The Global Healthcare Cyber Security Market is expected to grow with a CAGR of 11.82% to reach $16,393.15 million by the end of 2025 during the forecast period of 2019-2025.
Cyber security is a method to protect network, programs, system, etc. with the help of a specific software from digital attacks. Healthcare cyber security refers to adoption of cyber security solutions by healthcare organization to protect hospital and patient information from digital attacks and data breaching. Health Insurance Portability and Accountability Act (HIPAA) Journal reported more than 113 million cases of breached in 2015. Healthcare cyber security solution enables data loss protection, breach detection, identity and access management, business continuity and disaster recovery, risk and compliance management and so on.
Increasing use of Interest of Things (IoT) devices in the healthcare industry, rise in demand for cloud-based services, and increase in number of cyberattacks and data breaching are some major factor driving the growth of the global healthcare cyber security market. Moreover, introduction of supportive government regulations and acts to protect patient information from cyber-attack and data breaching is expected to bring lucrative opportunities for the global healthcare cyber security market to grow in the coming years. Whereas, limited awareness about cyber security in healthcare industry, dearth of trained professionals, and lack of adoption of updated software in healthcare industry are key hindrance in the path of the global healthcare cyber security market to grow during the forecast period.
Cyberattacks and data breaching cases are increasing in healthcare industry. Healthcare records contain highly sensitive data such as personal health information of patient, social security number, bank information and so on. This valuable data can be used for healthcare insurance fraud by selling medications prescription in the black market. As per the US department of health and human services office for civil rights, the cases of cyber-attack in healthcare industry increased by 63% in 2016 and thereby to protect data from cyber-attacks, demand for cyber security in healthcare industry increases and hence driving the growth of the healthcare cyber security market.
The global healthcare cyber security market is studied among Europe, Americas, Asia-Pacific, Middle East and Africa. Among which, the Americas are expected to hold the largest market share of the global healthcare cyber security market during the forecast period. This is owing to the availability of advanced information technology (IT) solutions and rise in cases of cyber-attack in this region. In 2018, as per HIPAA journal, 365 healthcare data breaches case were reported in this region. On the other hand, Europe is expected to hold second largest market share in the global healthcare cyber security market during the forecast period. This is attributed to the presence of highly developed medical and healthcare infrastructure and high spending on healthcare information technology (IT) in this specific region. The Middle East and Africa is expected to grow at a steady rate during the forecast period in the global healthcare cyber security market owing to rising healthcare infrastructure technology and increasing capital income accounted for a smaller market share in healthcare cybersecurity market 2018. Asia-Pacific is expected to be the fastest-growing market during the forecast period. This is due to presence of numerous opportunities for the development of healthcare cyber security market and increasing development in technology in this region.
Market players included in research study of the global healthcare cyber security market are Symantec Corporation, Trend Micro Incorporated, Northrop Grumma Corporation, Booz Allen Hamilton Inc., FireEye, Inc., Kaspersky Lab, MacAfee, Inc., Cisco Systems, Inc., Palo Alto Networks, Inc., Sensato Cybersecurity solutions, Lockheed Martin Corporation, and DXC Technology Company.
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