Escalating Frequency of Cyber Attacks on Institutions to Drive Growth in the Global Healthcare Cybersecurity Market 2021-2026

DUBLIN, Jan. 26, 2022 /PRNewswire/ — The “Healthcare Cybersecurity Market – Forecasts from 2021 to 2026” report has been added to ResearchAndMarkets.com’s offering.

Escalating the frequency and complexity of cyberattacks to drive market growth.

From clinical data and test reports to radiology devices and hospital escalators, the health care sector is becoming increasingly reliant on internet-connected technologies.

It has proven to be beneficial for care delivery by facilitating data integration, patient involvement, and medical assistance, among other things. Those systems, but on the other end, are frequently susceptible to cyberattacks that could steal medical data, steal medicine infusion equipment to mine money, or shut down a whole facility unless a ransom is paid. Hence, the number of cyberattacks is escalating quickly.

As reported by US National Center for Biotechnology Information, from 2005 to 2019, a total of 249.09 million people were impacted by healthcare data breaches. In the previous five years solely, 157.40 million people have been impacted. In 2018, a total of 2216 data breaches were disclosed from 65 nations There were 536 breaches in the healthcare sector.

This means that the healthcare sector has had the most data breaches of any industry. In the year 2019, there were 13 data breaches disclosed from 86 nations. In the year 2019, 505 healthcare data breaches resulted in the exposure, theft, or unauthorized disclosure of 41.2 million healthcare information. The increasing frequency and complexity of cyberattacks are the key driver of the market growth of the healthcare cybersecurity market.

Market Overview

The healthcare cybersecurity market is evaluated at US$7.216 billion for the year 2019 and is projected to grow at a CAGR of 16.88% to reach a market size of US$21.502 billion by the year 2026.

Healthcare cybersecurity is a thriving market for players in the industry are increasingly going digital with demand for electronic medical records and virtual information systems expanding in recent years.

As medical records contain a lot of information that can be used for identity theft and fraud, personal health information possesses a high value on the black market.

The proliferation of cyber threats is thus a serious concern, driving the healthcare cybersecurity market. Factors augmenting the market growth are the availability of a specialized skilled workforce, digitization of healthcare data, robust pace of research and development in healthcare demanding big data, and penetration of digital technology across emerging nations.

Technological advancement is being incorporated in cybersecurity systems to offer opportunities.

Additionally, the escalating demand for cloud-based security systems in the healthcare industry, the expanding usage of smartphones and connected devices, and the developing utilization of 5G technology are all likely to assist the market’s growth during the forecast period.

Increasing regulatory focus towards cybersecurity to facilitate market growth.

The increasing regulatory focus towards cybersecurity in the healthcare sector is also expected to provide opportunities in the market. The Healthcare and Public Health Sector Coordinating Council are encouraging the Biden Administration to engage in a formalized healthcare cybersecurity partnership as part of the American Rescue Plan to help the industry strengthen its cyber posture.

Per an HSCC letter to President Joe Biden in June 2021, an improved strategic planning approach combined with continuous cybersecurity stakeholder collaborations would boost the US healthcare system’s safety and robustness. The Joint Cybersecurity Working Group of the HSCC is a private-public collaboration of healthcare firms and providers that comprises over 300 medical device and health IT companies, as well as direct patient care organizations and a variety of others.

In recent years, the organization has made tremendous attempts to strengthen the sector’s cybersecurity via educational programs, free materials and guides, and other joint activities.

Geographically North America is expected to have the largest share in the market over the projected period owing to the expanding number of cybercrimes, the presence of major market players, and regulatory support in the region. For instance, Health Insurance Portability and Accountability Act (HIPAA) and the Health Information Technology for Economic and Clinical Health (HITECH) Act were introduced in the United States. The Asia-Pacific healthcare cybersecurity market is expected to experience high growth.

Market Segmentation:

By Type of Threat

• Malware
• Distributed Denial of Service (DDoS)
• Advanced Persistent Threat (APT)
• Spyware
• Lost/Stolen Devices

By Solution

• Identity and Access Management
• Risk and Compliance Management
• Antivirus and Antimalware
• DDoS Mitigation
• Others

By End-User

• Pharmaceutical Enterprises
• Health Insurance Sector
• Hospitals
• Laboratories

Companies Mentioned

• Broadcom (Symantec)
• Trend Micro Incorporated
• Cisco
• IBM
• Kaspersky Lab
• Fireeye Inc.
• Intel Corporation

For more information about this report visit https://www.researchandmarkets.com/r/vfygjt

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