In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Increasing data violation in the healthcare industry is a matter of growing concern. Networks and systems belonging to hospitals containing real time data of a large number of patients are hacked through various threats to security. Healthcare industry is highly dependent on systems that connect data of patients to various devices and equipment in the hospitals. The techniques such as phishing and malware allow hackers to access private information of patients and hospitals that might include bank details and financial data as well. Cybersecurity is introduced into healthcare in order to maintain integrity of the patient data that is collected and stored in large amounts on a regular basis.
Increased frequency of cyber-crimes has driven the demand for cybersecurity in the healthcare sector. The healthcare organizations are adopting measures to secure their connected networks, servers and medical devices. The various cases of medical frauds such as theft of patient health records, medical identity fraud have further led to the increase in demand for healthcare cybersecurity.
The healthcare cybersecurity market is anticipated to record a CAGR of around 16% over the forecast period i.e. 2019-2027. The market is segmented by threat, by security, by solution, by end user and by region, out of which, the threat segment is further segmented into malware, ransomware, distributed denial-of-service [DDoS] and others. On the basis of threat, the ransomware segment is estimated to hold the largest share in the healthcare cybersecurity market on account of increased ransomware attacks by hackers resulting in data breaches.
Hackers prefer ransomware over other forms of threats as it allows encryption of important data belonging to hospitals and other healthcare companies. The unauthorized access that is provided by ransomware denies the patient data access to organizations. This is estimated to significantly raise the demand for security measures that would prevent such attacks, thereby increasing the market size for this segment.
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Increasing adoption of cybersecurity by various hospitals in the healthcare industry in order to protect the patient’s as well as the hospital’s private data is a major factor estimated to increase the demand for this market. According to the Journal of the American Medical Association, the health data breaches that occur every year rose up by 70% to around 344 data breaches recorded in 2017. The growing cases of data breaches at these organizations and misuse of hacked information is another leading factor anticipated to drive the market growth during the forecast period.
The increasing awareness among people about advancements in cybersecurity technology is estimated to increase the demand for cybersecurity solutions in order to protect the various medical data, software and devices in organizations. Further, increased government measures taken so as to protect companies from data breaches and data theft is an additional factor anticipated to contribute towards the market growth.
In order to protect the healthcare companies from serious threat, highly effective cybersecurity is required. The dearth of skilled cybersecurity professionals who are able to develop effective cybersecurity software and devices is estimated to limit the growth of the market.
Our in-depth analysis of the healthcare cybersecurity market includes the following segments:
On the basis of regional analysis, the healthcare cybersecurity market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The largest share in healthcare cybersecurity market is estimated to be held by the market in North America region on account of growing cases of data breach in the region. The presence of developed healthcare infrastructure and increased expenditure on healthcare information technology are addition factors estimated to support the market in this region.
The market in Asia Pacific region is anticipated to witness significant growth during the forecast period. This can be attributed to rising awareness among people about cybersecurity and the growing advancements that are responsible for a higher availability of cybersecurity measures in the healthcare industry. Moreover, the emerging economies such as China, India and Japan are increasingly improving the healthcare services which is estimated to further drive the market growth during the upcoming years.
The healthcare cybersecurity market is further classified on the basis of region as follows: