Global Healthcare Cybersecurity Market to Hit USD 57.25 Billion by 2030
A rise in several cyber-attacks and the increase in demand for cloud services drive the growth of the global healthcare cybersecurity market.
PORTLAND, PORTLAND, OR, UNITED STATES, May 20, 2024 /EINPresswire.com/ — According to the report published by Allied Market Research, the global healthcare cybersecurity market generated $12.85 billion in 2020, and is projected to reach $57.25 billion by 2030, manifesting a CAGR of 16.3% from 2021 to 2030. The report offers an extensive analysis of changing market trends, value chain, top segments, top investment pockets, regional scenarios, and competitive landscape.
Healthcare cyber security refers to the practice of protecting healthcare information systems, electronic health records (EHRs), patient data, and other sensitive information from unauthorized access, cyberattacks, data breaches, and other security threats. This field encompasses a wide range of measures and strategies designed to ensure the confidentiality, integrity, and availability of healthcare data.
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Rise in number of cyber-attacks and increase in demand for cloud services drive the growth of the global healthcare cyber security market. Furthermore, regulatory and government policies that encourage the healthcare business to strengthen its security standards have a favorable impact on the growth of the healthcare cyber security market. On the contrary, high installation cost of healthcare cyber security solutions impedes the market growth. However, rise in digital dependence and industry 4.0 trends present new opportunities in the coming 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).
The report offers a detailed segmentation of the global healthcare cybersecurity market based on component, security type, and region.
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Based on components, the solution segment contributed to the largest market share in 2020, accounting for around two-thirds of the total share, and is projected to continue its lead position during the forecast period. However, the service segment is projected to grow at the highest CAGR of 17.8% from 2021 to 2030.
Based on security type, the network security segment accounted for the largest share in 2020, holding more than two-fifths of the global healthcare cybersecurity 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.
Based on region, North America held the highest share in 2020, contributing to nearly around one-third of the total share. However, Asia-Pacific is expected to portray the fastest CAGR of 17.8% during the forecast period and is estimated to dominate the market share in terms of revenue by 2030.
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Leading players of the global healthcare cyber security market analyzed in the research include Palo Alto Networks, Inc., Northrop Grumma Corporation, Symantec Corporation, Sensato Investors, Cisco Systems, Inc., IBM Corporation, FireEye, Inc., Lockheed Martin Corporation, Kaspersky Lab, and MACAFEE, INC.
The report focuses on growth prospects, restraints, and analysis of the global healthcare cyber security market trends. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the global Healthcare cyber security market share.
Demand for healthcare cyber security systems has increased in the past few years and is expected to continue this trend in the coming years as well, owing to surge in cloud and digital penetration in the global healthcare sector, which enable the development of the healthcare cyber security sector. Moreover, stringent regulatory and compliance policies such as health insurance portability and accountability act of 1996 (HIPAA) in the medicine and healthcare sectors that ensure the security and privacy of patient data further establish the need for effective healthcare cyber security solutions. In addition, growth in number of data breaches and cyber-attacks on the healthcare sector promise new opportunities for the growth of the cyber security solutions in the healthcare and medicine sector.
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