Healthcare Cyber Security Market Analysis and Forecast Report, 2022

Global healthcare cyber security market size was valued at nearly USD 5.5 billion in 2014 and is expected to witness lucrative growth over the forecast period.

Global Healthcare Cyber Security Market size is expected to reach nearly USD 10,848.87million by 2022, according to a new report by Grand View Research, Inc. Key factors attributing to the growth of the market include the increasing incidences of cyber attacks for misuse of electronic patient health records (E-PHR), social security records, IP theft, and others. 

Cyber attacks are constantly increasing across the globe. On previous encounters it was witnessed that cyber attacks were focused on stealing, financial information, billing information, and bank account numbers using stolen devices with un-encrypted data, phishing and spam mails. Technological advancements have led to advanced cyber warfare using SQL injections, advanced persistent threats (APT), zero day attacks, and advanced malware. 

Lack of adequate IT spending by healthcare organizations and lack of awareness about cyber crime have exposed the vulnerabilities of healthcare organizations. The overall impact of cyber attacks on the hospitals and healthcare systems is estimated to be nearly six billion per year. 

Furthermore, these organizations face internal threats due to factors such as the use of cloud services, unsecure networks, employee negligence, bring your own device (BYOD), lack of internal identification and security systems, stolen devices with un-encrypted files. 

Healthcare cyber security market is segmented by, type of threat into malware, ddos, advanced persistent threat (apt), spyware, lost and stolen devices, others. In 2013, Boston Scientific, St.Jude Medical and, Medtronic witnessed cyber attacks and hacking. In 2015, Anthem, which is the second largest health insurance provider in the U.S., witnessed a massive cyber attack leading to loss of 80 million customer records. 

Security information and event management (SIEM),risk and compliance management, DDoS mitigation, antivirus, antimalware, identity and access management, intrusion detection system (IDS)/intrusion prevention system (IPS) and others are the solutions included in the scope of the study. These solutions can be used individually or can be used as a suite of products providing layer wise security. 

Market dynamics in this sector are dependent on the type of threat, effectiveness, and frequency of attack, ability to detect and destroy. New types of threats are detected each day, hence, the solutions need to be upgraded constantly to provide adequate firewall security and prevent data breach. 

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Further key findings from the study suggest:

• In 2014, North America held the largest market share of more than 41% owing to the presence of sophisticated healthcare infrastructure, and increasing collaboration between pharmaceutical, medical device industries, with regulatory authorities. This can be illustrated using the U.S FDA guidance document on networked medical devices.
• Furthermore, the U.S. is a prime target for cyber crimes due to, the presence of large fortune 500 healthcare organizations, full scale implementation of digital patient records, and use of extensive social security ids for various transactions.
• Asia Pacific is identified as one of the most lucrative regional market, growing at a CAGR of over 8.5% during the forecast period. Rapidly improving healthcare infrastructure and high level economic growth in developing countries such as China, India, and South Korea is expected to boost usage rates over the forecast period.
• Increasing number of internet users in China and India is expected to create a huge user base vulnerable to cyber attacks. According to data published by the Internet and Mobile Association of India (IAMAI), the internet user base in India is expected to reach nearly 402 million by December 2015
• Key players operating in the healthcare cyber security market include, Cisco, IBM, MacAfee, Paulo Alto Networks, Symantec, Trend Micro Lockheed Martin, FireEye, Northrop Grumma, Kaspersky etc.