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Global Healthcare Cyber Security Market to Grow at a CAGR of 15.40% During 2022-2027, Aided by the Development of Advanced Solutions by Leading Market Players

According to a new report by EMR titled, ‘Global Healthcare Cyber Security Market Report and Forecast 2022-2027’, the market attained a value of about USD 9,395.86 million in 2021. The industry is further expected to grow at a CAGR of 15.40% in the forecast period of 2022-2027 to reach a value of nearly USD 22,190.71 million by 2027.

The global market for healthcare cyber security is primarily being driven by the rising need to protect medical data from imposters and ransomware. As healthcare information is generally passed between multiple parties and organisations, the demand for healthcare cyber security is increasing to protect the sensitive information. The market growth can also be associated with the outbreak of coronavirus. The trends centred around Bring Your Own Device (BYOD), which lack a proper malware protection accelerated with the advent of COVID-19, and hence stimulating the market growth of healthcare cyber security. Furthermore, owing to restrictions imposed to curtail the spread of infection, the work from home culture of administrative staff furthered the market growth of healthcare cyber security systems. Moreover, advanced security systems developed by leading market players including Cisco Systems, Inc (NASDAQ: CSCO), IBM Corporation (NYSE: IBM), and McAfee, Inc. (NASDAQ: MCFE), among others are positively influencing the market growth of healthcare cyber security worldwide.

GE Healthcare, a leading player in the global market for healthcare cyber security, recently launched a new healthcare cybersecurity solution, Skeye, in February 2020. The cybersecurity solution brings together medical device expertise, artificial intelligence, and process management tools to augment hospitals’ existing resources and capabilities by providing proactive monitoring through a remote security operations centre (SOC). The solution helps the healthcare staff detect, analyse, and respond to cybersecurity threats in real-time. Skeye, by GE Healthcare, is equipped with Artificial Intelligence (AI) that automate connected device inventory and equipment risk, thereby creating a dynamic and secured management system. Hence, these development by leading market players are invigorating the overall market for healthcare cyber security.

Market Analysis by Type, Security Type, and Region:

  • On the basis of type, the market can be divided into services and solution. 
  • The market, based on security type, can be segmented into application security, cloud security, content security, endpoint security, network security, and wireless security, among others.
  • The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The market growth of healthcare cyber security is a result of the increasing number of cyber attacks in the form of hacking, system failure, and data breach, among others in the healthcare sector.
  • The market is being driven by the rising adoption of advanced digital technology such as devices connected with Internet of Things (IoT), rising use of the cloud to store information, and AI-driven medical equipment. All of these smart devices lack security, thus impelling the deployment of a healthcare security system.
  • The usage of advanced security systems such as authentication solutions including two-factor and multi-factor authentication, biometric solutions like fingerprint scanner, among others, are expected to strengthen the market growth of healthcare cyber security.
  • Government investments into the development of advanced healthcare cyber security systems are aiding the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global healthcare cyber security industry for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) markets for types, security types, and regions of healthcare cyber security. 
  • The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global healthcare cyber security market are Cisco Systems, Inc., Fireeye, Inc., IBM Corporation, Kaspersky LAB, and McAfee, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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