Healthcare Cyber Security Market: Growth and Sales Forecast 2016 - 2023

The global healthcare cyber security market is predicted to lay a strong foundation of propelling growth on the growing need of network security, a type of IT security widely sought by healthcare organizations. Access control and distributed denial-of-service (DDoS) mitigation are some of the highly sophisticated types of network security solutions that ensure protection. Interestingly, the end-user expenditure on these solutions is prognosticated to continue seeing a rise due to its mounting awareness. In 2016, network security showcased a dominating performance in the market. Other types of security such as wireless, cloud, and application could also contribute to the overall growth.

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While cyberattacks are prophesied to be amongst the primary drivers of growth in the global healthcare cyber security market, data breaches could well be in the run. An escalating count of healthcare institutions are expected to take to cyber security solutions to protect patient and their own data too. The implementation of connect medical devices and digital medical record systems coupled with the surging usage of laptops, tablets, smartphones, and other mobile devices is foretold to set the tone for a valuable demand in the market.

Focus on the introduction of technologically advanced solutions could be a key strategy adopted by leading players operating in the global healthcare cyber security market, followed by merger and acquisition. The rapid shift toward cloud computing technology is envisaged to supplement an additional boost to the demand in the market. More opportunities could take position in the market as players look to run new strategies to magnify their presence.

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Cyber security technologies and solutions are evolving due to the changing threat landscape, where threats are becoming smarter and damaging. In today’s connected health environment, cyber security is no longer an option or afterthought whereas it is a critical strategic asset that is being addressed by every organization. Over the past decade, healthcare industry has implemented a healthcare information technology (healthcare IT) infrastructure to access, send and receive electronic health data. Given that medical records contain a wealth of information that can be used for identity theft and fraud (such as social security number, address or claims data), personal health information carries a higher value on the black market than other industries. The key factors driving the healthcare security market is the increasing cyber-attack threat. Recent estimates suggest that in the period from 2010 to 2014, approximately 37 million healthcare records were compromised in data breaches. Moreover, rise in the patent infringement cases, business records, medical identity fraud, and loss of patient health records are expected to boost the healthcare cyber security market during the forecast period of 2015 to 2023. However, lack of awareness about cyber security related to the healthcare industry would act as a restraining factor, thereby hampering the growth of the healthcare cyber security market.

The global healthcare cyber security market has been segmented into solution type, end user and geography. On the basis of the solution type, the healthcare cyber security market has been segmented into risk and compliance management, identity and access management, security information and event management, and intrusion detection system (IDS)/intrusion prevention system (IPS), firewalls, antivirus, antimalware software, data encryption software, and others. The identity and access management is the fastest growing segment in the healthcare cyber security market. The market for end users in segmented into pharmaceuticals & chemicals manufactures, medical devices companies, health insurance companies, hospitals and others. Pharmaceutical companies held the major share of healthcare cyber security market in 2014 and is expected to witness a substantial growth during the forecast period. During the past decade, cyber-attacks on medical device companies, insurance and pharma companies is on the rise, thus fueling the market growth of healthcare cyber security market.

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