Introduction of Healthcare Cyber Security Market:
The healthcare cybersecurity market registered a CAGR of 15.6% over the forecast period 2021 – 2026. While cyber-attacks are the principal factor amongst the drivers of growth in the healthcare cybersecurity market, and data breaches might be in the run. The increasing number of healthcare institutions are expected to take to these cybersecurity solutions to protect patient data. Due to digital transformation, the healthcare industry is witnessing a shift in the operational process of information security.
- As connected technology becomes even more rooted in healthcare, cyber threats are expected to increase. So, this cyber threat is driving the market, along with the other factors, such as increasing demand for cloud services and low penetration of the information security systems in the healthcare sector. Smartphones are still the primary device for physician and patient communication. One of the primary reasons for healthcare mobile adoption is standards and laws set by the US Centers for Medicare and Medicaid Services (CMS). Electronic health records are one of the prominent data sought by attackers.
- The latest developments in the healthcare sector, such as the deployment of the Internet of Medical Things (IoMT) devices, not only opened the door for improved patient care but also increased potential threats. Embedded devices, such as pacemakers, also pose a threat to patient health, as they use radio or network technology. lack of awareness about cybersecurity related to the healthcare industry would act as a restraining factor, thereby hampering the growth of the healthcare cybersecurity market.
Key Market Trends:
Hospitals to Drive the Healthcare Cyber Security Market
- Hospitals are vulnerable to cyber-attacks because the existing tech systems are becoming increasingly complicated. Hospital staff relies on mobile devices, along with monitoring equipment. They are also responsible for the collection of personal details of their patients, including social security numbers, medicines they are taking, and credit card information. This makes them a primary target of attackers.
- There is a significant rise in mortality rate in hospitals after a data breach. Moreover, the quality of care usually goes down in times of an epidemic, since the staff is stressed more than usual. Cybersecurity predicts that ransomware attacks on hospitals may increase five times between 2018 and 2021.
- Lack of dedicated IT professionals and a cybersecurity division in medical organizations is driving several hospitals and healthcare organizations to prefer cloud-based cybersecurity solutions. As most of the healthcare organizations and hospitals globally lack require IT infrastructure to establish an in-hose cybersecurity division, the demand for cloud-based cyber-security services is expected to increase rapidly, over the forecast period.
The Healthcare Cyber Security Market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. Companies working in this space are spending abundantly on research and development. Business strategies such as collaboration, joint venture, and mergers and acquisitions have allowed firms to stay competitive in the market. Many organizations believe in upgrading their current portfolio to attract their customers. In order to achieve an extremely sought-after competitive advantage, firms are looking at the solutions offered by Healthcare Cyber Security companies.