Healthcare Cybersecurity Market 2021 By Regional Statistics, CAGR, Trend & Growth Forecast To 2025
The rising prevalence of cyber-attacks and the threat of hackers to incorporate unique malware across healthcare organizations, leading to obstruction in securing important data, will drive healthcare cybersecurity industry forecast. As per statistics, there were 32,000 cyber-attacks witnessed every day across healthcare organizations in 2017. This has indicated growth opportunities for various solution providers to come up with initiatives to offer remedies against data exposure and temperance.
A considerable surge in data leak instances will also add impetus to the adoption of cybersecurity in healthcare. As per HealthcareITNews, ransomware attacks breached more than 40,800 patient records to offer valuable data to hackers in fetal diagnostic labs in 2018. This resulted in serious outcomes as the fraudulent gained influence on medical devices, services, and prescribed medicines as well as procured government benefits like Medicaid and Medicare.
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Estimates reveal that global healthcare cybersecurity market size will reach an annual valuation of more than USD 27 billion by 2025.
Need to protect from DDoS threats
Distributed denial of service (DDoS) attacks on medical devices, IT systems, ventilation, heating, and air conditioning working on network systems lead to improper functioning of these devices and exposure of sensitive information. As per HITInfrastructure, DDoS attacks on cloud-based systems saw a rise from 25% in 2016 to 47% in 2018.
Healthcare cybersecurity market share from DDoS threat protection is pegged to reach a 20% CAGR in through 2025 with the rise in attacks on cloud-based services and the extensive demand for healthcare cybersecurity solutions to render security against these attacks.
Potential of device cybersecurity
Device cybersecurity in healthcare is anticipated to register more than 21% of the global share over the next few years with a robust demand for mobile/portable devices across healthcare facilities. This can be further owed to the use of mobile devices to enhance employee productivity and patient experience.
But these gadgets are a hub for the incorporation of malicious programs, as well as illicit activities like changing information and exposure of valuable information. Taking these factors into account, various enterprises are implementing multiple initiatives to push the installation of device security solutions for data protection in healthcare organizations.
Europe to witness higher deployment
Europe is home to some of the biggest healthcare cybersecurity breaches and contributed to an annual share of close to USD 2.5 billion in revenue in 2018. There is a consistent prevalence of cybercrime in healthcare facilities and intensifying threats from ransomware, phishing, and malware. Solution providers in the region are implementing various solutions to protect data in healthcare organizations. For instance, Nexthink has designed several programs to minimize the risk of breaches and enhance security in these facilities.
Value of on-premises deployment of healthcare cybersecurity regulations is likely to record over 18% CAGR up to 2025 worldwide. This can be attributed to the increasing need of healthcare organizations to monitor all the files and databases on premise in real-time with the help of privileged user access as well as to verify and validate the authenticity of their employees. This has limited the instances of breaches and employee thefts besides augmenting the demand for monitoring software.
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Data protection during COVID-19
Companies offering healthcare cybersecurity services are continuously focused on innovations to highlight their market presence and sustain competition. For instance, Northrop Grumman Corporation unveiled a new model to provide additional protection to genomic data, indicating robust security to healthcare organizations.
The ongoing COVID-19 pandemic had also significantly influenced the industry trends with the growth in cybersecurity breaches in labs and hospitals. IBM entered a partnership with Cylera to launch Healthcare Asset Operations Center (HAOC), a solution for asset management and cybersecurity protection to assist hospitals in managing and securing their ventilators as well as other critical medical devices.
Imperva, Symantec Corporation, McAfee, Cisco Systems, FireEye Inc, Trend Micro Incorporated, Palo Alto Networks, Atos SE, and Fortified Health Security are some of the other firms in the business. However, higher charges associated with the installation of healthcare cybersecurity systems may hinder the overall growth to a certain extent.