Healthcare Cybersecurity Market will register over 19% CAGR up to 2025

European healthcare cybersecurity market accounted for USD 2.5 billion in 2018 and expected to achieve double digit CAGR from 2019 to 2025 driven by increasing incidences of cybercrime in healthcare organizations and escalating threats by ransomwares, phishing and malwares in Europe region.

Selbyville, United States - June 3, 2019 /MarketersMedia/ —

Distributed denial of service (DDoS) segment of healthcare cybersecurity market will witness more that 20% growth from 2018 to 2025. DDoS most prominently attack cloud-based services. According to HITInfrastructure, DDoS attacks increased from 25% of cloud-based attack in 2016 to 47% in 2018. DDoS attacks on medical devices, IT systems, ventilation, heating and air conditioning systems that are installed on network base. This could result into improper functioning of devices and expose of sensitive information. As a result, healthcare cybersecurity solutions that grant protection against DDoS attacks are in great demand.

Global Healthcare Cybersecurity Market is set to achieve 19%+ CAGR from 2019 to 2025; according to a new research report by Global Market Insights, Inc. Increasing cases of cyber-attacks in healthcare organizations will propel the healthcare cybersecurity industry over the coming years. As per FortiGuard Labs, in 2017 healthcare organizations approximately witnessed 32,000 cyber-attacks each day. Hackers are introducing unique malwares and healthcare organizations are facing difficulties in securing their important data. Key industry players are taking initiatives to provide innovative solutions in order to protect data from getting exposed and tampered. This scenario creates abundant opportunities for industry players, thereby propelling the business growth.

Rising incidences of data leaks has proven beneficial for the industry growth as it creates great demand for healthcare cyber security solutions. According to HealthcareITNews, in 2018, ransomware attack on fetal diagnostic lab breached 40,800 patient records. Such vulnerable act will provide valuable data to hackers that may have serious consequences. Fraudulent may gain the leverage of medical devices, services, prescribed medicines and acquire government benefits such as Medicaid and Medicare. However, high cost of installing healthcare cybersecurity solutions may hamper the industry growth to some extent.

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Device security segment of healthcare cybersecurity market held around 21% revenue share in 2018 and it is estimated to expand significantly in forthcoming years. Substantial growth is attributed to rising usage of mobile/portable devices in healthcare organizations. Mobile devices enhance employee productivity as well as patient experience. However, these devices provide an open platform to hackers as they can access such devices to install malicious programs, change information and expose valuable information. As a result, companies are taking initiatives and encouraging healthcare organizations to install device security solutions to protect the data.

On-premises segment of healthcare cybersecurity market will grow at more than 18% CAGR throughout the analysis timeline. Even though healthcare organizations trust their employees, they need to be verified and validated. To avoid breaches and employee theft there must be real time monitoring from privileged user access to each and every files and database on premise. As a result, demand for monitoring software are rising, as it gives IT visibility.

Prominent industry players operational in the healthcare cybersecurity market include Imperva, Cisco Systems., FireEye Inc, IBM, Palo Alto Networks, Symantec Corporation, Fortified Health Security, Trend Micro Incorporated, McAfee, Northrop Grumman Corporation and Atos SE. In 2017, Northrop Grumman Corporation released a model for additional security for genomic data. This activity aimed to provide utmost security to healthcare organizations.

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Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/pressrelease/healthcare-cybersecurity-market

Source URL: https://marketersmedia.com/healthcare-cybersecurity-market-will-register-over-19-cagr-up-to-2025/519714

Source: MarketersMedia

Release ID: 519714