North America Healthcare Cyber Security Market By Threat Type (Malware, DDoS, Advanced Persistent Threat, Spyware, Lost or Stolen Devices and Others), By End Use (Hospitals, Health Insurance, Pharma & Chemicals, Medical Devices and Other End uses), By Solution (Antivirus and Antimalware, Intrusion Detection System/ Intrusion Prevention System, Security Information and Event Management, Identity and Access Management, Risk and Compliance Management, DDoS Mitigation and Other Solutions), By Country, Opportunity Analysis and Industry Forecast, 2021 - 2027
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Market Report Description
The North America Healthcare Cyber Security Market would witness market growth of 14.8% CAGR during the forecast period (2021-2027).
The healthcare industry is one of the highly regulated industries of the US because of the privacy and security concerns related to digital patient records. Norms like the Health Information Technology for Economic and Clinical Health (HITECH) Act and Health Insurance Portability and Accountability Act (HIPAA) are spurring the penetration rates of cybersecurity solutions across the healthcare industry of the U.S.
In recent years, in March 2019, more than 12 healthcare industry organizations and groups issued a proposal to the FDA for updating the regulations for the cybersecurity of premarket medical devices. These kinds of initiatives are expected to help the regional healthcare cyber security market to grow further. Moreover, healthcare firms around the US remain the main targets of cyberattacks and threats, which are constantly compromising patient security. The 2019 HIMSS Cybersecurity Survey reported that the majority of the cases are initiated by persons with malicious persons who utilize e-mail to penetrate the systems.
Moreover, the HIPPA notes that in March 2019, around 1 million individuals in the US faced data breaches in their medical files. This is majorly responsible for a substantial rise in data breach costs, where the aggregate cost of a data breach is USD 8.19 million per record. The growth of the market is further driven by a few vulnerabilities that unintentionally enter the devices, servers, and software or patches. In the case of GE Aestive and Aespire Anesthesia devices that are utilized in the US hospitals, inaccurate authentication vulnerability was recognized in June 2019, which can enable a remote attacker to change the parameters of a vulnerable device and stop the alarm system. Therefore, these factors are likely to create new growth avenues for the regional healthcare cyber security market during the forecasting period.
The growth of healthcare cyber security would witness bright prospects due to the surge in the number of cyberattacks in the healthcare sector, increase in the number of threats, and growing concerns regarding privacy and security. The growing cases of data breaches and cyberattacks around the world have increased the concerns, hence boosting the demand for cyber security solutions in the market.
The US market dominated the North America Advanced Persistent Threat Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1431.9 million by 2027. The Canada market is experiencing a CAGR of 17.9% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 16.9% during (2021 - 2027).
Based on Threat Type, the market is segmented into Malware, DDoS, Advanced Persistent Threat, Spyware, Lost or Stolen Devices and Others. Based on End Use, the market is segmented into Hospitals, Health Insurance, Pharma & Chemicals, Medical Devices and Other End uses. Based on Solution, the market is segmented into Antivirus and Antimalware, Intrusion Detection System/ Intrusion Prevention System, Security Information and Event Management, Identity and Access Management, Risk and Compliance Management, DDoS Mitigation and Other Solutions. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Cisco Systems, Inc., FireEye, Inc., IBM Corporation, Kaspersky Lab, Lockheed Martin Corporation, Fortified Health Security, Palo Alto Networks, Inc., Sensato, and Symantec Corporation (Broadcom, Inc.).
Scope of the Study
Market Segments Covered in the Report:
By Threat Type
- Advanced Persistent Threat
- Lost or Stolen Devices
By End Use
- Health Insurance
- Pharma & Chemicals
- Medical Devices
- Other End uses
- Antivirus and Antimalware
- Intrusion Detection System/ Intrusion Prevention System
- Security Information and Event Management
- Identity and Access Management
- Risk and Compliance Management
- DDoS Mitigation
- Other Solutions
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Cisco Systems, Inc.
- FireEye, Inc.
- IBM Corporation
- Kaspersky Lab
- Lockheed Martin Corporation
- Fortified Health Security
- Palo Alto Networks, Inc.
- Symantec Corporation (Broadcom, Inc.)
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