pipeline. - CUSTOMER ALIGNMENT
This evaluates the applicability of a company’s products/services/solutions to current and potential customers, as well as how its innovation strategy is influenced by evolving customer needs.
Significance of Being on the Frost Radar™
Companies plotted on the Frost RadarTM are the leaders in the industry for growth, innovation, or both. They are instrumental in advancing the industry into the future.
- GROWTH POTENTIAL
Your organization has significant future growth potential, which makes it a Company to Action. - BEST PRACTICES
Your organization is well positioned to shape Growth Pipeline™ best practices in your industry. - COMPETITIVE INTENSITY
Your organization is one of the key drivers of competitive intensity in the growth environment. - CUSTOMER VALUE
Your organization has demonstrated the ability to significantly enhance its customer value proposition. - PARTNER POTENTIAL
Your organization is top of mind for customers, investors, value chain partners, and future talent as a significant value provider.
Speak directly with our analytics experts for tailored recommendations.
Purchase includes:
- Report download
- Growth Dialog™ with our experts
Growth Dialog™
A tailored session with you where we identify the:- Strategic Imperatives
- Growth Opportunities
- Best Practices
- Companies to Action
Impacting your company's future growth potential.
| Deliverable Type | Frost Radar |
|---|---|
| No Index | No |
| Podcast | No |
| Author | Koustav Chatterjee |
| Industries | Healthcare |
| WIP Number | K589-01-00-00-00 |
| Is Prebook | No |
| GPS Codes | 9564-B1,9600-B1,9612-B1 |
Frost Radar™: US Healthcare Cybersecurity Market, 2020
A Benchmarking System to Spark Companies to Action—Innovation That Fuels New Deal Flow and Growth Pipelines
23-Dec-2020
North America
Frost Radar