Healthcare Cyber Security Market to Benefit from Increasing Cyber Attack Threats

healthcare-cyber-securityCybersecurity technologies are fast evolving across the globe owing to the changing digital landscape, where security threats are becoming more damaging and smarter. Today, amid the connected health environment, cyber security is not an option, rather it is a compulsion. For every organization, cyber security has become a strategic asset. The healthcare industry is increasingly implementing healthcare IT infrastructure to easily access, send, receive, and manage health care data. The rise in the patent violation cases, medical identity frauds, loss of patient information, and business record breaches are predicted to propel the global healthcare cyber security market in the years to come.

The global healthcare cyber security market has been segmented into solution type, end user and geography. On the basis of the solution type, the healthcare cyber security market has been segmented into risk and compliance management, identity and access management, security information and event management, and intrusion detection system (IDS)/intrusion prevention system (IPS), firewalls, antivirus, antimalware software, data encryption software, and others. The identity and access management is the fastest growing segment in the healthcare cyber security market. The market for end users in segmented into pharmaceuticals & chemicals manufactures, medical devices companies, health insurance companies, hospitals and others. Pharmaceutical companies held the major share of healthcare cyber security market in 2014 and is expected to witness a substantial growth during the forecast period. During the past decade, cyber-attacks on medical device companies, insurance and pharma companies is on the rise, thus fueling the market growth of healthcare cyber security market.

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Geographically, North America held the largest share of the healthcare cyber security market followed by Europe in 2014, due to the presence of highly developed medical and healthcare infrastructure, high spending on the healthcare information technology, presence of the major pharmaceutical and medical devices companies in the region and government initiatives which have led the growth of the healthcare cyber security market. Asia Pacific is the most attractive market for the healthcare cyber security market due to the rapid improvement in the healthcare industry, economic development in the countries such as China, Japan, India and Australia, which would further booth the healthcare cyber security market during the focus period. Rest of the world holds immense potential for the growth as there are untapped opportunities in the health care cyber security market.

Developing a cyber-security platform is no more an option today, it is a necessity. Some of the major players engaging in the health care cyber security market include Cisco Systems, Inc., IBM Corporation, MacAfee, Inc., Palo Alto Networks, Inc., Symantec Corporation, Lockheed Martin Corporation, FireEye, Inc., Northrop Grumma Corporation, Kaspersky Lab and others.