Healthcare Cyber Security Market is expected to register a CAGR of 11.82% to reach USD 16,393.15 Million till 2025.
Cyber security is a method of protecting systems, networks, and programs from digital attacks with the help of specific software. Healthcare cyber security is the adoption of cyber security solutions and services by healthcare organizations to protect the patient and hospital information from data breaches and cyberattacks. Healthcare cybersecurity is a growing concern due to the exponential rise in healthcare data breaches in recent years. According to the Health Insurance Portability and Accountability Act (HIPAA) Journal, more than 113 million records were breached in 2015. The growing data breaches in the healthcare sector is propelling market growth.
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The key factors responsible for driving the market growth are an increase in cyberattacks and data breaching, regulatory and government norms, and increasing use of Internet of things (IoT) devices in the healthcare industry. However, the limited awareness of cyber security in the healthcare industry and lack of adoption of updated software are projected to curb the growth of the market.
Cyberattacks and data breaching are growing in the healthcare industry, with the increase in technological advancements. Healthcare organizations such as hospitals & clinics, pharmaceutical companies are highly targeted and affected by cyberattacks and data breaching. Healthcare records are valuable sources for attackers as they contain highly sensitive data, which include social security numbers, bank information, and other personal health information. These medical records can be used for healthcare insurance fraud as a means of getting and selling prescription medications in the black market.
In the medical device industry, medical device hacking and ransomware virus attacks have caused significant losses to healthcare providers. Machines used in hospitals such as X-rays, life-support devices, and pacemakers have malware planted in them. These malware programs can then transfer throughout the network to infect other devices and applications, including the entire system. According to the US Department of Health and Human Services Office for Civil Rights, the cases of data breaches in healthcare had increased by 63% in 2016. According to a whitepaper published by the Department of Health & Human Service, healthcare breach cost in the US has increased significantly in recent years.
The global healthcare cyber security market is segmented into threat type, solution type, and end user. Based on threat type, the market has been segmented into malware, distributed denial-of-service (DDOS), advanced persistent threat (APT), and others. Based on the solution type, the global healthcare cyber security market has been categorized as antivirus and antimalware, risk and compliance management, security information and event management (SIEM), DDOS mitigation, identity and access management, and others.
The Global Healthcare Cyber Security Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas are expected to hold the largest share of the global healthcare cyber security market. The growth of the Americas can be attributed owing to the increasing cases of data breaches, and the availability of advanced healthcare information technology (IT) solutions are expected to drive the market growth in this region. According to the HIPAA Journal, the number of reported healthcare data breaches has been steadily increasing each year. In 2018, 365 healthcare data breaches were reported, up almost 2% from the 358 data breaches reported in 2017 and 83% more breaches that 2010.
Europe is expected to account for the second-largest market share during the forecast period. The European market for healthcare cyber security has been further segregated into Western Europe and Eastern Europe. Western Europe has been segmented into Germany, the UK, Italy, Spain, France, and the rest of Western Europe. The factors responsible for market growth in this region are the presence of highly developed medical & healthcare infrastructure, and high spending on healthcare IT drives the market growth in this region.
Asia-Pacific is estimated to be the fastest-growing market owing to the rapid development in technology, and the presence of enormous opportunities for the development of the market drives the growth of the Asia-Pacific healthcare cyber security market.
The Middle East & Africa is expected to grow at a steady rate in the healthcare cyber security market due to factors such as increasing capita income, and rising healthcare infrastructure support accounted for a relatively smaller market share in 2018.
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