PUBLISHER: Grand View Research | PRODUCT CODE: 1529798
PUBLISHER: Grand View Research | PRODUCT CODE: 1529798
Market Size & Trends
The global privacy management software in healthcare market size was estimated at USD 430.88 million in 2023 and is anticipated to grow at a CAGR of 15.4% from 2024 to 2030. This growth is driven by the increasing need to comply with stringent data privacy regulations and protect sensitive patient information. As healthcare organizations adopt digital solutions and electronic health records (EHRs), the risk of data breaches and cyber threats escalates, necessitating robust privacy management systems.
The market is expanding as more healthcare providers recognize the importance of safeguarding patient data to maintain trust and avoid hefty penalties associated with non-compliance. Continuous advancements in privacy management technologies further contribute to market growth by offering more efficient and comprehensive solutions. For instance, in July 2023, Thales introduced a Data Security Platform as a Service, offering users seamless integration with a partner ecosystem of security vendors. The platform supports enterprise storage, servers, databases, applications, and cloud environments.
Privacy management software market in healthcare need to comply with regulations such as the Health Insurance Portability and Accountability Act (HIPAA) in the U.S., the General Data Protection Regulation (GDPR) in Europe, and other regional data protection laws. These regulations mandate strict data privacy and security measures to ensure better utilization in the healthcare industry. Privacy management software streamlines compliance by providing tools for data mapping, consent management, risk assessments, and incident response, enabling organizations to efficiently manage their obligations and demonstrate accountability.
In addition, the rising incidence of data breaches in the healthcare sector significantly drives the demand for privacy management software. Breaches can result in substantial financial losses, reputational damage, and loss of patient trust. Privacy management software assists healthcare organizations in identifying vulnerabilities, monitoring data access, and responding swiftly to security incidents. By implementing robust privacy management solutions, healthcare providers can mitigate the risks associated with data breaches and enhance their overall cybersecurity posture.
Furthermore, advancements in technology are propelling the growth of the privacy management software market in healthcare. Innovations such as artificial intelligence (AI), machine learning, and blockchain are being integrated into privacy management solutions to enhance their capabilities. For instance, in December 2022, OneTrust unveiled the Trust Intelligence Platform, creating a new technology category aimed at addressing critical business challenges related to trust and transparency. This platform provides organizations with comprehensive visibility across all trust domains, leverages AI and regulatory intelligence for informed actions, and uses automation to integrate trust as a core design principle.
Global Privacy Management Software In Healthcare Market Segmentation
This report forecasts revenue growth at country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the privacy management software in healthcare market report on the basis of offering, application, end-use and region.
U.S.
Canada
Mexico
UK
Germany
France
Italy
Spain
Norway
Denmark
Sweden
Japan
China
India
Australia
South Korea
Thailand
Brazil
Argentina
South Africa
Saudi Arabia
UAE
Kuwait