Healthcare Cybersecurity Market to Reach US$ 41.8 Billion by 2027 Globally |CAGR: 19.8%

A comprehensive overview of the Healthcare Cybersecurity market is recently added by UnivDatos Market Insights to its humongous database. Healthcare Cybersecurity report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Healthcare Cybersecurity market. Healthcare Cybersecurity report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates Healthcare Cybersecurity at the global and regional levels. Healthcare Cybersecurity Market is expected to grow at a CAGR of 19.8% from 2021-2027 to reach US$ 41.8 billion by 2027.

Market Overview

The Healthcare Cybersecurity market is witnessing an uptick on account of the advent of the Internet of Things (IoT) devices increasing on the medical network. IoT technologies are rapidly becoming part of the high-tech medical arena. Medical devices are now connected to the network to help doctors, nurses, and support teams provide critical care services for patients. Moreover, emerging healthcare cybersecurity spending globally is proliferating the growth of the market. , the healthcare industry is expected to spend US$ 125 Billion on Cybersecurity From 2020 to 2025, as revealed by Herjavec Group.

Moreover, the demand for cybersecurity witnessed a sharp rise due to the rise in cyber attacks due to COVID-19. Hacking patients’ medical devices is a common cyberattack during the COVID-19 pandemic because more patients are using remote care. The temporary and makeshift medical facilities being used to care for people infected with the novel coronavirus have created more vulnerabilities for hackers to exploit. The Department of Health and Human Services (HHS) noted a 50% increase in healthcare cybersecurity breaches during the first half of 2020, highlighting that cybercriminals exploited vulnerabilities within hospitals and healthcare providers exposed by the response to COVID-19.

COVID-19 Impact

The pandemic has highlighted the need for adequate data security as many hospital employees started working remotely, greatly increasing the number of endpoints that needed protecting. As the workforce, in and outside of healthcare, migrated end masse to a virtual model, and so did care delivery.  Several regions across the globe witnessed a sharp rise in the number of cyber-attack incidences. Central Europe tops the list of regions impacted by the spike in attacks against healthcare organizations, with a 145% increase in November, followed by East Asia, which suffered a 137% increase, and Latin America with a 112% increase. Europe and North America saw 67% & 37% increases respectively.

Healthcare Cybersecurity Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Components, the market is primarily bifurcated into

• Solutions
• Services

The solutions segment dominated the component segment and gathered 61.4% of the Healthcare Cybersecurity Market in 2020. Moreover, the market of this segment is expected to grow at 19.0% CAGR to reach US$ 24,531.4 million by the year 2027.

By Deployment, the market is primarily bifurcated into

• Cloud
• On-Premise

The on-premise segment grabbed the major market share in 2020 dominated the deployment type segment. The segment gathered 62.6% of the Healthcare Cybersecurity Market in 2020. Moreover, the market of this segment is expected to grow at 18.7% CAGR to reach US$ 24,617.8 million by the year 2027.

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By  Type of Threats, the market is primarily segmented into

• Ransomware
• Malware and Spyware
• Distributed Denial of Services
• Advanced Persistent Threats
• Others 

Based on the type of threats, the ransomware segment accounted for the largest share and is expected to grow at 21.5% CAGR during the forecast period 2021-2027. In 2020, the ransomware segment generated a revenue of US$ 3.470.2 million.

By Security Type, the market is primarily segmented into

• Network Security
• Cloud Security
• Content Security
• End-Point Security
• Application Security
• Others

Based on the Security Type, the network security segment accounted for the largest share and is expected to grow at 18.8% CAGR during the forecast period 2021-2027. In 2020, the network security segment generated a revenue of US$ 3.823.7 million.

By Solutions, the market is primarily segmented into

• Identity and Access Management
• Risk and Compliance Management
• Antivirus and Antimalware
• Security Information and Event Management
• Intrusion Detection System (IDS)
• Others

Based on the Solutions type, the Intrusion Detection System (IDS) segment accounted for the largest share and is expected to reach US$ 9,750.2 million by 2027. However, the Risk and Compliance Management segment is expected to witness the highest growth of 21.8% durging the forecast period.

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By End-User, the market is primarily segmented into

• Pharmaceutical and Biotechnology
• Health Insurance
• Hospitals
• Others

Based on the End-User type, the Hospitals segment accounted for the largest share and grabbed 42.2% market revenue share in 2020. The segment is expected to grow at a CAGR of 20.9% during the forthcoming years.

Healthcare Cybersecurity Market Geographical Segmentation Includes:

• North America
• Europe
• Asia-Pacific
• Rest of the World

Based on the estimation, the North America region dominated Healthcare Cybersecurity Market with almost US$ 4,661.9 million in revenue in 2020. The market of the region would proliferate owing to the surging end-users preference for tele-consultations due to the ease and time savings.

The major players targeting the market includes

• Palo Alto Networks, Inc.
• Sophos Ltd.
• Cisco Systems, Inc.
• Checkpoint Software Technologies Ltd.
• IBM Corporation
• McAfee LLC
•  Juniper Networks, Inc.
• Intel Corporation
• Trend Micro Incorporated

Competitive Landscape

The degree of competition among prominent regional companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in Healthcare Cybersecurity Market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.

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Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Healthcare Cybersecurity Market?
• Which factors are influencing Healthcare Cybersecurity Market over the forecast period?
• What are the global challenges, threats, and risks in Healthcare Cybersecurity Market?
• Which factors are propelling and restraining Healthcare Cybersecurity Market?
• What are the demanding global regions of the Healthcare Cybersecurity Market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

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Final Report will add the analysis of the impact of COVID-19 on this industry.”

In the highly import dependent Indian medical devices market, a large number of indigenous manufacturers of syringes & needles have managed to come up. However, it does not mean that imports are low for this market. Imports, as in the case with other medical devices, are quite high but the domestic manufacturers have been able to tap foreign markets through increasing exports. The target base of consumers is growing steadily which is expected to significantly boost sales in the market.

The report provides a snapshot of the syringes & needles market. It begins with the introduction section which mentions the features and uses of syringes & needles along with a brief description of the various phases in their development. The market overview section provides an insight into the market and highlights the market size. Import and export figures for syringes & needles, both in terms of volume and value have been provided in the next section. It also includes the regional break-up of the imports and exports.

An analysis of the drivers explains the factors leading to the growth of the market which include increasing need of insulin doses, increasing demand for vaccines, improving health infrastructure, growing incidence of diseases, changing demographics and health check-up packages. Some of the major challenges to the market are illegal recycling of syringes & needles and problems associated with usage. Government legislation in the market has been discussed in the next section.

The competition section highlights the features of the major players operating in the market. A brief profile of the major domestic and foreign players in the market along with their financials has been included in this section.

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A section providing strategic recommendations has been given at the end of the report which gives effective solutions to existing and potential players for improving market share and increasing profitability. The Market report answers the following questions:

What is the aim of the report?

• The market report presents the estimated market size of Healthcare Cybersecurity Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
• Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
• An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
• The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
• The various parameters accelerating the growth of Market are incorporated in the research report.
• The report analyzes growth rate, market size and valuation of the Market during the forecast period.

What aspects regarding the regional analysis Market are included in this report?

• Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
• The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
• The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
• Based on what factors are the key market players assessed in this report?
• The report offers detailed analysis of leading companies in the market across the globe.
• It provides details of the major vendors involved in the Market including Key Players
• A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and
• the manufactured products is incorporated in the report.
• The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
• The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

What is the key information extracted from the report?

• Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.

• The report offers the present scenario and future growth prospects Market in various geographical regions.
• The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
• The SWOT analysis is conducted along with Porter's Five Force analysis.
• The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.