WASHINGTON, Feb. 17, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the global Healthcare Cybersecurity Market finds that growing adoption of IoT technologies and machine learning is expediting market growth. Primarily driven by increasing implementation of cloud computing, the total global Healthcare Cybersecurity Market is estimated to reach USD 15.25 Billion by 2028, up from USD 11.17 Billion in 2021, at a compound annual growth rate (CAGR) of 18.1%.
Furthermore, the increasing number of healthcare data breaches is also anticipated to augment the growth of the global Healthcare Cybersecurity Market, states Vantage Market Research, in a report, titled “Healthcare Cybersecurity Market by Solution (Identity and Access Management, Risk and Compliance Management, Antivirus and Antimalware, DDoS Mitigation), by Threat (Malware, DDoS, Advanced Persistent Threat, Spyware), by Region (North America, Europe, Asia Pacific, Latin America), by End User (Pharmaceuticals and Biotechnology, Health Insurance, Hospitals, Other End Users) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Driver: Integration of Cloud Computation to Stimulate Market Growth
The integration of cloud computing is anticipated to augment the market in the forecast period. This is attributable to the increasing benefits in the healthcare domain like economic, operational and functional advantages due to the rise in aging populations, the increasing prevalence of chronic diseases and comorbidities. The economic benefits of cloud computing includes cost flexibility and the potential to reduce the healthcare costs. In case of operational perspective, cloud computing services and solutions provide scalability and the ability to adjust to the current demand. These services also offer better security and privacy for health data and health systems, security controls, including data encryption. The functional advantages include broad interoperability and integration. Since the cloud services are services are internet-based, connecting them to other systems is becomes easy as well as safe. These cloud solutions deliver consistent and reliable authentication and encryption protocols to the establishments and keep the data secured which is further augmenting the growth of the market.
Driver: Surging Adoption of IoT to Drive the Market Growth
The increase in adoption of technologies like IoT and machine learning in healthcare is anticipated to augment the growth of the global Healthcare Cybersecurity Market during the forecast period. The healthcare organizations are now gradually opting for IoT solutions and ML due to the numerous benefits it offers. The IoT tech helps in remote patient monitoring with help of the data collected using sensors and other devices which further helps in driving primary insights related to various healthcare disorders. However, shortage of cyber-security professionals and frequently changing nature of cyber-attacks may hamper the growth of the market in near future. Moreover, the increase in government initiatives for promoting digital health and evolution of next-generation cyber security solutions will further support the growth of the market.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on IoT in Healthcare Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Dominates the Global Healthcare Cybersecurity Market
North America held largest market share in 2021. The U.S. held the largest market share in North America in 2021. This is attributable to the growing adoption of healthcare IT solutions and presence of highly developed medical and healthcare infrastructure in the region. Furthermore, increasing investment in cyber security and presence of key players is likely to support the regional growth of the market. Asia Pacific is expected to grow at a significant CAGR in global Healthcare Cybersecurity Market and is likely to continue the same trend during the forecast period. This is attributable to the increasing demand of healthcare services in emerging economies like China, India, South Korea, and Taiwan in the region. Additionally, the increasing population along with rise in penetration of the internet in the healthcare industry is also expected to support the growth of the market in near future.
List of Prominent Players in the IoT in Healthcare Market:
- Cisco Systems Inc. (US)
- IBM Corporation (US)
- Kaspersky Labs Inc (Russia)
- Broadcom Inc. (US)
- McAfee Inc. (US)
Browse market data Tables and Figures spread through 156 Pages and in-depth TOC on "Healthcare Cybersecurity Market by Solution (Identity and Access Management, Risk and Compliance Management, Antivirus and Antimalware, DDoS Mitigation), by Threat (Malware, DDoS, Advanced Persistent Threat, Spyware), by Region (North America, Europe, Asia Pacific, Latin America), by End User (Pharmaceuticals and Biotechnology, Health Insurance, Hospitals, Other End Users) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/healthcare-cybersecurity-market-419694
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Healthcare Cybersecurity Market?
- How will the Healthcare Cybersecurity Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Healthcare Cybersecurity Market?
- What is the Healthcare Cybersecurity market drivers and restrictions?
- What will be the CAGR and size of the Healthcare Cybersecurity Market throughout the forecast period?
Recent Developments:
December, 2021: HHS launched a website for the 405(d) Program, which is comprised of a task force focused on aligning healthcare cybersecurity approaches across the sector. The program aims to uphold the motto that “cyber safety is patient safety,” and its website contained resources, videos, products, and tools to help raise awareness and promote cybersecurity best practices.
February, 2020: GE Healthcare introduced a new cybersecurity service offering that brings together medical device expertise, artificial intelligence and process management tools to help hospital groups in their fight against cybersecurity threats. The new solution, called Skeye, augments hospitals’ existing resources and capabilities by providing proactive monitoring through a remote security operations center (SOC) – helping them detect, analyze and respond to cybersecurity threats and events in real time.
This market titled “Healthcare Cybersecurity Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 11.17 Billion |
| Projected Market Size in 2028 | USD 15.25 Billion |
| CAGR Growth Rate | CAGR of 18.1% From 2022 - 2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Solution • Identity and Access Management • Risk and Compliance Management • Antivirus and Antimalware • DDoS Mitigation • Security Information and Event Management • Intrusion Detection System/ Intrusion Prevention System • Others Threat • Malware • DDoS • Advanced Persistent Threat • Spyware • Lost or Stolen Devices • Others End User • Pharmaceuticals and Biotechnology • Health Insurance • Hospitals • Other End Users |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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