Healthcare Cybersecurity Market Size Hit US$ 12 Bn by 2027

Acumen Research and Consulting, Latest Published Report on "Healthcare Cybersecurity Market Size, Share, Growth, Trends and Forecast, 2020 - 2027"

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Jun 18, 2020, 09:30 ET

LOS ANGELES, June 18, 2020 /PRNewswire/ -- The global healthcare cybersecurity market size is projected to hit of around US$ 12 Bn by 2027 and growing at a CAGR of 16% from years 2020 to 2027.

Present malware threats, increased data breaches in the companies and rising protection and regulatory enforcement concerns were key factors for the growth of healthcare cybersecurity industry. Furthermore, growing incidents of IP piracy, leakage of company information, patent infringement, loss of social security & patient health data, and deception in the medical identification industry are other elements that make medical cybersecurity devices more common. There are more cases of safety threats in healthcare organizations related to networks and devices and hence raise competition in the healthcare cybersecurity sector. The increased financial expenditure due to data errors has forced healthcare institutions to implement protection measures. Two of the reasons that raise cyber attacks are a lack of information about cyber threats and the lack of IT funding on the healthcare sector.

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In the coming years, technical advances in cyber protection solutions in healthcare will fuel business growth. Major leaders in the industry emphasize on implementing cyber safety technologies to help ensure the safety of medical and science data. Software that had previously been built proved less effective and obsolete. Cyber security software recently released is powerful and provides maximum security which allows data breaching over large networks possible.

North America Govern the Global Market

North America represented, biggest market share led by the United States. The rise in the United States market can be attributed to growing instances in data infringement, and demand expansion in the country is projected to be driven by the development of innovative health information technologies (HIT) solutions. According to the Health Insurance Portability and Accountability Act (HIPAA) report the number of allegations of violations in health-related data has gradually increased last year. There were 365 breaches of health care privacy in 2018, up about 2% of the 358 privacy infringements reported in 2017 and 83% more breaches than in 2010.

Asia-Pacific is the fastest-growing region owing to increasing technical advances and the emergence of massive business expansion opportunities fuelling the growth of the Asia-Pacific information security healthcare sector.

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The Middle East and Africa will rise at a steady pace in the cybersecurity healthcare sector because of factors like higher people's wages, and expanded funding to healthcare facilities.

About the Market

During the late 1980s the first applications in cyber security was implemented. This program has been developed primarily to protect the sharing of data across a wide network. Earlier, anti-virus applications became more relevant in the healthcare industry with many improvements. Today, the healthcare sector needs cybersecurity solutions even more, as data created by medical facilities is vulnerable to attacks. The safety program available is customized to the unique specifications of the enterprise. The healthcare cybersecurity industry is still in progress, following various technical advances. In emerging countries such as India, this sector has enormous development potential, with vast numbers of health facilities producing significant volumes of data per year. However, in industrialized regions such as North America that have broad awareness of the new cybersecurity technologies, the health cybersecurity industry is comparatively small.

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Key Players & Strategies

Many businesses claim their product portfolio is revamped to retain their clients. To gain a strategic edge which is increasingly common, the businesses look at the technologies that Healthcare Cyber Protection firms provide.

Participants include major global players such IBM, Lockheed Martin, Trend Micro, Kaspersky, FireEye, Paulo Alto Networks, MacAfee, Symantec, Ciscand Northrop Grumman, Others.

2018, Medigate has announced its extension to therapeutic IoT and IoT applications in general. Medigate is also able to monitor reliable and robust tools, identify qualitative and behavioural symptoms and implement treatment protocols for the entire healthcare networks of health care organizations.

Market Segmentation

Healthcare Cybersecurity Market By Threat Type

  • Malware
  • Advanced Persistent Threat
  • Distributed Denial-Of-Service
  • Others

Healthcare Cybersecurity Market By Solution

  • Antivirus and Antimalware
  • Risk and Compliance Management
  • Identity and Access Management
  • Security Information and Event Management
  • DDOS Mitigation
  • Others

Healthcare Cybersecurity Market By End User

  • Hospitals
  • Health Insurance
  • Pharmaceuticals and Biotechnology

Healthcare Cybersecurity Market By Geography

North America

  • U.S.
  • Canada

Europe

  • UK
  • Germany
  • France
  • Spain
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia-Pacific

Latin America

  • Mexico
  • Brazil
  • Rest of Latin America

Middle East & Africa

  • GCC
  • South Africa
  • Rest of MEA

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