The global Health care security market is projected to grow at a CAGR of 10%. Emerging healthcare technology & innovation are the driving force of the country’s growth and therefore, is a prime priority. Healthcare security systems play a vital role in development. The nature of their business poses unique security challenges that can leave them susceptible to theft & internal misuse. From sensitive medical records & high-value clinical equipment to pharmaceutical & medical inventories, healthcare security has become top priority and is improving in conditions when addressing issues of theft, organized crime, fire & life safety issues and so on. There is need to provide safety facility for the patients, staff & healthcare workers ensuring the safety of sensitive information provided by the patients. In past few years there is rise in cybercrime & activity breaching the access in health care systems. In case of research & innovation, breach of access may lead to theft of data & leak of vital information. High cost of systems & less concern over data safety have led the cybercrimes in action. The Healthcare sector in the U.S. is spending about $3.5 trillion on security systems, according to the Centres for Medicare & Medicaid Services and the figure is projected to soar over the next decade.

Significant Rise in Insider Frauds

More than half of insider fraud incidents within the healthcare sector involve the theft of customer data, according to Carnegie Mellon University Software Engineering Institute (CMUSEI). National Insider Threat Centre (NITC) Incident Corpus, identified about 88 malicious insider incidents that were mapped to over 91 healthcare centres were directly victim of attack from 1996 till present. These incidents do not include unintentional insider threats who may have accidentally left a laptop at a bus stop or sent an email containing PHI to a party that it wasn't intended for. The health network accounted for major insider frauds. Almost 80% of frauds or threats are caused by insider employees, rest 20% is caused by the other factors. To avoid the rise in insider frauds many software manufactures have built a technology driven system. Ransomware attacks on healthcare organizations increased four times between 2017 & 2020, and are expected to grow to 5X by the end of 2021, according to a report from Cyber security Ventures. It is a need for the healthcare systems to prevent the cyber-attack or breach of access of information.

Exponential Increase in Cyber-Attack during Covid-19

Hacking patient’s medical devices is a common cyber-attack 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.COVID-19 phishing exploded earlier this year, according to research from KnowBe4, a leading security awareness training provider. Attacks on network servers are on the rise, increasing from 23% of all attacks in January to October 2019 to 35% in the same period till 2020. Already overburdened healthcare IT and cyber security teams have been tasked to keep up on these new threats.

Training Remains a Key Challenge, Yet NA To Dominate

The Secretary of U.S. Department of Health and Human Services (HHS) Breach of Unsecured Protected Health Information lists592 breaches of unsecured protected health information affecting 500 or more individuals within the last 24 months that are currently under investigation by the Office for Civil Rights. 306 of the breaches were submitted in 2020. According to a recent survey24 % of U.S. health employees have never received cybersecurity awareness training, but felt they should have, according to a report analysed by Health IT Security last summer. Effective training enables the users to detect and react to phishing scams, which initiate more than 90 % of all cyber-attacks. Europe, Asia Pacific & other developing regions also have evidenced increasing cybercrime rate. Precautions should be taken to overcome the cyber-attacks as it leads to loss in business & also creates trust issues for the patients.

Key Players

The key players include Siemens AG, Bosch Security Systems, Tyco Integrated Security, Honeywell International, Inc, Schneider Electric, Emerson Electric Co, Cisco Systems, Inc, Avigilon Corporation, Nedap Security Management, ADT Security Services, STANLEY Healthcare, Seico Security, Atos SE, Johnson Controls, Allied Telesis, Inc. The strategy used is for long-term value creation through focus on innovation and precision.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Health Care Security System market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Health Care Security System market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Health Care Security System market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Health Care Security System market?
• Which is the largest regional market for Health Care Security System market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Health Care Security System market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Health Care Security System market worldwide?