Global Cyber Security in Healthcare Market to Reach USD 10.7 Billion by 2024

The global demand for cyber security in healthcare market was valued at approximately USD 6.6 billion in 2017 and is expected to generate revenue of around USD 10.7 billion by the end of 2024, growing at a CAGR of around 7.1 percent between 2018 and 2024. Cyber security refers to the protection of internet-connected systems, including hardware, software, and data, from cyber-attacks.  All the data, including electronic records and patient records, available on any device are a target for cyber-attacks. Data breach is a major concern, as several instances of data thefts and data breach have occurred since the introduction of connected medical devices technology. In the US, FDA’s recently released final guidance on the post-market management of cyber security in medical devices is a part of the FDA’s constant efforts to ensure safety and efficacy of medical devices, as they encounter cyber threats, at all stages in the devices’ lifecycle. Healthcare is vulnerable due to the historic lack of investments for cyber security, vulnerabilities in existing technology, and staff behavior. It has become increasingly clear that cyber security is a risk factor for healthcare data. Attacks can compromise not only networks and data but also threaten applications and services supporting critical patient care systems.

Major factors driving the growth of cyber security in healthcare market are an increase in cyber-attacks, increased use of laptops, mobiles, and smartphones with healthcare applications, and the introduction of advanced technology solutions. Moreover, an increase in the number of government regulations and increased focus on IT and its use in healthcare are anticipated to gain traction. Furthermore, increased use of cloud services in hospitals to maintain and provide quick access to patient records are also projected to promote the growth of cyber security in healthcare market. Cloud services offer advanced technical solutions at a reasonable price as compared to on-premise hardware and software, but security and privacy issues related to the implementation of such paradigms should not be undermined. According to a recent study, the installed base of such interconnected medical devices accounted around USD 17.5 billion, in 2016. However, lack of awareness and shortage of trained professionals might hamper the growth of cyber security in healthcare market.

The cyber security in healthcare market is bifurcated on the basis of deployment into on-premise and cloud-based. The cloud-based segment is anticipated to experience a significant growth rate. The security type segment is divided into application security, cloud security, content security, endpoint security, network security, and wireless security. Cloud security segment is anticipated to experience significant growth. The end-user segment is divided into pharmaceutical and chemical manufacturers, medical device companies, health insurance companies, hospitals and clinics, and others. Hospitals and Clinics segment is expected to experience a significant growth rate. Regionally, the market for cyber security in healthcare is segmented into Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America. Europe and North America are projected to dominate the cyber security in healthcare market. This growth is due to the presence of highly developed and advanced healthcare infrastructure, huge spending related to healthcare IT, and various favorable government initiatives. Asia Pacific is expected to experience a significant growth rate due to paid economic developments in developing economies, such as India and China.

Furthermore, increased focus on healthcare IT and an increase in the number of healthcare facilities in this region are expected to support the growth of cyber security in healthcare market. Latin America and the Middle East and Africa are expected to grow considerably. Some leading players of the global cyber security in healthcare market include Symantec Corporation, Sensato Cybersecurity Solutions, ForgeRock, Inc., Northrop Grumman Corporation, Lockheed Martin Corporation, WhiteHat Security, Inc., Palo Alto Networks, Inc., AO Kaspersky Lab, IBM Corporation, Trend Micro Incorporated, Trend Micro Incorporated, Axway, CORL Technologies, FireEye, Inc., Flexera, Cisco Systems, Inc., Biscom, Inc., Computer Sciences Corporation, Booz Allen Hamilton, Inc., and McAfee LLC. – Zion Market Research