Latest Market intelligence report released by MarketDigits with title “Global Healthcare Cybersecurity Market Research Report with Opportunities and Strategies to Boost Growth- COVID-19 Impact and Recovery” is designed covering micro level of analysis by manufacturers and key business segments. The Global Healthcare Cybersecurity Market survey analysis offers energetic visions to conclude and study market size, market hopes, and competitive surroundings. The research is derived through primary and secondary statistics sources and it comprises both qualitative and quantitative detailing. Some of the key players profiled in the study are IBM Corporation, Kaspersky Lab, Lockheed Martin Corporation.
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Healthcare Cyber Security Market Overview:
The healthcare cybersecurity market size is projected to reach USD 25.2 Billion by 2027, from USD 8.4 billion in 2020 growing at a CAGR of 20.2% during 2021-2027.
Healthcare Cyber Security Market incorporates adoption of cyber security solutions and services by healthcare organizations to protect their patient and hospital information from data breaches and cyber-attacks. The service segment includes end user spending on consulting, designing & integration, risk assessment, and training. The solution segment includes deployment of healthcare cyber security solutions such as breach detection, business continuity & disaster recovery, cloud & data centers, data loss protection, identity & access management, mobile devices, and risk & compliance management cyber security solutions in healthcare organizations across the globe.
Introduction of supportive government regulations and acts to protect patient information from data breaches, increase in incidence of cyber-attacks, and rise in demand for cloud services drive the need for advanced cyber security solutions. However, dearth of trained professionals restricts the market growth to some extent.
The report includes the study of the healthcare cyber security market focusing on various growth prospects and restraints, based on the regional analysis. The study highlights Porter’s Five Forces analysis for the market that comprises the impact of suppliers, competitors, new entrants, substitutes, and buyers.
Key players operating in the healthcare cybersecurity industry include Cisco Systems, Inc., FireEye, Inc., MacAfee, Inc., Northrop Grumma Corporation, Palo Alto Networks, Inc., Sensato, and Symantec Corporation.
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The healthcare cyber security market is segmented on the basis of type, security type, and region. Based on the type, the market is bifurcated into service and solutions. By security type, it is divided into application security, cloud security, healthcare security, network security, wireless security, and others. The network security segment dominated the market in 2016, owing to increase in awareness and end-user spending on advanced network security solutions such as DDoS mitigation solutions and access control solutions to ensure protection.
Geographically, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is projected to grow at the highest CAGR during the forecast period. Rise in awareness among healthcare organizations and increase in end-user spending on enhanced cyber security solutions and services, owing to increase in number of cyber-attacks, are projected to fuel to the market growth in this region.
The following graph signifies the growth potential of the healthcare cyber security market by security type. The cloud security segment is projected to grow at the highest CAGR, owing to the increase in adoption of cyber security solutions and services.
Increase in Cyber-attacks
A growing concern faced by the healthcare sector is the rise in number of cyber-attacks due to limited security measures, which, in turn, is expected to increase the adoption of security solutions. For instance, in 2015, Beacon Health Systems was targeted in a cyber-attack, wherein the patient’s personal and protected health information was hacked.
Regulatory Requirements and Government Norms
Introduction of supportive government regulations and acts to protect patient information from data breaches is encouraging healthcare providers to deploy advanced cyber security solutions to protect their healthcare data. For instance, The Government of U.S. enacted “the Health Insurance Portability and Accountability Act (HIPAA)” to encourage healthcare organizations to keep healthcare data secure and confidential.
- Increase in Adoption of Mobile Device Applications and Platforms
Sales of mobile device and their penetration are growing rapidly owing to the increase in acceptance of bring your own device (BYOD) among healthcare organizations. The variety of services, applications, and functions available on mobile devices leads to large amount of data being stored on devices and transferred to and from devices. Most of the data stored on mobile devices include sensitive information, such as credit card numbers, user names, and passwords. This growth in dependency on mobile devices encourages organizations to implement effective cyber security solutions, such as IAM, asset management, UTM, and monitoring and analytics.
- Need for Strong Authentication Methods
Healthcare organizations require strong authentication functionality to ensure that authentic employees access internal networks or specific applications. To avoid the threats of password-based authentication, enterprises progressively have moved to multi-factor authentication. Multi-factor authentication is generally performed by adding another element to the traditional user name and password. This could be hardware and software token, a biometric check, or a device authentication step. This implementation of these authentication techniques to reduce the risk of cyber threats encourages users to adopt effective cyber security solutions.
- The study provides an in-depth analysis of the healthcare cyber security industry, with current and future trends to elucidate the imminent investment pockets.
- Information regarding key drivers, restraints, and opportunities coupled with their impact analysis is provided.
- Porter’s Five Forces analysis illustrates the potency of buyers and suppliers participating in the market.
- The quantitative analysis of the market from 2016 to 2023 is provided to elaborate the market potential.
Healthcare Cyber Security Market Key Segments:
The healthcare cyber security market is segmented based on type, Solution, and geography.
Healthcare Cybersecurity Market: By Solution
- Identity and Access Management
- Risk and Compliance Management
- Antivirus and Antimalware
- Security Information and Event Management
- Intrusion Detection System (IDS)/Intrusion Prevention System (IPS)
- Other Type of Solutions
Healthcare Cybersecurity Market: By End User
- Pharmaceuticals and Biotechnology
- Health Insurance
- Other End Users
Healthcare Cybersecurity Market: By Geography
- North America
- South America
- Rest of the World
Key Market Players Profiled in the Report
- Cisco Systems, Inc.
- FireEye, Inc.
- IBM Corporation
- Kaspersky Lab
- Lockheed Martin Corporation
- MacAfee, Inc.
- Northrop Grumma Corporation
- Palo Alto Networks, Inc.
- Symantec Corporation
The large scale Healthcare Cybersecurity Market report is a thorough and professional report that focuses on primary and secondary drivers, market share, leading segments & geographical analysis. These calculations will provide estimations about how the Healthcare Cybersecurity Market is going to perform in the forecast years by informing what the market definition, classifications, applications & engagements are. 2020 is the base year while 2019 is the historic year for calculation in the report. Being an excellent in quality, this market research report gains customer confidence and trust. The global Healthcare Cybersecurity Market research report takes into account key product developments and tracks recent acquisitions, mergers & research in the industry by the top market players.
Report on (2020-2027 Healthcare Cybersecurity Market Report) mainly covers 12 sections acutely display the global market:
Chapter 1: To describe Healthcare Cybersecurity Introduction, product scope, market overview, market opportunities, market risk, market driving force.
Chapter 2: To analyze the top manufacturers of Healthcare Cybersecurity, with sales, revenue, and price of Healthcare Cybersecurity, in 2010 and 2020.
Chapter 3: Healthcare Cybersecurity, to display the competitive situation among the top manufacturers, with sales, revenue and market share in 2016 and 2020.
Chapter 4: To show the global market by regions, with sales, revenue and market share of Healthcare Cybersecurity, for each region, from 2016 Healthcare Cybersecurity to 2020.
Chapter 5, 6, 7, 8 and 9 To analyze the market by countries, by type, by application and by manufacturers, with sales, revenue and market share by key countries in these regions.
Chapter 10 and 11 To show the market by type and application, with sales market share and growth rate by type, application, from 2014 Healthcare Cybersecurity to 2020.
Chapter 11 Healthcare Cybersecurity market forecast, by regions, type and application, with sales and revenue, from 2020 to 2027 Healthcare Cybersecurity.
Chapter 12: To describe Healthcare Cybersecurity sales channel, distributors, traders, dealers, Research Findings and Conclusion, appendix and data source.
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