Healthcare Cyber Security Market Landscape
Global Healthcare Cyber Security Market 2020 took a big financial hit from its exposure after the immense impact of original Coronavirus that has affected all other markets in shoddier ways. Market Research Future, on this makeover, published facts on the market and stated that it had gained its reputation by reaching its investors through new strategical plans. This step has opened ways for opportunities to enter that would lead the market’s growth with an approximate CAGR of 11.82%. The immense growth of the global Healthcare Cyber Security Market will be high, with a revenue of USD 16,393.15 Million during the forecast period (2018 – 2025).
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Healthcare Cyber Security Growth Boosters
The global healthcare cybersecurity market is estimated to put a strong foundation of propelling growth on the increasing need for network security, a type of IT security widely sought by healthcare organizations. Access control and distributed denial-of-service (DDoS) mitigation are some of the extremely sophisticated types of network security solutions that ensure esteem protection.
Interestingly, the end-user expenditure on the healthcare cybersecurity market is prognosticated to continue seeing an ascend owing to its mounting awareness. In the year 2016, network security displayed a maximum performance in the market. Other types of security, such as cloud, wireless, and application, could also contribute to the overall growth in the future.
While cyber-attacks are prophesied to be amongst the crucial drivers of growth in the global healthcare cybersecurity market, data breaches could be in the run. An escalating count of healthcare institutions is also expected to take to cybersecurity solutions to protect patients and their data as well. The implementation of connecting medical devices and digital medical record systems coupled with the surging practice of tablets, laptops, Smartphones, and other devices is foretold to set the tone for a valuable demand in the market.
As observed, in the current time, cybersecurity technologies and solutions are evolving owing to the changing threat landscape, where threats are becoming smarter and destructive. In today’s connected health environment, cybersecurity is no longer an option or afterthought, whereas it is a powerful strategic asset that is being addressed by every organization.
Furthermore, some of the other key factors driving the healthcare security market are the escalating cyber-attack threat. Recent estimates by MRFR suggest that in the period from 2010 to 2014, approximately 37 million healthcare records were compromised in data breaches. Moreover, mount in patent infringement cases, medical identity fraud, business records, and loss of patient health records is expected to boost the healthcare cybersecurity market during the forecast period.
On the contrary, the factor of lack of awareness about cybersecurity related to the healthcare industry would act as a limiting factor, thereby hampering the growth of the healthcare cybersecurity market.
Healthcare Cyber Security Market Segment Review
The global healthcare cybersecurity market has been studied under segments of threat type, solution type, and end-user.
Depending on the segment of threat type, the market has included distributed denial-of-service (DDOS), malware, advanced persistent threat (APT), and others.
Depending on the segment of solution type, the market has included risk and compliance management, identity and access management, antivirus and antimalware, DDOS mitigation, security information and event management (SIEM), and others.
Healthcare Cyber Security Market Regional Framework
The Americas are expected to grab the largest share of the global healthcare cybersecurity market. The expansion of the Americas can be attributed to the escalating cases of data breaches and the accessibility of advanced healthcare information technology (IT) solutions. These are expected to oblige the market growth in this region. As per the HIPAA Journal, the number of reported healthcare data breaches has been steadily rising each year. In the year 2018, 365 healthcare data breaches were recorded, up almost 2% from the 358 data breaches recorded in 2017 and 83% more breaches in 2010.
Europe is expected to hold at the second-largest market share during the forecast period. The factors liable for market growth in this region are the incidence of significantly developed medical & healthcare infrastructure, and sky-scraping spending on healthcare IT motivates the market growth.
Asia-Pacific is also to be the fastest-growing market owing to the brisk development in technology, and the incidence of enormous opportunities for the development of the market motivates the growth of the Asia-Pacific healthcare cybersecurity market.
Healthcare Cyber Security Market Top Players
The well-known vendors in the Global Healthcare Cyber Security Market are Cisco Systems, Inc. (US), IBM (US), Symantec Corporation (US), McAfee, LLC (Canada), Palo Alto Networks, Inc. (US), FireEye, Inc. (US), Trend Micro Incorporated (Japan), and Booz Allen Hamilton Inc. (US).
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