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As per Market Research Future (MRFR), the global healthcare cyber security market is expected to reach USD 16,393.15 million with a CAGR of 11.82% from 2018 to 2025 (forecast period).Cyber security is a means of protecting systems, networks and data breaches with particular software. Healthcare cyber security is the adoption of cyber security services and solutions by healthcare organizations to secure patients and hospitals from data breaches and cyber-attacks. Healthcare cybersecurity is a widespread concern due to the exponential increase in breach of health data in recent years. As stated by the Health Insurance Portability and Accountability Act (HIPAA) Report, over 113 million records were breached in 2015. Increased data breaches in the healthcare sector are driving the market growth.
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Healthcare Cyber Security Market Dynamics
Cyber-attacks and infringements of data are on the rise in the healthcare sector, with increasing technological advances. Healthcare organizations such as hospitals and clinics, pharmaceutical firms are heavily targeted and impacted by cyber-attacks and data breaching. Healthcare records are useful sources for attackers because they contain highly confidential data, including social security numbers, bank information, and other personal health details. Such medical reports may be used for deception in health care as a way of acquiring and selling prescription drugs on the black market.
Medical device hacking and ransomware virus attacks have caused considerable losses to healthcare providers in the medical device industry. Machines used in hospitals, such as life-support devices, x-rays, and pacemakers, have malware installed in them. These malware programs can then be transferred across the network to infect other devices and applications, including the entire system. As reported by the U.S. Department of Health and Human Services Office for Civil Rights, the number of cases of data breaches in health care increased by 63% in 2016. As per the White Paper published by the Department of Health & Human Services, the cost of violation of health care in the U.S. has grown considerably in recent years.
Healthcare Cyber Security Market Segmentation
The global market for healthcare cyber security has been segmented into threat type, solution type, and end-user.
Based on threat type, the global market for healthcare cyber security has been segmented into distributed denial-of-service (DDOS), malware, advanced persistent threat (APT), and others.
Based on the solution type, the global market for healthcare cyber security has been categorized as antivirus and antimalware, DDOS mitigation, security information and event management (SIEM), risk and compliance management, identity and access management, and others.
Based on the end-user, the global healthcare cyber security market has been segmented into hospitals and clinics, health insurance companies, pharmaceuticals and biotechnology industries, medical devices companies, others.
Healthcare Cyber Security Market Regional Analysis
Regionally, the global healthcare cyber security market has been divided into the Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Americas are predicted to hold the largest share of the global market for healthcare cyber security. The growth of the Americas can be ascribed to the increasing number of data breaches, and the availability of advanced healthcare information technology (IT) solutions. As per the HIPAA Report, the number of reported health data violations has gradually risen every year. In 2018, 365 health data breaches were reported, almost 2% from 358 data breaches reported in 2017.
Europe is expected to have the second-largest market share in the forecast period. The emergence of highly developed medical and healthcare infrastructure and high healthcare IT expenditure drives the market growth in this region.
The Asia Pacific is anticipated to be the fastest-growing market due to rapid technological advances. The emergence of enormous market development opportunities is driving the growth of the Asia Pacific market for healthcare cyber security.
The Middle East & Africa is projected to rise at a steady pace in the healthcare cyber security market due to factors such as increased capita income and increased funding for healthcare infrastructure.
Healthcare Cyber Security Market Studied Key Players
The significant participants in the global healthcare cyber security market are Cisco Systems, Inc. (US), IBM (US), Symantec Corporation (US), FireEye, Inc. (US), McAfee, LLC (Canada), SENSATO CYBERSECURITY SOLUTIONS (US), DXC Technology Company (US), Palo Alto Networks, Inc. (US), Trend Micro Incorporated (Japan), and Booz Allen Hamilton Inc. (US).
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