Healthcare Cybersecurity Market to Reach US$ 41.8 Mn Billion by 2027 Globally |CAGR: 19.8%| UnivDatos Market Insights

NOIDA, India, July 15, 2021 /PRNewswire/ -- A comprehensive overview of the Healthcare Cybersecurity market is recently added by UnivDatos Market Insights to its humongous database. Healthcare Cybersecurity report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Healthcare Cybersecurity market. Healthcare Cybersecurity report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates Healthcare Cybersecurity at the global and regional levels. Healthcare Cybersecurity Market is expected to grow at a CAGR of 19.8% from 2021-2027 to reach US$ 41.8 billion by 2027.

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Market Overview

The Healthcare Cybersecurity market is witnessing an uptick on account of the advent of the Internet of Things (IoT) devices increasing on the medical network. IoT technologies are rapidly becoming part of the high-tech medical arena. Medical devices are now connected to the network to help doctors, nurses, and support teams provide critical care services for patients. Moreover, emerging healthcare cybersecurity spending globally is proliferating the growth of the market. , the healthcare industry is expected to spend US$ 125 Billion on Cybersecurity From 2020 to 2025, as revealed by Herjavec Group.

Moreover, the demand for cybersecurity witnessed a sharp rise due to the rise in cyber attacks due to COVID-19. Hacking patients' medical devices is a common cyberattack during the COVID-19 pandemic because more patients are using remote care. The temporary and makeshift medical facilities being used to care for people infected with the novel coronavirus have created more vulnerabilities for hackers to exploit. The Department of Health and Human Services (HHS) noted a 50% increase in healthcare cybersecurity breaches during the first half of 2020, highlighting that cybercriminals exploited vulnerabilities within hospitals and healthcare providers exposed by the response to COVID-19.

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COVID-19 Impact

The pandemic has highlighted the need for adequate data security as many hospital employees started working remotely, greatly increasing the number of endpoints that needed protecting. As the workforce, in and outside of healthcare, migrated end masse to a virtual model, and so did care delivery.  Several regions across the globe witnessed a sharp rise in the number of cyber-attack incidences. Central Europe tops the list of regions impacted by the spike in attacks against healthcare organizations, with a 145% increase in November, followed by East Asia, which suffered a 137% increase, and Latin America with a 112% increase.  Europe and North America saw  67% & 37% increases respectively.

Healthcare Cybersecurity Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Components, the market is primarily bifurcated into

• Solutions
• Services

The solutions segment dominated the component segment and gathered 61.4% of the Healthcare Cybersecurity Market in 2020. Moreover, the market of this segment is expected to grow at 19.0% CAGR to reach US$ 24,531.4 million by the year 2027.

By Deployment, the market is primarily bifurcated into

• Cloud
• On-Premise

The on-premise segment grabbed the major market share in 2020 dominated the deployment type segment. The segment gathered 62.6% of the Healthcare Cybersecurity Market in 2020. Moreover, the market of this segment is expected to grow at 18.7% CAGR to reach US$ 24,617.8 million by the year 2027.

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By  Type of Threats, the market is primarily segmented into

• Ransomware
• Malware and Spyware
• Distributed Denial of Services
• Advanced Persistent Threats
• Others

Based on the type of threats, the ransomware segment accounted for the largest share and is expected to grow at 21.5% CAGR during the forecast period 2021-2027. In 2020, the ransomware segment generated a revenue of US$ 3.470.2 million.

By Security Type, the market is primarily segmented into

• Network Security
• Cloud Security
• Content Security
• End-Point Security
• Application Security
• Others

Based on the Security Type, the network security segment accounted for the largest share and is expected to grow at 18.8% CAGR during the forecast period 2021-2027. In 2020, the network security segment generated a revenue of US$ 3.823.7 million.

By Solutions, the market is primarily segmented into

• Identity and Access Management
• Risk and Compliance Management
• Antivirus and Antimalware
• Security Information and Event Management
• Intrusion Detection System (IDS)
• Others

Based on the Solutions type, the Intrusion Detection System (IDS) segment accounted for the largest share and is expected to reach US$ 9,750.2 million by 2027. However, the Risk and Compliance Management segment is expected to witness the highest growth of 21.8% durging the forecast period.

By End-User, the market is primarily segmented into

• Pharmaceutical and Biotechnology
• Health Insurance
• Hospitals
• Others

Based on the End-User type, the Hospitals segment accounted for the largest share and grabbed 42.2% market revenue share in 2020. The segment is expected to grow at a CAGR of 20.9% during the forthcoming years.

Healthcare Cybersecurity Market Geographical Segmentation Includes:

• North America
• Europe
• Asia-Pacific
• Rest of the World

Based on the estimation, the North America region dominated Healthcare Cybersecurity Market with almost US$ 4,661.9 million in revenue in 2020. The market of the region would proliferate owing to the surging end-users preference for tele-consultations due to the ease and time savings.

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The major players targeting the market includes

• Palo Alto Networks, Inc.
• Sophos Ltd.
• Cisco Systems, Inc.
• Checkpoint Software Technologies Ltd.
• IBM Corporation
• McAfee LLC
• Juniper Networks, Inc.
• Intel Corporation
• Trend Micro Incorporated

Competitive Landscape

The degree of competition among prominent regional companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in Healthcare Cybersecurity Market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Healthcare Cybersecurity Market?
• Which factors are influencing Healthcare Cybersecurity Market over the forecast period?
• What are the global challenges, threats, and risks in Healthcare Cybersecurity Market?
• Which factors are propelling and restraining Healthcare Cybersecurity Market?
• What are the demanding global regions of the Healthcare Cybersecurity Market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

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About UnivDatos Market Insights

UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

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