What's driving the Healthcare Cybersecurity Market size? Key players are IBM Corporation, Cisco Systems, FireEye, Fortified Health Security, Imperva, McAfee, Medigate, Symantec
Increasing cases of cyber-attacks in healthcare organizations will propel the healthcare cybersecurity industry over the coming years. As per FortiGuard Labs, in 2017 healthcare organizations approximately witnessed 32,000 cyber-attacks each day. Hackers are introducing unique malwares and healthcare organizations are facing difficulties in securing their important data.
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Key industry players are taking initiatives to provide innovative solutions in order to protect data from getting exposed and tampered. This scenario creates abundant opportunities for industry players, thereby propelling the business growth. Healthcare Cybersecurity Market will exceed USD 27 billion by 2025; as per a new research report.
Rising incidences of data leaks has proven beneficial for the industry growth as it creates great demand for healthcare cyber security solutions. According to HealthcareITNews, in 2018, ransomware attack on fetal diagnostic lab breached 40,800 patient records. Such vulnerable act will provide valuable data to hackers that may have serious consequences. Fraudulent may gain the leverage of medical devices, services, prescribed medicines and acquire government benefits such as Medicaid and Medicare. However, high cost of installing healthcare cybersecurity solutions may hamper the industry growth to some extent.
Europe healthcare cybersecurity market held around USD 2.5 billion revenue in 2018. Substantial revenue share is attributed to increasing incidences of cybercrime in healthcare organizations and escalating threats by ransomwares, phishing and malwares in Europe region. Regional industry players are taking efforts and providing solutions to healthcare organizations to safeguard their data. For instance, Nexthink designed solutions to aid healthcare organizations to reduce incidences of breaches and enhance security.
Distributed denial of service (DDoS) segment will witness more that 20% growth from 2018 to 2025. DDoS most prominently attack cloud-based services. According to HITInfrastructure, DDoS attacks increased from 25% of cloud-based attack in 2016 to 47% in 2018. DDoS attacks on medical devices, IT systems, ventilation, heating and air conditioning systems that are installed on network base. This could result into improper functioning of devices and expose of sensitive information. As a result, healthcare cybersecurity solutions that grant protection against DDoS attacks are in great demand.
Device security segment held around 21% revenue share in 2018 and it is estimated to expand significantly in forthcoming years. Substantial growth is attributed to rising usage of mobile/portable devices in healthcare organizations. Mobile devices enhance employee productivity as well as patient experience. However, these devices provide an open platform to hackers as they can access such devices to install malicious programs, change information and expose valuable information. As a result, companies are taking initiatives and encouraging healthcare organizations to install device security solutions to protect the data.
On-premises segment will grow at more than 18% CAGR throughout the analysis timeline. Even though healthcare organizations trust their employees, they need to be verified and validated. To avoid breaches and employee theft there must be real time monitoring from privileged user access to each and every files and database on premise. As a result, demand for monitoring software are rising, as it gives IT visibility.
Prominent industry players operational in the healthcare cybersecurity market include Imperva, Cisco Systems., FireEye Inc, IBM, Palo Alto Networks, Symantec Corporation, Fortified Health Security, Trend Micro Incorporated, McAfee, Northrop Grumman Corporation and Atos SE. In 2017, Northrop Grumman Corporation released a model for additional security for genomic data. This activity aimed to provide utmost security to healthcare organizations.
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