The healthcare industry has been amongst the prime targets for hackers over the last several years. In 2017, the healthcare industry had been compromised a number of times, representing 25% of the total number of breaches worldwide. Across these instances, around 31 million records were compromised, stolen or lost. 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.
Stakeholders are Optimistic About the Growth Prospects in this Industry
Owing to limited awareness and low budget allocation, the healthcare industry has become a popular target for cyber criminals
Cybersecurity Companies are Specifically Targeting Healthcare Amongst Key Focus Areas
As a result, close to 400 companies providing cybersecurity solutions / services to healthcare organizations have surfaced with innovative approaches
The Landscape is a Mix of Several Small Start-ups, SMEs and Large Enterprises
Well established companies in this domain have widened the scope of their services and products, and are setting benchmarks for emerging players
Venture Capitalists have Steadily Increased Stakes in this Domain
Given the opportunities in this domain, venture capitalists are strongly backing the innovation and have invested close to USD 2.5 billion in the last six years
In fact, Many Start-Ups have now Reached >USD 100 Million Estimated Valuation
Owing to the lucrative financial support and innovative product / solution portfolio, some recently established companies are already approaching unicorn status
Overall, The Opportunity is Likely to Widen Significantly in the Coming Years …
Driven by the evolving threat types, increasing number of data breaches and high value of healthcare records, we expect the market to grow at a CAGR of ~ 14%
… Across Multiple Threat Types and Different Regions Worldwide
Although the opportunity is currently localized primarily in the US, it is expected to spread across other regions; cloud security will gain more importance
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