The demand for Healthcare Cybersecurity solutions is witnessing an uptick on account of the rising number of common vulnerabilities and exposures (CVEs), data breaches, and theft. From 2015 to 2020, the number of reported CVEs increased at an average annual percentage growth rate of 36.6%. The 18,358 CVEs reported in 2020 represent a 6% increase over the 17,305 reported in 2019, As revealed by HIMSS. Moreover, the COVID-19 pandemic has resulted out in a skyrocketed number of the data breach. 28,756,445 healthcare records were exposed, compromised, or impermissibly disclosed in those breaches, which makes 2020 the third-worst year in terms of the number of breached healthcare records. Moreover, more than 500 healthcare organizations have reported a breach of 500+ patient records to the Department of Health and Human Services (HHS) Office for Civil Rights (OCR) through the first 10 months of 2020.

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The COVID-19 pandemic has tuned out as an opportunity for the hackers and the healthcare industry got hit very badly. As per a report by CIS Security, Healthcare data breaches went up 36% in the second half of 2020 and hackers grabbed 21.3 million healthcare records in the second half of 2020 which is an increase of 177% from nearly 7.7 million records breached in the first half of 2020. Moreover, a 45% increase in cyberattacks on healthcare organizations across the globe was witnessed during November and December in 2020.

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According to UnivDatos Market Insights (UMI)’ research report “Global Healthcare Cybersecurity Market Analysis, 2020”, the Global healthcare cybersecurity market is projected to grow at a CAGR of 19.8% during 2021-27F. A rise in the healthcare data breach cost is leading to the greater adoption of cybersecurity solutions. The average cost of a breach in healthcare has increased 10.5% from 2019 to 2020. The average health care data breach costs its victim $7.13 million, the highest cost in 2020 across all industries and which is almost double the global average. 

Based on the Components, the solutions segment acquired the major market share and grabbed US$ 7,508.2 Mn revenue from the healthcare cybersecurity market in 2020. Promulgating preference for real-time interaction among patients, remote monitoring pushed by the COVID-19 pandemic generated the demand for solutions across the globe. 

Based on the Deployments, the on-premise segment captured more than 60% market share and dominated the market. The segment generated a revenue of US$ 7,659.6 Mn in 2020. The market of on-premise deployment is witnessing an uptick owing to the preference of enterprises to keep data confidential rather than shifting the cloud platform. However, the cloud platform is expected to witness the highest CAGR in the forthcoming period.  

Ransomware Segment to Witness Robust growth

Based on the type of threats, the ransomware segment grabbed 28.4% revenue share in 2020. The market size of this segment touched US$ 3,470.1 Million in 2020. The market share of the segment is expected to maintain its dominance in the forthcoming years as well owing to the rising ransomware attacks in healthcare organizations. As per a survey by Sophos, 34% of healthcare organizations globally were hit by ransomware in 2020.

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North America to Grab Lion’s Share, Bit Europe to witness Explicit Growth

Based on the Region, North America dominated the Global healthcare cybersecurity market in 2020. The region grabbed US$ 4,661.8 Mn from the global market. Moreover, the region is projected to maintain its dominance during the forecasted period 2021-27 owing to the rising application of technology-enabled products/ equipment and services. As per Statista. the number of IoT connections in North America was around 2.3 billion in 2018, which increased to 2.8 billion in 2019. Moreover, it is expected that the number of connected devices would reach 5.4 billion by 2025. However, the Asia Pacific region is expected to skyrocket with a CAGR of 21.6% in the forecast period owing, as stated in UnivDatos Market Insights (UMI)’ research report “Global Healthcare Cybersecurity Market Analysis, 2020”. 

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Global Healthcare Cybersecurity Market are Palo Alto Networks, Sophos Ltd., Cisco Systems, Inc., Checkpoint Software Technologies Ltd., IBM Corporation, McAfee LLC, Juniper Networks, Inc., Intel Corporation and Trend Micro Incorporated among others. The players are focused on launching new products for gaining customers' traction and expanding their geographical reach to get a competitive edge in the industry. Some of the instances are:

§ In 2021, Palo Alto Networks established a World-Class Cybersecurity Consulting Group. The newly expanded Unit 42 combines formerly Crypsis security consultants, who respond to 1,300+ incidents a year, with the company's veteran Unit 42 threat research team, which has been fighting emerging cyber threats since 2014. Together, they will help organizations tackle the most complex cyber threats — from ransomware to state-sponsored espionage — bringing a relentless passion for protecting our digital way of life.

§ In 2021, Sophos Launched Industry’s Only XDR Solution that Synchronizes Native Endpoint, Server, Firewall, and Email Security

§ In 2019, Medigate announced its expansion to clinical IoT and general IoT devices. Medigate now enables accurate and comprehensive device discovery, contextual and behavioral anomaly detection as well as clinical policy enforcement for Health Delivery Organizations’ (HDO) entire clinical networks.

§ In 2018, Cisco and Cynerio partnered to improve medical device security. The integrated solution allows continuous discovery and classification of connected medical and IoT devices, visibility into the associated risk for each connected device with clinical context, protection against cyberattacks without interfering with clinical workflows.

“Global Healthcare Cybersecurity Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Healthcare Cybersecurity solution providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.   

Check complete table of contents with list of table and figures UMI Pranav Kumar- https://univdatos.com/report/healthcare-cybersecurity-market/

Market Segmentation:

1.     By Components (Solution, Services)

2.     By Deployment (Cloud, On-Premise)

3.     By Type of Threat (Ransomware, Malware, and Spyware, Distributed Denial of Services, Advanced Persistent Threats, Others)

4.     By Security Type (Network Security, Cloud Security, Content Security, End-Point Security, Application Security, Others)

5.     By Solutions (Identity and Access Management, Risk and Compliance Management, Antivirus and Antimalware, Security Information and Event Management, Intrusion Detection System (IDS), Others)

6.     By End-User (Pharmaceutical and Biotechnology, Health Insurance, Hospitals, Others)

7.     By Region (North America, Europe, Asia-Pacific, Rest of the World)

8.     By Company (Palo Alto Networks, Sophos Ltd., Cisco Systems, Inc., Checkpoint Software Technologies Ltd., IBM Corporation, McAfee LLC, Juniper Networks, Inc., Intel Corporation and Trend Micro Incorporated)

\Key questions answered in the study:

1.     What are the current and future trends of the Global Healthcare Cybersecurity industry?

2.     How the industry has been evolving in terms of end-user demand and application areas?

3.     How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.     What are the key growth drivers and challenges for the Healthcare Cybersecurity industry?

5.     What are the customer orientation, purchase behavior, and expectations from the Healthcare Cybersecurity firms across various regions?