February 13, 2020
According to the research report titled ‘Healthcare Cybersecurity Market Size By Type of Threat (Ransomware, Malware & Spyware, Distributed Denial of Services [DDos], Phishing and Spear-phishing), By Security Measures (Application Security, Network Security, Device Security), By Deployment (On-premises, Cloud-based), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Japan, India, China, Australia, South Korea, Singapore, Brazil, Mexico, South Africa, Saudi Arabia, UAE), Application Potential, Competitive Market Share & Forecast, 2019 – 2025’ available with Market Study Report LLC, the global healthcare cybersecurity market is expected to cross USD 27 billion by the year 2025.
According to the report, increased pervasiveness of cyber-attacks in healthcare sector is a major factor driving the healthcare cybersecurity market growth. Prevalence of distinctive malwares and rising concerns pertaining to data security in healthcare organizations are fostering the demand for healthcare cybersecurity solutions. Moreover, various market majors are developing innovative solutions to protect data from getting tampered or exposed. This factor coupled with rising instances of data leaks are further aiding the market expansion. However, high installation costs associated with healthcare cybersecurity solutions may hinder the market growth.
Based on type of threat, DDoS (distributed denial of service) segment is expected to grow by 20% during the forecast period. Distributed denial of service primarily targets cloud-based services. It can attack air conditioning systems, heating, ventilation, IT systems, and medical devices. Thus, growing occurrence of DDoS attacks is fueling demand for healthcare cybersecurity solutions to cope with such threats.
In terms of security measures, device security segment held 21% share of healthcare cybersecurity market in the year 2018 and is expected to witness continuous growth during the estimated timeframe. Rising adoption of portable devices in healthcare sector is stimulating the industry outlook. Although use of mobile devices helps to improve productivity and patient experience, these devices offer an open platform to hackers to expose crucial data, change information, and install malicious programs. This factor has compelled key industry players to encourage installation of device security solutions in healthcare organizations, which in turn is facilitating the business scenario.
As per deployment type, on-premise healthcare cybersecurity market segment is presumed to expand with a CAGR of 18% during 2019-2025. Surging need for validation and verification of healthcare employees and increasing awareness pertaining to benefits of real time monitoring systems are favoring the market outlook.
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Considering the geographical landscape, Europe healthcare cybersecurity industry was worth USD 2.5 billion in the year 2018 and is expected to register consistent growth in the subsequent years. The regional growth is attributed to increased cases of cybercrime and rising threats of phishing, malware, and ransomware in healthcare organizations in Europe.
Trend Micro, Inc., Symantec, Palo Alto Networks, Northrop Grumman Corporation, Medigate, McAfee, Imperva, IBM Corp., Fortified Health Security, FireEye, and Cisco Systems are the prominent companies operating in the healthcare cybersecurity market.
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