Global Cyber Security Market in Healthcare Gaining Traction from Increasing Cybe

Posted by Lohitha on August 6th, 2019

Healthcare industry has gone through rapid digitalization globally. Nowadays, healthcare organizations are spending significant capitals for enhanced patient monitoring systems and healthcare information systems. This transition has uplifted the prospects for cyber security market in the healthcare sector, and the market size was evaluated at .46 billion as of 2018. Following the increased number of cyber-attacks, the market for the same is expected to grow at a compound annual growth rate (CAGR) of 14.16% through the forecast period of 2018 to 2025, according to a market intelligence report by IndustryARC’s analyst.

The report is titled “Cyber Security Market in Healthcare: By Type (Service, Solutions); By End User (Providers, Business Associates, Payers); By Geography - Forecast (2019-2025).” The report contains comprehensive insights related to trends, outlook, demands, forecast, and geographical distribution in the market.

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Global Cyber Security Market in Healthcare: Leading Segments

By application, cloud security system is the fastest growing application in the cyber security market in healthcare. The urgency of cyber security in healthcare will instigate the application growth at a CAGR of 18.57% during the forecast period of 2019 to 2025.

By region, North America held the largest market for cyber security in healthcare as of 2018, the region was accounted to grab 37.61% of the total cyber security healthcare market share. Growing awareness about cyber breaches among healthcare organizations and rising end-user expenditure of advanced cyber security solutions is driving this regional cyber security market in healthcare.

Global Cyber Security Market in Healthcare: Industry Analysis

According to the U.S. Department of Health and Human Services, around 1 million electronic health records (EHRs) were compromised in the year 2017. The leak affected the credibility of legitimate medical records which could have caused loss of life in some instances. Therefore, the application of stringent security methods is paramount in the healthcare industry for data loss protection. Health information management systems are being employed in hospitals for breach detection and identity & access management. Profits in the cyber security market in healthcare are certain because of the cyber-attacks in the healthcare industry are proving to be inevitable. Advanced cloud & data centres that provide optimized health information technology for the safety of patient records is the competitive aspect for the key players in the global cyber security market in healthcare.

Global Cyber Security Market in Healthcare Trends

· Cloud-based storage is being employed to contain sensitive healthcare details. Cloud provides a real-time updatability and availability of the data which is helpful in tracking the status of medical reports. The market shift from conventional data storing and accessing techniques to cloud-based techniques is spreading massively, which is expected to concur profits in the cyber security in healthcare market.

· An upsurge of medical IoT devices is proposed to connect sophisticated in-hospital diagnostic equipment to the Internet. This connection of sensitive devices might become one of the reasons for the data breach, while artificial intelligence is also on the brink of its application in the healthcare industry. This transition towards innovative technologies may act as a boon or bane to the healthcare industry.

Cyber Security Market in Healthcare: Competitive Landscape

Some of the key companies identified in the report that are currently holding majority shares in the cyber security market in healthcare are Cisco Systems, Inc., FireEye, Inc., IBM Corporation, Kaspersky Lab, Lockheed Martin Corporation, MacAfee, Inc., Northrop Grumma Corporation, Palo Alto Networks, Inc., Sensato, and Symantec Corporation.

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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.