Cybersecurity has become essential in the healthcare sector, in order to safeguard vital information regarding hospital and patient. Healthcare organizations such as hospitals, clinics, and pharmaceuticals have started adopting IT solutions to store confidential information, which also has increased the threat of hacking, unauthorized access, and data breaches. There different segments involved in healthcare cybersecurity including consulting, risk assessment, design and integration, and training. Rising incidents of hacking and other types of cybercrimes have led to increased adoption of cybersecurity in the healthcare sector.
The global healthcare cyber security market is expected to surpass US$ 23,411.3 Mn in terms of value by the end of 2028.
Global Healthcare Cyber Security Market: Drivers
Rising cyber-attacks is expected to support growth of the global healthcare cyber security market during the forecast period. Cyber-attacks have increased in healthcare institutions in the recent past. This is typically due to limited security measures and a lack of awareness among healthcare organizations. For instance, in 2015, Beacon Health Systems was targeted in a cyber-attack, wherein a patient’s personal and protected health information was hacked.
Global Healthcare Cyber Security Market: Opportunity
Constant research and development activities can provide lucrative growth opportunities for market players. Major companies in the market are focused on research and development activities, in order to expand product portfolio and gain a competitive edge in the market. For instance, in 2015, IBM Corporation Research launched a cloud-based technology to enable consumers to better protect online personal data. Moreover, in 2015, Cisco Launched Advanced Malware Protection Capabilities and Incident Response Services, giving customers faster time to detection and remediation. In 2015, Cisco Systems Inc. introduced new models of Cisco ASA with FirePOWER Services, the industry’s first threat-focused next-generation firewall, providing midsize companies, branch offices, and industrial environments with the same advanced malware protection.
Global Healthcare Cyber Security Market: Recent Developments
Global Healthcare Cyber Security Market: Restraint
Lack of skilled personnel is expected to restrain growth of the global healthcare cyber security market during the forecast period. Constant dearth of skilled professionals is the major factor restraining growth of the market. Security service firms are creating alliances with universities to offer accreditation programs to recruit and train security personnel. Furthermore, companies are offering flexible career paths and high salaries to retain talent.
Global Healthcare Cyber Security Market - Impact of Coronavirus (Covid-19) Pandemic
The global healthcare cyber security market witnessed significant decline due to the COVID-19 pandemic outbreak. Following the outbreak, numerous countries decided to suspend international travel and halt economic trade. However, the importance of cyber security has increased during the pandemic. With sudden rise in patients due to the novel coronavirus, the adoption of healthcare cyber security solutions has increased among hospitals and healthcare providers. The cyber security in healthcare sector deals with protecting electronic information and assets from unauthorized access, disclosure, and use. Besides, many hospitals have taken patient safety initiatives with adoption of adequate cyber security solutions, in order to provide high-quality care.
Rising adoption of mobile device security solutions is the major factor driving growth of the regional market. Furthermore, increasing utilization of m-Health applications in hospitals and household sectors. For instance, in 2014, number of healthcare apps published by leading pharmaceutical companies increased to 63% and the number of downloads of these apps increased by 197% as compared to 2013.
Increased development of cloud-based solutions in healthcare sector has facilitated people to interact with healthcare organizations. A number of healthcare providers are focused on digitization in-hospital data, in order to enhance patient care and gain rapid access to medical data. For instance, in 2012, the Clinic of Novosibirsk Institute of Blood Circulation Pathology in Siberia, Hospital of Murom Railway Station, and the Emergency Hospital of Petrozavodsk deployed IBM’s information management systems. Furthermore, governments of various countries are focused on enhancing cybersecurity measures.
Key players operating in the global healthcare cyber security market are IBM Corporation, Lockheed Martin Corporation, Cisco Systems, Inc., Northrop Grumman Corporation, Intel Security Group (McAfee), CA, Inc., Booz Allen Hamilton Inc., Computer Sciences Corporation, Symantec Corporation, and Trend Micro Incorporated.
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