SYS-CON MEDIA Authors: Pat Romanski, Yeshim Deniz, Janakiram MSV, Liz McMillan, Elizabeth White

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The Future of Healthcare Cyber Security Market

Key Factors Driving the Healthcare Cyber Security Market Is the Increasing Cyber-Attack Threat

Cyber security technologies and solutions are evolving due to the changing threat landscape, where threats are becoming smarter and damaging. In today’s connected health environment, cyber security is no longer an option or afterthought whereas it is a critical strategic asset that is being addressed by every organization. Over the past decade, healthcare industry has implemented a healthcare information technology (healthcare IT) infrastructure to access, send and receive electronic health data. Given that medical records contain a wealth of information that can be used for identity theft and fraud (such as social security number, address or claims data), personal health information carries a higher value on the black market than other industries.

The key factors driving the healthcare security market is the increasing cyber-attack threat. Recent estimates suggest that in the period from 2010 to 2014, approximately 37 million healthcare records were compromised in data breaches. Moreover, rise in the patent infringement cases, business records, medical identity fraud, and loss of patient health records are expected to boost the healthcare cyber security market during the forecast period of 2015 to 2023. However, lack of awareness about cyber security related to the healthcare industry would act as a restraining factor, thereby hampering the growth of the healthcare cyber security market.

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The global healthcare cyber security market has been segmented into solution type, end user and geography. On the basis of the solution type, the healthcare cyber security market has been segmented into risk and compliance management, identity and access management, security information and event management, and intrusion detection system (IDS)/intrusion prevention system (IPS), firewalls, antivirus, antimalware software, data encryption software, and others. The identity and access management is the fastest growing segment in the healthcare cyber security market. The market for end users in segmented into pharmaceuticals & chemicals manufactures, medical devices companies, health insurance companies, hospitals and others. Pharmaceutical companies held the major share of healthcare cyber security market in 2014 and is expected to witness a substantial growth during the forecast period. During the past decade, cyber-attacks on medical device companies, insurance and pharma companies is on the rise, thus fueling the market growth of healthcare cyber security market.

Geographically, North America held the largest share of the healthcare cyber security market followed by Europe in 2014, due to the presence of highly developed medical and healthcare infrastructure, high spending on the healthcare information technology, presence of the major pharmaceutical and medical devices companies in the region and government initiatives which have led the growth of the healthcare cyber security market. Asia Pacific is the most attractive market for the healthcare cyber security market due to the rapid improvement in the healthcare industry, economic development in the countries such as China, Japan, India and Australia, which would further booth the healthcare cyber security market during the focus period. Rest of the world holds immense potential for the growth as there are untapped opportunities in the health care cyber security market.

 

Developing a cyber-security platform is no more an option today, it is a necessity. Some of the major players engaging in the health care cyber security market include Cisco Systems, Inc., IBM Corporation, MacAfee, Inc., Palo Alto Networks, Inc., Symantec Corporation, Lockheed Martin Corporation, FireEye, Inc., Northrop Grumma Corporation, Kaspersky Lab and others.

More Stories By Ram Sonagara

Ram Sonagara works at Transparency Market Research. TMR is a market intelligence company providing global business research reports and consulting services.

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