Report Ocean published the latest research report on the Healthcare Cyber Security market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Healthcare Cyber Security market study demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, key regions, and growth rate.
The Healthcare Cyber Security Market is expected to reach a CAGR of 11.82% to reach USD 16,393.15 Million till 2025.
The Centers for Medicare and Medicaid Services data estimates that the U.S. national healthcare expenditure surpassed US$ 4.1 trillion in 2020 and is forecast to reach US$ 6.2 trillion by 2028. According to the Commonwealth Fund, the U.S. expended nearly 17% of gross domestic product (GDP) on healthcare in 2018. Switzerland was the second-highest-ranking country, expending 12.2%. In addition, New Zealand and Australia devote only 9.3%.
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According to the U.S. Bureau of Labor Statistics, employment in healthcare fields is forecast to grow 16% from 2020 to 2030, much quicker than the standard for all occupations, counting about 2.6 million new jobs. This estimated growth is mainly due to an elder population, showing to greater demand for healthcare services. The median annual wage for healthcare practitioners and technical fields (such as registered nurses, physicians and surgeons, and dental hygienists) was US$ 75,040 in May 2021, which was greater than the median annual wage for all occupations in the economy of US$ 45,760.
The proposed spectators in the Global healthcare cyber security market are manufacturers, Retailers, distributors, wholesalers, Investors and trade experts, Governments, associations, industrial bodies, etc. The major companies functioning in the Global healthcare cyber security market are concentrating on firming their global ways by entering into untouched markets. The projected onlookers in the Global healthcare cyber security market are companies like Cisco Systems, Inc. (US), McAfee, LLC (Canada), Symantec Corporation (US), FireEye, Inc. (US), Palo Alto Networks, Inc. (US), Sensato cybersecurity solutions (us), IBM (US), Booz Allen Hamilton Inc. (US).Trend Micro Incorporated (Japan) and DXC Technology Company (US).
Global Healthcare Cyber Security Market: Information by Threat Type (Malware, Distributed Denial-Of-Service (DDOS), Advanced Persistent Threat (APT) and others), By Solution Type (Antivirus and Antimalware, Risk and Compliance Management, Security Information and Event Management (SIEM), DDOS Mitigation, Identity and Access Management and others), By End User (Hospitals and Clinics, Pharmaceuticals and Biotechnology Industries, Health Insurance Companies, Medical Devices Companies and others) and by Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) – Forecast till 2025
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Generally, the main factors responsible for driving the market growth are an increase in cyberattacks and data breaching, regulatory and government norms, and increasing use of Internet of things (IoT) devices in the healthcare industry. However, the limited awareness of cyber security in the healthcare industry and lack of adoption of updated software are forecast to curb the growth of the market. Cyber security is a method of protecting systems, networks, and programs from digital attacks with the help of specific software.
Healthcare cyber security is the adoption of cyber security solutions and services by healthcare organizations to protect the patient and hospital information from data breaches and cyberattacks. The Healthcare Cyber Security Market is expected to reach a CAGR of 11.82% to reach USD 16,393.15 Million till 2025. Healthcare cybersecurity is a growing concern due to the exponential rise in healthcare data infringements in recent years. According to the Health Insurance Portability and Accountability Act (HIPAA) Journal, more than 113 million records were breached in 2015. The growing data breaches in the healthcare sector is propelling market growth.
The Global healthcare cyber security market is segmented into threat type, solution type, and end user respectively. Based on threat type, the market has been segmented into malware, distributed denial-of-service (DDOS), advanced persistent threat (APT), and others. Based on the solution type, the global healthcare cyber security market has been labeled as antivirus and antimalware, risk and compliance management, security information and event management (SIEM), DDOS mitigation, identity and access management, and others.
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Geographically the Global healthcare cyber security market is split in regions like North & South America, Europe, Asia-Pacific, Middle east and Africa and Rest of the world. Europe is expected to account for the second-largest market share during the forecast period. The European market for healthcare cyber security has been further separated into Western Europe and Eastern Europe. Western Europe has been segmented into Germany, the UK, Italy, Spain, France, and the rest of Western Europe.
The factors responsible for market growth in this region are the occurrence of highly developed medical & healthcare infrastructure, and high spending on healthcare IT drives the market growth in this region. The Middle East & Africa is expected to grow at a steady rate in the healthcare cyber security market due to factors such as increasing capita income, and rising healthcare infrastructure support accounted for a relatively smaller market share in 2018.
The Americas are expected to hold the biggest share of the global healthcare cyber security market. The growth of the Americas can be attributed owing to the increasing cases of data breaches, and the availability of advanced healthcare information technology (IT) solutions are expected to drive the market growth in this region. According to the HIPAA Journal, the number of reported healthcare data breaches has been steadily increasing each year. In 2018, 365 healthcare data breaches were reported, up almost 2% from the 358 data breaches reported in 2017 and 83% more breaches that 2010. Asia-Pacific is estimated to be the fastest-growing market owed to the rapid expansion in technology, and the presence of enormous opportunities for the development of the market drives the growth of the Asia-Pacific healthcare cyber security market.
Aim of the Report
- This study aims to determine the market size of various segments and countries with forecast values for next ten years.
- Within the regions and countries studied, the report covers both qualitative and quantitative aspects of the industry.
- It also provides detailed information about the crucial aspects such as drivers & challenges that will influence the market’s future growth.
- The report will also include investment opportunities in micro markets for stakeholders. In addition, an in-depth analysis of key players’ products and the competitive landscape.
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