GLOBAL HEALTHCARE CYBERSECURITY MARKET IS EXPECTED TO FORESEE SIGNIFICANT GROWTH DURING THE FORECAST PERIOD. NORTH AMERICA TO WITNESS THE HIGHEST GROWTH
Global Healthcare Cybersecurity Market is expected to reach the market valuation of US$ 41,780.1 million by 2027 expanding at a reasonable CAGR of 19.8% during the forecast period (2021-2027) from US$ 9,780.1 million in 2019. Cybersecurity in healthcare involves the protection of electronic information and assets from unauthorized access, use, and disclosure. There are three goals of cybersecurity: protecting the confidentiality, integrity, and availability of information.
The demand for healthcare cybersecurity is witnessing an uptick on account of surging investment in technologies which is leading to the growing digitalization in healthcare, use of connected healthcare devices, EHR, and the use of IoT, AR, VR. Between 2020 and 2024, global health spending is expected to rise at a 3.9% compound annual growth rate (CAGR), considerably faster than the 2.8% recorded in 2015–2019.4 The fastest growth will be in Asia and Australasia (5.3%) and the transition economies of Central and Eastern Europe (5.2%), and the slowest in Latin America (0.7%), as revealed by Deloitte. Cybersecurity is a risk factor in health care data. Data breaches cost the health care industry approximately USD 5.6 billion every year. Moreover, the number of reported common vulnerabilities and exposures in healthcare increased from 2015 to 2020. More than 18,000 CVEs were reported in 2020, which is a 6% increase from 2019.
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With the skyrocketing use of telehealth, the sheer number of device endpoints that come with people using telehealth further opened up the health industry to cybercrime activity. According to Interpol, COVID-19 has led to shifts in targets from individuals and small businesses to government and critical health infrastructure. Security agencies in the U.K. and U.S. have unsurfaced targeted efforts against the healthcare, pharmaceutical, academic, and research industries tasked with providing uninterrupted patient care to infected people and in coronavirus vaccine research.
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Based on Components Type, the market is fragmented into Solutions and Services. The Solutions segment dominated the market in 2020 accounted for 61.4% and is anticipated to maintain its dominance during the forecast period owing to the increasing trend for remote monitoring owing to the COVID-19 pandemic have busted as a boom in the demand for cybersecurity solutions.
Based on the Deployment Type, the market is mainly fragmented into Cloud and On-Premise. The On-Premise segment dominated the market in 2020 and gathered 62.6% in 2020. Moreover, the segment is anticipated to maintain its dominance during the analyzed period. However, the cloud segment is anticipated to witness the highest CAGR during the forecast period owing to the increasing cloud spending in healthcare. As per Gartner, the public cloud end-user spending will grow 23% in 2021. Healthcare would be one of the leading sectors among industries for cloud adoption.
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Additionally, the report provides detailed initiatives that are being taken in the field of Healthcare Cybersecurity. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, and United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and the Rest of APAC), Rest of World has been conducted. North America dominated the market with US$ 4661.8 million in 2020. However, the APAC region is expected to witness the highest CAGR during the forecast period on account of the launch of several visions for the prevention of cyberattacks by the government across countries.
Global Healthcare Cybersecurity Market Segmentation
Market Insight, by Components Type
Market Insight, by Deployment Type
Market Insight, by Type of Threats
- Malware and Spyware
- Distributed Denial of Services
- Advanced Persistent Threats
Market Insight, by Security Type
- Network Security
- Cloud Security
- Content Security
- End-Point Security
- Application Security
Market Insight, by Solutions Type
- Identity and Access Management
- Risk and Compliance Management
- Antivirus and Antimalware
- Security Information and Event Management
- Intrusion Detection System (IDS)/ Intrusion Prevention System (IPS)
Market Insight, by End-User Type
- Pharmaceutical and Biotechnology
- Health Insurance
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Palo Alto Networks, Inc.
- Sophos Ltd.
- Cisco Systems, Inc.
- Checkpoint Software Technologies Ltd.
- IBM Corporation
- McAfee LLC
- Juniper Networks, Inc.
- Intel Corporation
- Trend Micro Incorporated