Healthcare Cyber Security Market

Healthcare Cyber Security Market

Rise in a number of cyber-attacks and the increase in demand for cloud services drive the growth of the global healthcare cybersecurity market.

PORTLAND, PORTLAND, OR, UNITED STATE, March 14, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Healthcare Cyber Security Market," The healthcare cyber security market was valued at $12.85 billion in 2020, and is estimated to reach $57.25 billion by 2030, growing at a CAGR of 16.3% from 2021 to 2030.

The volume of cyber-attacks in the healthcare and medicine sector has grown considerably over the last few decades, as has the severity of these cyber-attacks. Hackers target patient medical and billing information that can then be sold for insurance fraud purposes. Moreover, IoT-powered medical devices can be remotely tampered by cyber-criminals. Such factors have led both the healthcare industry and the government to realize the seriousness of the situation and enforce strict cyber security standards in order to safeguard healthcare infrastructure and data.

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Furthermore, a key factor that drives the growth of the healthcare cyber security market includes growth in incidences of patient data breaches. In addition, the demand for security and privacy of personal information positively impacts the growth of the healthcare cybersecurity industry. However, high implementation cost of healthcare cyber security solutions hampers the market growth. On the contrary, advancements in cyber threat detection and mitigation are expected to offer remunerative opportunities for the expansion of the healthcare cyber security market during the forecast period.

Based on components, the solution segment dominated the overall healthcare cybersecurity market in 2020, and is expected to continue this trend during the forecast period. This is attributed to an increased number of data breaches in the healthcare sector post the global pandemic. However, the service segment is projected to witness the highest growth as cyber-attacks have become more sophisticated and demand skilled professionals for their mitigation, which is expected to fuel the growth of the global healthcare cybersecurity market.

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Based on security type, the network security segment accounted for the largest share in 2020, holding more than two-fifths of the global healthcare cyber security industry, and is projected to maintain its leadership status throughout the forecast period. However, the application security segment is estimated to manifest the highest CAGR of 17.8% from 2021 to 2030. The report also includes an analysis of device security segment.

Region-wise, the healthcare cyber security market was dominated by North America in 2020, and is expected to retain its position during the forecast period owing to a large number of cyber security solutions vendors in the region. Moreover, various healthcare privacy policies in the region are expected to drive the market for healthcare cybersecurity technology during the forecast period. However, Asia-Pacific is expected to witness significant growth during the forecast period owing to growth in digital and cloud penetration in the region, which is expected to fuel the growth of healthcare cyber security solutions in the region in the coming few years.

Covid-19 Scenario:

• More than ever before, healthcare professionals need to protect their medical equipment and information nowadays. The rise of IoT and cloud devices in the healthcare business has increased the potential of a cyber-attack during the pandemic.

• The demand for healthcare cyber security solutions is growing as the threat landscape widens and hackers develop incredibly advanced tools and techniques to target healthcare firms, get data access, and hold data and networks for ransom (ransomware attacks).

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The key players profiled in the healthcare cyber security market analysis are AO Kaspersky Lab, Cisco Systems, Inc., FireEye, IBM Corporation, Lockheed Martin Corporation, McAfee Corporation, Northrop Grumman, Palo Alto Networks, SENSATO CYBERSECURITY SOLUTIONS, and Symantec Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the healthcare cyber security industry.

Key Benefits for Stakeholders:

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the healthcare cyber security market analysis from 2020 to 2030 to identify the prevailing healthcare cyber security market opportunities.

• The market research is offered along with information related to key drivers, restraints, and opportunities.

• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.

• In-depth analysis of the healthcare cyber security market segmentation assists in determining the prevailing market opportunities.

• Major countries in each region are mapped according to their revenue contribution to the global market.

• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.

• The report includes an analysis of the regional as well as global healthcare cybersecurity market trends, key players, market segments, application areas, and market growth strategies.

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