Vulnerability of Healthcare Infrastructure Coercing the Security System Market Growth to a CAGR of 10% from 2019-2029

According to the latest report published by Acute Market Reports “Health care security system market” – Growth, Future Prospects and Competitive Analysis, 2019-2029,” the health care security system market is expected to expand at a CAGR of 10% from 2021 to 2029

Emerging healthcare technology & innovation are the driving force of any country and its economy. Therefore,cyber-attacks in healthcare can cause huge damages, health records can be stolen, life-saving devices can be disrupted. Healthcare sector in US is spending about $3.5 trillion on security systems, according to the Centers for Medicare & Medicaid Services and this figure is projected to soar over the next decade. Ransomware attacks on healthcare organizations increased four times between 2017 & 2020, and is expected to reach 5X by 2021, according to a report from Cyber security Ventures. Attacks on network servers are on the rise, increasing from 23% of all attacks in January to October of 2019 to 35% in the same period till 2020. Unfortunately, these challenges are only intensifying as the COVID-19 pandemic accelerates digital transformation.  Most of the scams seemed to come from organizations such as the World Health Organization and the Centers for Disease Control.

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Almost 80% of frauds or threats are caused by insider employees, rest 20% is caused by other factors. In some reports it’s found that insider breach remediation can cost the healthcare & pharmaceutical sectors about $10.81 million annually. Solutions are carried out on large scale to prevent the fraud, theft of data & cyber-attacks. The leading IT companies have keen focus on continuous innovation through research and offering solution based deliverables. They play a vital role in developing preinstalled software preventing breach of access by ensuring safety & security concerns.

 Covid-19 had a huge burden on IT industry as the world led to digitalization to stop the spread of corona virus by maintaining precautions. The pandemic caused rush & temporary changes in healthcare industry this led to rise the incidents in various regions. The lack of unawareness among the health care employee, misuse of devices by unauthorized employee, scarcity of healthcare resources aresome of the key factors that led to the rise of cyber-attacks, theft & breach of access. Government is also making efforts for the companies ensuring safety concerns in healthcare sector by driving schemes & policy. In future there it is a need for healthcare sector to develop & meet the needs of the security systems ensuring maximum safety & precautions. 

A medical clinic in Simi Valley, Calif. shut its doors after being infected by a ransomware attack. An ear, nose, throat (ENT) and hearing center in Battle Creek, Mich. closed after a data hack wiped out all of its files. More than half of insider fraud incidents within the healthcare sector involve the theft of customer data, according to CMU SEI (Carnegie Mellon University Software Engineering Institute). The key market players include Siemens AG, Bosch Security Systems, Tyco Integrated Security, Honeywell International, Inc, Schneider Electric, 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 continuous innovation.

Key Market Movements:

• Health care security system market is developing significantly with an expected CAGR of 10% from 2021 – 2029.
• Advancement in technology, innovation& research in software system the key factor for growth.
• Frauds, theft, breach of access & cyber-attacks are major causes for safety of security.
• Government & IT companies are continuously improving the servers to prevent cyber-attacks & regulating various policies, schemes.
• The pandemic has weakened the security system.
• North America dominates the market in the regional analysis.
• The key players include Siemens AG, Bosch Security Systems, Tyco Integrated Security, Honeywell International, Inc, Schneider Electric, 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 accelerated growth & superior profits with a simplified company structure. Learning for innovation, consumer needs, sharpening the focus on business & its transformation are some key factors the company regulates

Health Care Security System is segmented into:

ATTRIBUTE	DETAILS
Research Period	2019-2029
Base Year	2020
Forecast Period	2021-2029
Historical Year	2019
Unit	USD Million
Segmentation	Product Segment (2019-2029; US$ Mn) Electronic Access Control Systems Video Surveillance Intercom & Emergency Communication Perimeter Protection Infant security Biometrics
Technology Segment (2019-2029; US$ Mn) On-premises Cloud-based
Region type Segment (2019-2029; US$ Mn) North America Europe Asia Pacific Latin America Africa
Global Impact of Covid-19 Segment (2020-2021; US$ Mn) Pre Covid-19 situation Post Covid-19 situation

*Detailed segments are provided on the report page

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