Growth in awareness regarding data privacy and security signals significant growth opportunities for the future of global healthcare cyber security market. In addition, surge in digital and internet penetration around the world positively impacts the growth of the healthcare cyber security industry. However, complex installation and monitoring costs of cyber security solutions hamper the market growth. On the contrary, upsurge in government policies are expected to offer remunerative opportunities for expansion of the healthcare cyber security industry during the forecast period.
The healthcare cyber security market is segmented on the basis of component, security type, and region. On the basis of component, the industry is bifurcated into solutions and services. Depending on security type, the market is classified into network security, application security, device security, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global healthcare cyber security market is dominated by key players such as 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 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 make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the healthcare cyber security market segmentation assists to determine 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 the analysis of the regional as well as global healthcare cyber security market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Component
- Solution
- Service
By Security Type
- Network Security
- Application Security
- Device Security
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Russia
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- NORTHROP GRUMMA CORPORATION
- Palo Alto Networks, Inc.
- sensato investors
- SYMANTEC CORPORATION
- Cisco Systems, Inc.
- FireEye, Inc.
- ibm corporation
- Kaspersky Lab
- Lockheed Martin Corporation
- MACAFEE, INC.
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Table of Contents
Executive Summary
According to this report 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 the healthcare infrastructure and data. Furthermore, key factor that drive the growth of the healthcare cyber security market includes growth in incidences of patient data breaches. In addition, demand for security and privacy of personal information positively impacts the growth of the healthcare cyber security industry. However, high implementation cost of healthcare cyber security solutions hampers the market growth. On the contrary, advancements in the cyber threat detection and mitigation are expected to offer remunerative opportunities for expansion of the healthcare cyber security market during the forecast period.
On the basis of component, the solution segment dominated the overall healthcare cyber security market in 2020, and is expected to continue this trend during the forecast period. This is attributed to increased number of data breaches in the healthcare sector post the global pandemic. However, the service segment is projected to witness 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 cyber security market.
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 cyber security 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.
The outbreak of COVID-19 pandemic influenced several notable changes in the healthcare industry. These changes included a shift toward large-scale telemedicine services, the establishment of remote medical aid &management, temporary COVID-19 testing &vaccination locations, and large-scale vaccine research, manufacture, and distribution. Throughout all of these developments, healthcare organizations had to take the responsibility of ensuring compliance and data security. For many firms, this means upgrading security infrastructure to serve remote users and keeping one step ahead of cyber thieves and hackers looking to exploit flaws in the COVID-19 vaccination supply chain. Such factors aided in the growth of healthcare cyber security market size during the period of the pandemic.
Key findings of the Study
- By component, the solution segment accounted for the largest healthcare cyber security market share in 2020.
- By region, North America generated highest revenue in 2020.
- By security type, the network security segment generated the highest revenue in 2020.
Companies Mentioned
- NORTHROP GRUMMA CORPORATION
- Palo Alto Networks, Inc.
- sensato investors
- SYMANTEC CORPORATION
- Cisco Systems, Inc.
- FireEye, Inc.
- ibm corporation
- Kaspersky Lab
- Lockheed Martin Corporation
- MACAFEE, INC.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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