Focus: Cybersecurity

Healthcare cybersecurity market size to exceed $27 billion by 2025

July 16, 2019

Healthcare Cybersecurity Market size is set to exceed USD 27 billion by 2025; according to a new research report by Global Market Insights, Inc.

Increasing incidences of healthcare data leaks is forecasted to boost healthcare cybersecurity industry growth during the analysis period. Healthcare data is vulnerable to virus attacks and every year huge amount of data is lost as a result of weak security. Healthcare data includes patient  name, medical record numbers, addresses, health insurance information, visit dates and healthcare providers, etc. Loss of such valuable data will result in serious complications and may hamper the brand image of hospitals or healthcare facilities handling it. Thus, above mentioned factors are predicted to increases the demand for healthcare cybersecurity solutions in near future.  

Favorable regulatory scenario positively impacts the healthcare cybersecurity market growth. For instance, NIST cybersecurity framework is collective initiative framed by the U.S. government to provide superior quality cybersecurity software to hospitals and research centers that deal with large clinical as well as administrative data. Key industry players operational in healthcare cybersecurity market comply to regulations that ensure maximum protection of the data. However, high cost of healthcare cybersecurity solutions predicted to impede business growth to some extent.

Ransomware segment held around 22% revenue share in 2018. Ransomware is a malicious software that avoids healthcare organization access some parts of systems by disrupting data integrity. This creates hinderance in the healthcare services provided that results in delayed patient care. Institute for Critical Infrastructure Technology (ICIT) mentioned 2016 as ransomware year due to highest crimes caused by ransomwares. As a result, 89% of healthcare organization are installing anti-virus solutions to protect healthcare data. Aforementioned factors augments the segmental growth.

Network security segment is anticipated to foresee over 19% growth over forthcoming years. Due to emergence of healthcare IT, medical data is easily accessible over large networks that has facilitated the treatment process. However, rising connectivity of computer networks has exposed medical data to vulnerability. Rising incidences of data fraud in hospitals and other healthcare facilities due to network jamming boosts segmental growth.

Cloud-based segment is expected to show substantial around 20% growth during forecasted time period. Data security in healthcare organizations is growing concern recently. Valuable data is often prone to virus attacks that may give rise to adverse issues. Recently developed cloud-based computing security solutions will enable healthcare organizations to keep data synchronized and secured. Hence, demand for cloud-based segment will increase in forthcoming years.

North America healthcare cybersecurity market held around 37% revenue share in 2018. Considerable regional market growth is attributed to increasing threats to healthcare data. Key industry players are taking initiatives for providing efficient solutions to prevent threats from viruses. For instance, Atos SE has developed solutions that safeguard patient’s information across whole network. Availability of such upgraded software solutions for securing medical data will drive the industry growth in coming years.

Notable industry players operational in healthcare cybersecurity market are Imperva, Symantec Corporation, Cisco Systems., FireEye, Inc, IBM, Palo Alto Networks, Fortified Health Security, Trend Micro Incorporated, McAfee, Atos SE and Northrop Grumman Corporation. Key players have adopted numerous strategic initiatives such as geographic expansion, product launch and acquisition to acquire prominent market share. For instance, in 2019, Atos SE launched comprehensive cyber security solutions that will enable healthcare organizations to protect their valuable data.

Source: https://www.gminsights.com/industry-analysis/healthcare-cybersecurity-market

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