Global Healthcare Cyber Security Market Is Expected to Reach USD 33.65 Billion by 2027 : Fior Markets

Newark, NJ, Sept. 30, 2020 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global healthcare cyber security market is expected to grow from USD 9.78 billion in 2019 to USD 33.65 billion by 2027, at a CAGR of 19.3% during the forecast period 2020-2027.

Cyber security is the protection of data from cyber-threats since systems that are connected to the internet are highly vulnerable to security risks. Cyber security is increasingly being used by healthcare enterprises to protect against the illegal access & theft of critical patient data and hospital records.

Between January 2019 and June 2019, 31,611,235 healthcare records were exposed according to the 2019 Mid-Year Data Breach Barometer Report. This was twice the amount of data breaches in 2018. This has resulted in an industry-wide mitigation cost of USD 6.45 million as per the Cost of Data Breach Report 2019. Healthcare infrastructures that have legacy systems are the most vulnerable to attacks since these systems are mostly outdated.

Some of the key factors that are driving the growth of the global healthcare cyber security market are increasing incidences of healthcare cyber-attacks in developing as well as developed economies, increasing security & regulatory compliance issues in Europe and North America, rising cases of data leaks worldwide, and technological advancements in the cyber security healthcare sector in Europe & North America. However, certain factors can hinder market growth, such as high licensing costs, especially for developing & underdeveloped nations, and a dearth of trained professionals.

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Key players operating in the global healthcare cyber security market include Symantec Corporation, Northrop Grumman Corporation, McAfee, Cisco Systems., Trend Micro Incorporated, FireEye Inc., Fortified Health Security, IBM, Medigate, and Palo Alto Networks, among others. To gain a significant market share in the global healthcare cyber security market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Northrop Grumman Corporation and McAfee are some of the biggest players in the global healthcare cyber security market.

For instance, Cisco and Cynerio collaborated in September 2018 to improve medical device security. The integrated approach enables continuous exploration and detection of connected medical & IoT devices, identification of associated risk with clinical context for linked devices, and safety from cyber attacks without interfering with clinical workflows.
Medigate announced its expansion to general and clinical IoT devices in April 2019. Medigate now enables comprehensive & accurate device discovery, behavioral anomaly detection and clinical policy implementation for Health Delivery Organizations’ (HDO) clinical networks.

Ransomware dominated the market and held the largest market share of 23.6% in the year 2019

Based on type of threat, the global market has been divided into distributed denial of service, malware & spyware, ransomware, phishing, and spear-phishing. Ransomware dominated the market and held the largest market share of 23.6% in the year 2019. The high market share of the ransomware segment is attributed to the rising cases of data breach caused by ransomware. This malicious software is preferred by hackers since it encrypts valuable data & gives access to unauthorized users. After a system is hacked by ransomware, the access to patient data by hospital staff becomes very difficult.

On-premise dominated the market and was valued at USD 6.2 billion in the year 2019

The deployment segment comprises of cloud-based and on-premises. On-premise dominated the market and was valued at USD 6.2 billion in the year 2019. There is an increasing demand for on-premise cyber security in research institutes since they deal with large amounts of scientific data. On-premise cyber security software can provide a high level of protection to data, and hence, hospitals and research institutes prefer it.

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Device security dominated the market and held the largest market share of 34.3% in the year 2019

On the basis of security measure, the market has been divided into network security, application security, and device security. Device security dominated the market and held the largest market share of 34.3% in the year 2019. Nowadays, medical devices are being hacked to acquire real-time data of patients, in turn, increasing demand for cyber security to protect medical devices.

Regional Segment Analysis of the Healthcare Cyber Security Market

North America (U.S., Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Rest of APAC)
South America (Brazil and Rest of South America)
Middle East and Africa (UAE, South Africa, Rest of MEA)

On the basis of geography, the global healthcare cyber security market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 48% in the year 2019 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to the increasing incidences of data breaches in the United States and Canada. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2020-2027. This growth is due to the increasing awareness about the availability of modern, technologically advanced anti-virus software. Developing nations in the Asia Pacific and other regions generate large quantities of patient data each year. Emerging economies like India, Brazil, and China are incredibly lucrative, considering their growth potential.

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About the report:

The global healthcare cyber security market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.

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