Healthcare Cyber Security Market Expected to Reach $12,467 Million, Globally, by 2023

Healthcare industries globally have gone through rapid digitization. For instance, healthcare organizations focus on investing on enhanced patient monitoring solutions and healthcare information systems to improve patient care. Furthermore, drastic rise in the number of cyber-attacks and data breaches increases the need for enhanced data security solutions that are expected to ensure protection against hacking and unauthorized data access.

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Healthcare Cyber Security Market Report, published by Allied Market Research, forecasts that the global market was valued at $4,591 million in 2016, and is projected to reach at $12,467 million by 2023, with a CAGR of 15.6% from 2017 to 2023. This is attributed to introduction of supportive government regulations and acts to mandate the adoption of cybersecurity solutions to safeguard patients and healthcare organizations information.

Healthcare cyber security solutions include breach detection, business continuity and disaster recovery, cloud & data centers, data loss protection, identity & access management, and risk & compliance management solutions. Moreover, the service segment includes consulting, designing & integration, risk assessment, and training.

Rise in number of cyber-attacks and data breaches incidents, increase in need for advanced security cloud-based solutions drive the market, providing lucrative growth opportunities for key players operating in the healthcare cyber security market. However, lack of skilled workforce among healthcare organizations across is anticipated to hamper the market growth during the forecast period.

The service segment is projected to grow at the CAGR of around 18% during the forecast period. Increase in demand for enhanced cyber security solutions and rise in competition among healthcare service providers are anticipated to boost the segment growth during the forecast period.

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The network security segment dominated the market in 2016, followed by content security segment. Furthermore, these segments collectively accounted for around 67% share of the overall market revenue in 2016. Network security solutions enable organizations to protect their network from virus, hackers, denial of service attacks, and other risks. Healthcare providers aim at deploying advanced network security solutions, such as distributed denial of service attack (DDoS) mitigation solutions and access control solutions to ensure protection. Moreover, the cloud security segment is anticipated to grow at the highest CAGR of around 25%, owing to increase in adoption of cloud-based solutions among healthcare organizations globally.

The global healthcare cyber security market is characterized by the presence of international market players. These companies tend to expand their market presence by adopting strategies, such as strategic alliance and acquisitions. Some of the key players operating in the healthcare cyber security industry include Cisco Systems, Inc., FireEye, Inc., IBM Corporation, Kaspersky Lab, Lockheed Martin Corporation, MacAfee, Inc., Northrop Grumma Corporation, Palo Alto Networks, Inc., Sensato, and Symantec Corporation.

Key Findings of the Healthcare Cyber Security Market:

• The service segment is expected to grow at the highest CAGR during the forecast period.
• The network security segment dominated the market in 2016.
• North America was the highest contributor in the overall healthcare cyber security market size in 2016; however, in terms of growth, the market in Asia-Pacific is estimated to grow at the highest rate.
• U.S. led in terms of expenditure on healthcare cyber security solutions and services in 2016.

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