Cybersecurity also referred to as information security, refers to the practice of cementing the integrity, confidentiality, and availability (ICA) of information. Cybersecurity is an integrated and evolving set of tools, software, risk management approaches, technologies designed to protect networks, devices, programs, and most importantly, the data from digital attacks, data thefts or unauthorized access. Cyber security in healthcare is the induction of information security solutions and services by healthcare organizations to protect the clinical patient and hospital data and digital records from data breaches and cyberattacks. With integration of various IT-enabled services in healthcare and increasing practice of recording data in digital format for further utility and ease for the administrative staff, the importance of data in medical field has grown exponentially and is further expected to rise. Henceforth, protecting of that data has become increasingly important. Cybersecurity plays an important role in this scenario in protection of data and ensuring its safety.
COVID – 19 scenario analysis:
- The COVID-19 pandemic has emerged as a humanitarian as well as economic crisis, creating strain on the society and affecting millions of people and businesses
- Industry closures and people are asked to stay in their homes which has cause taken a huge toll in terms of money and economic growth
- Over 4 million people affected globally, with 300 thousand losing their lives due to SARS-CoV-2
- Healthcare organizations are already working in battle mode, preparing new plans to respond growing COVID-19 patients, right from sourcing rapid diagnosing kits to sufficient PPE kits for workers
- Due to diversion of medical field towards treating COVID-19, the funding to R&D activities related to healthcare cybersecurity has been reduced and this segment have to face negligence subsequently causing negative impact on healthcare cybersecurity market
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Rising cases of hacking and cyberattacks have surged the demand for cybersecurity in the healthcare sector. The healthcare organizations are using various integrative cybersecurity software and solutions to avoid such cyberattacks and are taking increasingly more efforts in ensuring the security and privacy of the clinical data, connected networks and devices thereby contributing to the market growth and raising the demand for innovative cybersecurity solutions. According to Health IT Security stats, 190,000 HealthEquity customers were affected due to data breach in 2018. Medical records and clinical data shared and accessed over extensive network can be easily stolen via hacking coupled with utilizing ransomware and malware. The healthcare cyber security market is majorly driven by the growing need of network security, a type of IT security widely sought by healthcare organizations for data privacy and protection. Some of the highly rendered type of network security solutions that ensure protection of the connected network are access control and distributed denial-of-service (DDoS) mitigation which are increasingly popular owing to their functioning. The expenditure by end-user segment on these security solutions would continue due to a rise in its awareness.
The cybersecurity sector keeps on evolving frequently with technological developments and innovative breakthroughs. These breakthroughs in the healthcare cybersecurity solutions will further boost market growth. Market players constantly emphasize on improvising the previous solutions and introducing innovations in cybersecurity software which would ensure adequate security to the clinical patient data as well as scientific research data. Recently introduced advanced healthcare information security solutions provide better efficiency and offer optimal security that fosters secure data exchange process. However, lack of awareness about cybersecurity related to the healthcare industry, high cost of cybersecurity solutions and outdated cybersecurity systems may impede the industry growth to some extent.
Increasing incidences of cyberattacks and data breaches to drive the market
The global rise in data theft, cyberattacks via malwares and ransomware have cost the healthcare a hefty amount which has led to surge in the demand for innovative security solutions in order to safeguard clinical data and records. The US Department of Health and Human Services Office for Civil Rights, stated the rise in cybercrimes as the incidences for data thefts in healthcare sector had increased by 63% in 2016. A recent study concluded that 66% of healthcare organizations have experienced a ransomware attack in the previous year whereas 45% experienced data destruction attack.
As per the Becker’s hospital study, data breaches cost the healthcare industry around USD 5.6 billion annually. Thus, the rising risk of data breaches and heavy losses the healthcare industry has to incur due cyberattacks aimed towards data destruction, theft would surge the demand for cybersecurity in healthcare industry.
North American region dominates the market
North America is expected to lead the healthcare cybersecurity throughout. The dominance is due to factors like rise in the incidences of data breach and cyberattacks. As per the HIPPA Journal, there has been significant rise in cybercrime cases in the U.S. as well as Canada. In order to increase the adoption of cybersecurity software in public as well as private hospitals, Canadian government has implemented various initiatives resulting higher demand for cybersecurity solutions propelling the market in the United States. Drastic rise in healthcare expenditure and availability of a well-developed IT infrastructure and presence of major industry are the other factors fostering the healthcare cybersecurity market development in the near future.
Key benefits of the report:
- This study presents the analytical depiction of the global healthcare cybersecurity market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global healthcare cybersecurity market share.
- The current market is quantitatively analyzed to highlight the global healthcare cybersecurity market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global healthcare cybersecurity market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the Healthcare cybersecurity Market research report:
- What are the leading market players active in the healthcare cybersecurity market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Healthcare Cybersecurity Market Report Highlights
By Threat Type
By Security Measures
By Mode of Development
By End User
Key Market Players
Cisco Systems, Medigate, FireEye, Symantec, Fortified Health Security, IBM Corporation, McAfee, NORTHROP GRUMMAN CORPORATION, Trend Micro Incorporated., Palo Alto Networks