Healthcare Cyber Security Market Scenario 2019
Cybersecurity, also known as information technology security or computer security is a body of technologies, processes, and practices designed to protect networks, computers, programs, and data from unauthorized access and damage or attack.
Global “Healthcare Cyber Security Market” is expected to register a healthy CAGR over the forecast period. The market held a market value of USD 5,362.1 million in 2017 and is projected to grow at a CAGR of 15.3% during the forecast period.
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Hospitals and healthcare providers remain under cyber-attack, causing organizations to spend more to protect their systems and patient data. Factors characterizing the market growth are growing need for advanced security cloud-based solutions, the rise in the number of cyber-attacks and data breaches incidents, the emergence of innovations in cybersecurity technologies, and the presence of supportive government regulations and norms to protect patient information from data breaches.
Rising need for cybersecurity in the healthcare vertical as patients are often dealing with life-threatening conditions, exchanging large amounts of money and financial information, and must have their privacy protected for medical records.
Some of the spearheading players in the global healthcare cyber security market are
- International Business Machines Corporation
- Cisco Systems Inc.
- McAfee LLC
- Symantec Corporation
- FireEye Inc.
- Lockheed Martin Corporation
- Northrop Grumman Corporation
- Palo Alto Networks Inc.
- Trend Micro Incorporated
- DXC Technology Company
- and Booz Allen Hamilton Inc.
On the contrary, the scarcity of skilled professionals and a dearth of awareness about cybersecurity in the healthcare sector are anticipated to impede the market growth over the forecast period.
The global healthcare cyber security market has been segmented into threat type, solution type, end user, and region.
By threat type, the market has been segmented into malware, spyware, distributed denial-of-service (DDoS), advanced persistent threat (APT), and others.
On the basis of solution type, the market has been divided into antivirus and antimalware, identity and access management, risk and compliance management, DDoS mitigation, security information and event management (SIEM), and intrusion detection system (IDS)/intrusion prevention system (IPS).
Based on end user, the market has been categorized into pharmaceuticals and biotechnology industries, medical devices companies, health insurance companies, hospitals and clinics, and others.
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The emergence of innovative healthcare cybersecurity technologies such as next-generation firewalls (NGFWs), blockchain technology, the kill chain, and FortiGuard AI (artificial intelligence) would be a game changer of the market in the near future.
Comprehensive Regional Analysis:
The global healthcare cyber security market has been segmented by region into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. On a regional basis, the Americas would continue its dominance over next five years attributed to the presence of sophisticated medical and healthcare infrastructure, higher spending on the healthcare information technology, increasing collaboration between pharmaceutical, medical device industries with regulatory authorities. For instance, as per an article published in the Journal of the American Medical Association (JAMA), in the US, the health information technology (IT) spending was USD 2.8 billion in 2013, which was increased to USD 7.1 billion in 2018.
Europe would be the second-largest value contributor in the healthcare cyber security market due to the increasing internet user base, growth in government and private company’s investments in data security, and the presence of regulations related to data protection or security in the UK, France, and Germany. The Data Protection Act 2018 is the UK’s implementation of the General Data Protection Regulation (GDPR). Everyone responsible for using personal data must follow data protection principles and must make sure the information is used fairly, lawfully and transparently.
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Asia-Pacific is likely to witness the fastest market growth during the forecast period due to growth in cyber-attacks, improving healthcare infrastructure and high-level economic growth in developing countries such as China, India, and Japan. According to Microsoft Corporation, a cyber attack incident is expected to cost a large healthcare organization in Asia-Pacific an average of USD 23.3 million in economic loss in 2019. The average economic loss for mid-sized healthcare organizations was USD 17,000 in 2018.
The Middle East & Africa has the least share of the Global Healthcare Cyber Security Market. In addition, the major market share of the region would be held by the Middle Eastern region due to the rising demand for cybersecurity as there is a lack of proper cybersecurity training in Gulf hospitals and medical providers.
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