Healthcare Cybersecurity Market To Reach USD 27.10 Billion By 2026 | Reports And Data

Healthcare Cybersecurity Market Size – USD 7.66 Billion in 2018, Market Growth – CAGR of 16.8%, Healthcare Cybersecurity Industry Trends – Product Launches and Research for Advanced Technological Developments

New York, Aug. 26, 2019 (GLOBE NEWSWIRE) — Factors contributing to the high CAGR are rise in prevalence of cyber attacks and hacks on the data systems of the healthcare organizations namely, hospitals, clinics, healthcare centers etc. Furthermore, technological progressions and awareness regarding the privacy and security of the patient pool is likely to foster the growth and development of the global healthcare cybersecurity market

Based on current analysis, the global healthcare cybersecurity market was valued at USD 7.66 billion in 2018 and is expected to reach USD 27.10 billion by 2026, at a CAGR 16.8% Healthcare cybersecurity is a growing concern. The health care industry progressively depends on the technology that’s connected to the internet from patient records and lab results to radiology equipment and hospital elevators. It has proved to be lucrative for the patient care, as predominantly it facilitates data integration, patient engagement, and clinical support. On the other hand, those technologies are often vulnerable to cyberattacks, which can siphon off patient data, hijack drug infusion devices to mine cryptocurrency, or shut down an entire hospital until a ransom is paid. Significantly cybersecurity in healthcare situations is not easy and will require cooperation from everyone including doctors to nurses, to IT professionals and manufacturers. Cybersecurity fissures include stealing health information and ransomware attacks on hospitals and could also include attacks on implanted medical devices.

Cyber-attacks are usually focused on stealing financial data, billing information and bank account numbers using stolen devices with un-encrypted data, phishing and spam mails. Technological advancements have led to advanced cyber warfare using SQL injections, advanced persistent threats, zero-day attacks, and advanced malware. Rise in prevalence of cyber-attacks on the confidential data of patients, their transactions and other personal details are anticipated to fuel the growth of the cyber security market across the globe during the forecast period. Due to the significant financial impact of data breaches in health care, health informatics and other professionals are playing an important role in ensuring that medical organizations remain secure.

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Further key findings from the report suggest

  • Ransomware dominated the market with the largest market share of 37.7% in the healthcare cybersecurity market. Cyber criminals use malware and ransomware to shut down individual devices, servers or even entire networks. In some cases, a ransom is then demanded to rectify the encryption
  • Application security dominated the applications segment in the healthcare cybersecurity market with a highest CAGR of 17.3% Simply installing anti-virus software is not enough. Continuous updates are essential for ensuring health care systems receive the best possible protection at any given time
  • A recent study suggested that 66% of healthcare organizations have experienced a ransomware attack in the past year and 45% experienced an attack in which data destruction was the main motivation behind the attack
  • HIPAA covered the best technologies to protect their networks from attack and develop effective policies, procedures and security awareness training programs to prevent costly data breaches
  • According to Becker’s hospital review, data breaches cost the healthcare industry roughly, USD 5.6 billion every year. It has become widely understandable that cybersecurity is a risk factor in healthcare data
  • Malware any spyware registered the highest growing compounded annual growth rate in the market, due to increasing occurrence of cybersecurity attacks and threats
  • Asia-Pacific regional segment of the healthcare cybersecurity market is expected to register itself as highest growing segment during the forecasted period, at a CAGR of 17.8%, owing it to the qualitative as well as quantitative market potential offered in developing nations such as China & India
  • Cloud based software helps in minimizing data management costs and improve sustainability. Cloud based software is reliable as it further intensifies its demands activating segmental growth. Cloud based software dominated the deployment segment in the healthcare cybersecurity market
  • North America held a market share of 37.1% in the year 2018. High level of R&D in the region is propelling the growth of the market

To identify the key trends in the industry, click on the link below:   https://www.reportsanddata.com/report-detail/healthcare-cybersecurity-market

Segments covered in the report:

For the purpose of this study, the market is segmented on the basis of type of threat, applications, deployment, end use and regions:

Threat type (Revenue in USD Million; 2016–2026)

  • Ransomware
  • Malware and Spyware
  • Distributed Denial of Service (DDOS)
  • Phishing and Spear Phishing
  • Other

Applications (Revenue in USD Million; 2016–2026)

  • Application Security
  • Network Security
  • Device Security
  • Endpoint Security
  • Other

Deployment (Revenue in USD Million; 2016–2026)

  • On-Premise
  • Cloud Based

End use (Revenue in USD Million; 2016–2026)

  • Medical Devices
  • Health Insurance
  • Hospitals
  • Others

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Regional Outlook (Revenue in USD Million; 2016–2026)

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Spain
    • Italy
    • Rest of the Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Rest of Asia-Pacific
  • Middle East & Africa
    • Latin America
  • Brazil

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