HEALTHCARE CYBER SECURITY MARKET ANALYSIS

Market Challenges And Opportunities

Global Healthcare Cyber Security Market- Drivers

Increasing per capita healthcare expenditure is expected to drive growth of the global healthcare cyber security market during the forecast period. Various government and healthcare organizations such as a clinic, hospitals, and pharmaceutical companies are focused on investing in information technology infrastructure. This is typically due to rising per capita expenditure in developed countries. As a result of this, the demand for cyber security services and solutions is expected to increase in the near future. According to Coherent Market Insights’ analysis, per capita, health expenditure in the U.S increased from US$ 8,845 in 2013 to US$ 9,146 in 2014. According to the same source, per capital expenditure in Germany reached US$ 4,717 in 2013 and to US$ 5,006 in 2014.

Growing adoption of mobile devices is expected to propel the global healthcare cyber security market growth over the forecast period. The adoption of mobile devices such as smartphones and tablets across various sectors is increasing including the healthcare sector. This, in turn, is expected to boost the demand for cybersecurity solutions and services for these devices. For instance, in 2015, Welltok, a health optimization company, IBM’s Watson, and Denver-based Centura Health introduced an app for computers and mobile devices that would provide heart health advice as well as exercise and nutrition information to users.

Global Healthcare Cyber Security Market- Restraint

Stringent government regulations are expected to hinder the global healthcare cyber security market growth over the forecast period. Government of various countries has started implementing certain cybersecurity laws and regulations. Some of these regulations are healthcare sector-specific, in order to protect public information. Failure to comply could attract a hefty fine and punishment. For instance, in 2014, the Government of the U.K. made it mandatory for suppliers to follow new cybersecurity standards.    

Constantly changing consumer needs are expected to hamper the global healthcare cyber security market growth during the forecast period. Cyber security services and solutions providers face a major challenge of developing a security solution that meets all requirements of a customer. Moreover, integration of cyber security solutions in a timely manner is another major challenge for security service providers.