The Cybersecurity in Healthcare Market, 2018-2030' report features an extensive study of the current landscape and future outlook of the growing market of cybersecurity within the healthcare industry.
The focus of this study is on the cybersecurity products / solutions and services that are currently available for protecting internet connected devices against cybercriminals, and the likely evolution of novel technologies / platforms in the mid to long term. Backed by funding from several venture capital firms and strategic investors, this evolving market has its hopes pinned on the efforts of multiple start-ups.
The digital revolution has transformed the way businesses operate across the globe. However, digitally stored information is prone to hacking and manipulation by cyber criminals. The concern is validated by the fact that more than 5.1 million records are compromised due to data breaches every day. In 2016, close to 1,800 incidents of data breaches were reported across all the industries; in total, almost 1.4 billion data records were lost or stolen.
The year 2017 also witnessed several cyberattacks; notable examples include WannaCry and NotPetya ransomware attacks, Equifax data breach, MongoDB databases leak, Elasticsearch server hack, Cloudbleed security bug, Zomato hack, HBO hack / Game of Thrones leaks, Uber data breach, and Ethereum hack.
The healthcare industry has been amongst the prime targets for hackers over the last several years. The Ponemon Institute's Fifth Annual Study reported that cyberattacks in healthcare have increased by a factor of 125% since 2010. In the first half of 2017, the healthcare industry had been compromised a number of times, having experienced a total of 228 data breaches, representing 25% of the total number of breaches worldwide. Across these instances, around 31 million records were compromised, stolen or lost, representing an increase of 423% as compared to the first six months of 2016.
In addition, according to a report published in May 2016, it is estimated that, with each electronic health record (EHR) costing around USD 355 in the black market, healthcare data breaches have resulted in losses worth USD 6.2 billion per year to the US healthcare industry. Examples of organizations that have recently been the victims of cyberattacks / security incidents include (in alphabetical order) Abbott / St. Jude Medical, Anthem BlueCross BlueShield, Bayer, Bupa Global Health Insurance, Bronx Lebanon Hospital Center, HealthNow Networks, Johnson & Johnson, Med Center Health, Merck, National Health System (NHS), Pacific Alliance Medical Center, Patient Home Monitoring, and Smiths Medical.
In order to overcome these challenges, various cybersecurity solution providers have started to specifically focus on healthcare. Along with the presence of big companies, the entry of several start-ups is driving the innovation in this domain. Contrary to the expectation, capital spending on cybersecurity in the healthcare industry is far less compared to some other industries. In addition, the scarcity of skilled cybersecurity professionals capable of catering to the complex regulatory demands in the healthcare industry is making it even more difficult for the successful implementation of cybersecurity policies across this field.
One of the key objectives of the report was to understand the primary growth drivers and estimate the future size of the market. Based on various parameters, such as number of healthcare data breaches, number of records compromised, expected pricing of the stolen medical records and spending trends on cybersecurity in the healthcare industry, we have provided an informed estimate on the likely evolution of the market in the long term, for the period 2018-2030. To account for the uncertainties associated with the number of data breaches, and to add robustness to our model, we have provided three forecast scenarios, portraying the conservative, base and optimistic tracks of the market's evolution.
Key Topics Covered:
1. PREFACE 1.1. Scope of the Report 1.2. Research Methodology 1.3. Chapter Outlines
2. EXECUTIVE SUMMARY
3. INTRODUCTION 3.1. Digitization and Global Transformation 3.2. Impact of Digitization on Different Industries 3.3. Current Underlying Problems of Digitization 3.4. Risks and Mitigation Strategies of Digitization 3.5. Cybersecurity
4. CYBERSECURITY IN HEALTHCARE 4.1. Chapter Overview 4.2. Digital and Connected Healthcare 4.3. Common Vulnerabilities and Cyber Risks in Healthcare 4.4. HIPAA Framework 4.5. Cybersecurity in Healthcare
5. CURRENT MARKET LANDSCAPE 5.1. Chapter Overview 5.2. Cybersecurity in Healthcare: List of Industry Players
10. CAPITAL INVESTMENTS AND FUNDING 10.1. Chapter Overview 10.2. Types of Funding 10.3. Cybersecurity in Healthcare: Funding Instances 10.4. Concluding Remarks
11. COMPANY VALUATION ANALYSIS 11.1. Chapter Overview 11.2. Company Valuation: Methodology 11.3. Company Valuation: Categorization by Multiple Parameters 11.4. Company Valuation: Roots Analysis Proprietary Scores
12. MARKET FORECAST 12.1. Chapter Overview 12.2. Forecast Methodology and Key Assumptions 12.3. Overall Cybersecurity Market in Healthcare, 2018-2030 12.4. Cybersecurity Market in Healthcare: Distribution by Type of Offering 12.5. Cybersecurity Market in Healthcare: Distribution by Threat Type 12.6. Cybersecurity Market in Healthcare: Distribution by Type of Security Elements 12.7. Cybersecurity Market in Healthcare: Distribution by Deployment Mode 12.8. Cybersecurity Market in Healthcare: Distribution by Geographies
13. FUTURE TRENDS: ARTIFICIAL INTELLIGENCE AND CYBERSECURITY 13.1. Chapter Overview 13.2. Artificial Intelligence (AI): An Overview 13.3. AI in Cybersecurity 13.4. AI-based Cybersecurity in Healthcare
14. CASE STUDY: CYBERSECURITY USE CASES IN HEALTHCARE 14.1. Chapter Overview 14.2. Notable Healthcare Data Breaches in 2017 14.3. The Next Major Security Concern: Medical Device Hacks 14.4. Example Strategies to Tackle Cyber Threats
16. CONCLUSION 16.1. Although the Advent of Digitization has Created Several New Business Opportunities, Industries are Now More Vulnerable to Cyberattacks 16.2. Owing to Multiple Contributors, Healthcare is Amongst the Worst Hit Industries by Cyberattacks 16.3. With Growing Complexity and Frequency of Cyberattacks, a Large Number of Industry Players have Widened their Expertise to Protect Healthcare Organizations 16.4. Several Start-ups, Backed by Venture Capital Investors, are Driving Technological Innovation in the Market 16.5. Given the Financial Support and Diverse Product/Solution Portfolio, Several Recently Established Companies are Steadily Approaching Unicorn Status 16.6. Driven by the Evolving Threat Landscape and High Value of Healthcare Records, the Market is Expected to Grow Significantly in the Coming Years 16.7. As Threat Levels Increase, Artificial Intelligence (AI) Holds a Significant Potential in Next Generation Cyber Defenses
17. APPENDIX 1: TABULATED DATA
18. APPENDIX 2: LIST OF COMPANIES AND ORGANIZATIONS