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

New York, NY -- (SBWire) -- 03/11/2021 --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.

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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.

Top Players Covered in the Report Include:
IBM Corporation, Cisco Systems, Inc., Booz Allen Hamilton Inc., Symantec Corporation, Intel Security Group (McAfee), Trend Micro Inc., Computer Sciences Corporation, CA, Inc., Lockheed Martin Corporation and Northrop Grumman Corporation.

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.

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

Key findings from the report
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

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The Healthcare Cybersecurity market research covers a detailed analysis of the following data:
Historical and future growth forecasts of the global Healthcare Cybersecurity market.
Segmentation of the Healthcare Cybersecurity market to highlight the growth prospects and trends affecting these segments.
Varying consumption behavior of customers across various regions covered in the report.
Geographical study based on the market share, growth outlook, and key countries.
Agreements, product launches, mergers and acquisitions, and R&D projects of the different key Healthcare Cybersecurity market players.

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Table of contents
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique

Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018 – 2026

Chapter 3. Indicative Metrics
3.1. Increasing number of cyber attacks
3.2. Global burden of privacy
3.3. Worldwide cases of cyber hacks

Chapter 4. Global Healthcare Cybersecurity Segmentation & Impact Analysis
4.1. Global Healthcare Cybersecurity Segmentation Analysis
4.2. Global Healthcare Cybersecurity Market Value Chain Analysis, 2016-2026
4.3. Regulatory framework
4.4. Global Healthcare Cybersecurity Market Impact Analysis
4.4.1. Market driver analysis
4.4.1.1. High prevalence of cyber attacks
4.4.1.2. Demand for cloud service
4.4.1.3. Low penetration of information
4.4.2. Market restraint analysis
4.4.2.1. Lack of awareness
4.4.2.2. Lack of policy framework
4.5. Key opportunities prioritized
4.6. Global Healthcare Cybersecurity Pricing Analysis
4.7. Industry analysis - Porter's
4.8. Global Healthcare Cybersecurity PESTEL Analysis

Chapter 5. Global Healthcare Cybersecurity Market by Product Type Insights & Trends

Continued…..