How will electrical safety PPE market share benefit from Asia Pacific’s EV revolution?

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The global electrical safety PPE market is poised to garner substantial growth in the ensuing years, owing to development in the automotive industry worldwide. In addition to its uses across construction and manufacturing, electrical safety PPE products are excessively used in the automotive industry. The industry often requires complete respiratory, hearing, hand and eye protection devices due to the number of potential hazards present within the automotive manufacturing plants.

Speaking of which, according to Global Market Insights, Inc., electrical safety PPE market size from automotive applications is anticipated to exceed $250 million by 2025. Therefore, it is safe to assume that advancement in the automotive industry will drive the electrical safety PPE industry share over the coming years.

Electric vehicles is the most flourishing segment of the automotive industry. Increasing sales rate is demonstrating growth across most regions, especially the Asia Pacific. The electric vehicle market has expanded a lot in China over the last few years, solidifying the nation’s leadership position in electric vehicle market. The country’s EV efforts are further backed by the government, which believes the technology could help tackle the nation’s most pressing environmental concerns.

The Asia-pacific battery electric vehicles market is also growing as dominant players like China’s BYD Auto continue to successfully compete in the international market against contenders like Tesla Inc. The rising demand for electric vehicles is also persuading manufacturers to set up new plants to ramp up production, which will create new manufacturing jobs, thereby propelling electrical safety PPE market share.

A crucial element of any electric vehicle’s price is the cost of its batteries. According to credible reports, China is already manufacturing over half of the world’s electric vehicle batteries. Within a span of few years, Chinese firms have become some of the world’s major lithium producers, which is an important raw material for batteries. Indeed, China, driven by government initiatives, is said to account for an appreciable proportion of the global lithium ion battery industry.

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Likewise, companies in India are also gearing up to cash in on this rapidly emerging industry. Following the recently allotted budget of INR 10,000 crore for boosting electric and hybrid vehicle adoption, the government of India has recently approved a 5-year plan for electric vehicle battery manufacturing to set-up large scale and export-competitive batteries and cell manufacturing Giga plants. These efforts would enhance the safety requirements at battery manufacturing sites, which in turn, would benefit the electrical safety PPE market in the future.

India, which is the world’s largest market for motorbikes and scooters, is all set to experience electric two-wheeler revolution. Electric bike and scooters in India are expected to witness substantial growth on account of the country’s growing per capita income and increasing concerns related to vehicular pollution. This possibility is further strengthened by the government’s recent plans to convert all two-wheelers to electric by 2025, which has prompted several manufacturers to foray into the electric vehicle arena.

Case in point, India’s two-wheeler giant Bajaj Motors recently confirmed it may soon launch its first electric two-wheeler Urbanite. Additionally, to support the nation’s electric goal, major players are also working on potential investments to establish battery plants for electric vehicles. These efforts imply that the country would become a leading producer of electric vehicles in the coming years, which would generate huge electrical safety PPE requirements, thereby contributing to electrical safety PPE industry growth.

Data by the International Labor Organization states that every year over 1.1 million people fall prey to occupational accidents or diseases in the Asia Pacific. In order to encourage wellness of the employees as well as to save the employer from legal troubles, occupational safety is of extreme importance for the automotive industry.

Besides the aforementioned factors promoting electrical safety PPE products demand, government efforts to impose strict occupational safety guideline will also push manufacturers to equip their employees with proper safety products. For instance, India’s new government is set to prioritize labor reforms in its second term. Successful implementation of labor laws will generate massive electrical safety PPE requirements in not only the Asia Pacific but other regions worldwide as well. Furthermore, a research report by Global Market Insights, Inc. estimates the electrical safety PPE market to exceed $20 billion by 2025.

Author NameKrithika Krishnan

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How will the latest moves by core industry players influence the revenue prospects of plastomer market?

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The global plastomer market is projected to amass substantial gains in the ensuing years, primarily driven by the boom in the packaging industry together with improved characteristics of plastomers compared to conventional plastics and elastomers. Plastomers are polymers which bridge the gap between elastomers and plastics. Plastomer industry thus, is known to procure substantial returns from a plethora of industries including adhesives, foams, industrial packaging, food packaging, automotives, wires & cables, and others.

U.S. Plastomer Market Size, By Application, 2014 – 2025 (USD Million)
U.S. Plastomer Market Size, By Application, 2014 - 2025 (USD Million)

Taking an example from the adhesive industry, the Dow Chemical Company’s Affinity™ GA Polyolefin Plastomers, a highly versatile range of polyolefin polymers, offers a host of cost, performance, and processing advantages such as no char, odor, or discoloration during application, as well as no clogging, plugging, or other oxidation-related device issues.

Adopting Affinity™ GA Polyolefin Plastomers result in reduced maintenance, amplified versatility, and increased coverage & more adhesive per pound of resin. Hence, the wide spectrum of advantages offered by plastomers across a range of applications will endorse product demand over the coming years.

Plastomer market size, however, is slated to be affected by the slow growth of the packaged food industry in several geographies, along with tough competition from other polymers. According to credible estimates, the share of groceries in packaged food sales in 2015 was 45 percent, which is expected to plunge to 37 percent in the year 2025. The decline in the consumption of packaged food will certainly influence plastomer market trends in the future and restrain market growth to some extent.

Enumerating the top three recent developments of the plastomer market which are projected to influence the growth graph of this business sphere

Healthcare industry gets its first controlled plastomer solution

Borouge and Borealis have recently introduced ethylene-based, octene-1 plastomer solution called the Bormed™ PL8830-PH, at CPhI in Madrid, the world’s biggest pharmaceutical exhibition.  Bormed™ PL8830-PH is claimed to be the first-ever controlled plastomer solution for the health industry, and has been developed as a part of the expansion of the Borealis Bormed™ brand portfolio.

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Being a controlled plastomer, Bormed PL8830-PH amplifies the performance paradigms of polyolefins for healthcare applications. It has been explicitly designed to be used as a versatile blend with other polyolefins in extrusion, film, and moulding applications. Indeed, such innovations will define plastomer market trends in the future and open new growth avenues for market players.

CHINAPLAS 2019 witnesses a range of innovative solutions by SABIC

SABIC, a world leader in diversified chemicals, has reportedly introduced a range of innovative solutions at the recently held Chinaplas 2019, to cater to industry challenges arising from prime global megatrends.

The event witnessed SABIC’s new comprehensive solution for the food sector, named as COHERETM S POP (polyolefin plastomer), designed to offer strong support in handling the future food supply issues. It is claimed that COHERETM S POP supports superior performance with twenty percent decrease in sealing temperature. Food manufacturers can rely on the new polyolefin plastomer to enhance the efficiency of their production, augment the shelf life of food products, and decrease the damage during transit.

Holland adds Borealis’ polyolefins to its product range

M.Holland Co., a resin distribution company, has recently added offerings from the world’s leading polyolefins brand Borealis to its distribution product portfolio. Henceforth, M. Holland will look after the distribution of polypropylene and polyethylene resins, filled PP compounds, elastomers, and polyolefin plastomers for Borealis AG.

The filled PP materials which are a part of the new distribution channel will be produced at Borealis’ new manufacturing site in N.C. This strategic alliance is slated to support the growth of both the companies in target markets, thereby positively impacting plastomer market size over the future.

In the coming years, it will be interesting to see how these market developments impact the revenue graph and competitive ambit of the global plastomer industry. Some of the top companies to watch out for in the plastomer market are Royal Dutch Shell, ExxonMobil, Borealis, Dow Chemical Company, Saudi Basic Industries Corporation (SABIC), Chevron Phillips Chemical Company, Westlake Chemical Corporation, and LyondellBasell. According to a research report by Global Market Insights, Inc., plastomer market is projected to exceed a valuation of USD 3.1 billion by 2025.

Author NameNikita Chaurasia

3 major driving factors influencing methyl isobutyl ketone market dynamics

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The global methyl isobutyl ketone market is slated to amass huge gains over the coming years, owing to the substance’s excessive use in insecticides and pesticides. These are essential for growing more food on less land by protecting crops from pests, weeds, and diseases. Whether from natural or synthetic sources, almost all commercial crop producers rely on pesticides, which include methyl isobutyl ketone.

U.S. Methyl Isobutyl Ketone (MIBK) Market Size, by End-use Industry, 2014 – 2025 (USD Million)
U.S. Methyl Isobutyl Ketone (MIBK) Market Size, by End-use Industry, 2014 – 2025 (USD Million)

In this context, it would also make sense to state that the rapid expansion of crop protection insecticides market is a key indicator demonstrating the growth of methyl isobutyl ketone market in the upcoming years.

How is the availability of fertile land impacting the business arena?

The agriculture sector in today’s day and age is under a stressful phase. The world needs more food, labor force, and fertile land to feed a rapidly growing population. The global population is anticipated to reach 9.8 billion by the year 2050. As a result, the demand for food will be 60 percent more than what it is today, but issues such as urbanization, climate change, and soil degradation will have reduced the availability of fertile land.

However, through pesticides, farmers can grow bigger crops on less land and increase productivity considerably. Since less area is used, it can also help reduce soil erosion, while controlling invasive pests and species. Hence, the declining availability of fertile land will pressurize farmers to focus on crop quality and quantity, which will in turn, boost the adoption of pesticides, thereby benefiting methyl isobutyl ketone industry share.

Are rising incidences of foodborne diseases driving product demand?

Crops are always susceptible to numerous kinds of species, weeds, and plant-eating pests that threaten the crop productivity. The threat doesn’t stop there, once an infested crop leaves the field, it can spoil the produce during the storage and transportation process as well, impacting consumers via severe foodborne diseases.

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According to a credible source, around 1 in 10 people globally fall ill from eating food that is contaminated. A huge example concerning the matter is the 2017 E coli outbreak in the US from Romaine lettuce, following which 200 people fell sick, 96 were hospitalized, and five succumbed to the disease. Pesticides can help prevent disease outbreaks by killing insect populations that carry deadly bacteria. The increasing prevalence of foodborne diseases, stringent norms, and rising awareness pertaining to food security will thus boost the demand for insecticides, thereby proliferating methyl isobutyl ketone industry share.

Is growing preference for organic farming a positive sign?

Speaking of food safety, synthetic pesticides have also taken a beating for their high toxicity. High exposure to pesticides is said to cause several serious illness and diseases in humans, including respiratory diseases and cancers. To enhance productivity without posing a threat to consumers, manufacturers are now experimenting with organic pesticides which is further supported by the increasing acceptance for organic farming. Incidentally, the rising preference for organic food is also driving biopesticides market, the expansion of which is impacting methyl isobutyl ketone industry outlook.

Along similar lines, biotech firm Bionema recently raised £180,000 to develop biopesticides that can substantially reduce the dependency on chemicals for crop pest control. The company already is already marketing some products and plans to launch new biopesticide products by 2021. Methyl isobutyl ketone manufacturers use this chemical in organic pesticides and agrochemicals, which makes organic farming and increasing use of organic agrochemicals a positive driving force for the methyl isobutyl ketone market.

The global methyl isobutyl ketone industry is slated to be fueled by the rising need to produce high-quality yields in tandem with increasing demand for food. In addition, increasing need to prevent wastage of potential produce due to bacteria and plant-eating insects will present methyl isobutyl ketone manufacturers with huge opportunities in the crop protection market.

Apart from this, increasing government efforts to boost agricultural development, particularly in rural regions, will further contribute to market growth. For example, the government of India is reportedly aiming to double farm incomes by 2022. Successful achievements of such targets will empower farmers and agricultural firms to adopt more effective practices that involve the use of expensive organic or synthetic agrochemicals, that will eventually favor the global methyl isobutyl ketone industry. Furthermore, a research report by Global Market Insights, Inc. estimates methyl isobutyl ketone market to be worth more than $800 million by 2025.

Author NameKrithika Krishnan

North America aquaculture vaccines market to garner significant proceeds by 2025, presence of numerous fish farms to augment the regional landscape

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Rising focus on consumer health and consistent demand for seafood has effectively reinforced the global aquaculture vaccines market, with fish farming becoming the prominent method to acquire salmon, trout and other popular fishes. Human well-being has always been associated with the quality of animal source a food product originates from, making it necessary to maintain the health of fish that are being cultivated for food applications. Growing penchant for packaged, frozen and canned products available on supermarket shelves and in convenience stores has fueled the consumption of sea and freshwater-based fauna. With gradual increase in the use of other fish products such as fish oil, the aquaculture vaccines industry will attract consistent demand over the next few years.

U.S. aquaculture vaccines market, by type of vaccines, 2018 & 2025 (USD Million)

U.S. aquaculture vaccines market, by type of vaccines, 2018 & 2025 (USD Million)

Fish like salmon are known to provide vital nutrients to humans, including proteins, vitamins, minerals antioxidants and more importantly Omega-3 fatty acids, which are considered helpful in maintaining a heathy heart. Owing to these benefits, intake of different fish species and products have only increased with the rise in population. The UN Food and Agriculture Organization states that in 2016, fish production had reached around 171 million tons worldwide, where aquaculture contributed nearly 47% of the total production. This contribution is predicted to increase every year since capture fishery production has become stagnant, promising highly lucrative prospects for the aquaculture vaccines market to help ensure the health and safety of seafood consumed.

Speaking on regional opportunities, North America represents a key target base for aquaculture vaccine manufacturers and developers, due to constantly surging fish consumption and the presence of thousands of fish farms and canned food producers. Salmon has become a significant part of American diet and the region witnesses a wide variety of this species being farmed across the continent. Canada is a nation which not only consumes a vast amount of fish products but also exports them. As such, producers have to supply healthy fish meant for frozen food and processing plants, or they can risk the health of domestic as well as global customers. The aquaculture vaccines industry could gain remarkable momentum in the country, as implied by the fact that Canada’s seafood preparation and packaging sector was valued at approx. US$4 billion in 2017.

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Apparently, U.S. is the biggest importer of Canadian produced fish, besides having a considerable aquaculture output itself. More than 36 million pounds of salmon alone had been produced in the country in 2016, suggesting notable penetration of the aquaculture vaccines market in the U.S. Other North American countries like Mexico and those in the Caribbean also boast substantial seafood intake. With the regional consumption trends likely to propel the demand for salmon, trout and tilapia species of fish, the North America aquaculture vaccines industry is poised to witness considerable expansion over the forecast timespan. To put things into perspective with respect to the need for food production, the total population of the continent is projected to surpass the 384 million mark by 2025.

Increased concerns regarding possible outbreak of fish diseases has kept the regional and international health organizations on alert. In 2018, the Canadian Food Inspection Agency had discovered the occurrence of infectious salmon anemia (ISA) at a fish farm in the eastern parts of the country. The viral outbreak was allegedly the fifth such reporting in the province of Newfoundland and Labrador in the year and eighth in Canada. In addition, the aquaculture vaccines market is continuously garnering revenues from seafood companies to prevent any outbreaks of bacterial infections, which are the most common diseases affecting fish farming.

In a nutshell, a reliable seafood demand and the increasing consumption of frozen and packaged food will undoubtedly warrant a tremendous need for aquaculture vaccines to safeguard the health of end consumers. The global aquaculture vaccines market is comprised of key participants including Merck Animal Health, Hipra, Nisseiken Co. Ltd., Tecnovax, Veterquimica S.A. and Zoetis Inc, who consistently seek new product developments and territorial expansions.

Author NamePankaj Singh

Home standby gensets market to garner substantial proceeds by 2025 subject to the availability of technologically-superior products, U.S. to be the chief growth terrain

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The worldwide home standby gensets market share has been demonstrating an appreciable growth pattern in the recent years owing to severe weather conditions. Not to mention, the industry is also gaining traction due to continued underinvestment in the electric grid and the increasing demand for uninterruptible power supply from almost all energy-intensive business verticals. It has also helped that these gensets are recognized as cost-efficient and easier to install than the other alternatives of power generation.

North America Home Standby Gensets Market Size, By Fuel, 2018 & 2025 (USD Million)
North America Home Standby Gensets Market Size, By Fuel, 2018 & 2025 (USD Million)

The increasing consumer preference for home standby generators over portable home generators is fueling the home standby gensets market trends

In the last few years, the manufacturers of home standby generators have taken a lead in terms of technological advancement over the makers of portable home generators. Featuring A/C shedding and load management options, home standby gensets now allow longer maintenance intervals, muffle sound to residential-friendly levels, demonstrate economical usage of fuel, and are better on numerous other fronts compared to portable home generators. For instance, the Kohler 14RESAL is known as one of the quietest standby generators tested in the recent times. It comes with a transfer switch, a warning indicator, and an add-on module which enables the user to monitor the status of the generator from anywhere using a Windows PC.

Elaborating further on the various types of Kohler standby generators, it has been observed that these gensets are designed for a more permanent solution to power outages and can connect automatically in case of a blackout. Moreover, standby generators further run a weekly assessment test to verify if they can respond well to an outage. In this context, it has to be noted that there are many other brands of standby gensets other than Kohler standby generators which come equipped with advanced technical capabilities. For instance, the Generac 6237 is one such standby genset which has the feature of low-oil shutoff with a warning indicator. Apparently, the Generac standby generators provide 7,000 watts of power by utilizing natural gas and another 1,000 watts by utilizing propane.

All the aforementioned characteristics are missing in portable home generators which has driven up the sale of home standby gensets. In addition to this, the introduction of technologically-superior standby generators by prominent industry players is changing the face of the product range of this business vertical. Undeniably, these factors are bound to positively impact the remuneration scale of the global home standby gensets industry, which is forecast to exceed USD 5 billion by 2025, as per trusted estimates.

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How are the adverse consequences of climate change proving beneficial for the U.S. home standby gensets industry?

The U.S. has a very long history of hurricanes devastating its coastal states and disrupting the economy of the overall nation. While the number of hurricanes has remained nearly the same over the past few years, there is growing evidence that the warming of the atmosphere and upper ocean is creating conditions ripe for more destructive and fiercer hurricanes. The climate emergency is tinkering with hurricanes in different ways, resulting in a greater number of the most severe category four and five storms which predominantly vandalize the power transmission lines.

In view of such a scenario, standby gensets play a significant role in ensuring uninterrupted power supply across residential areas. Moreover, they are generally cheaper and quicker to install than solar systems or other alternative power sources. Therefore, the home standby gensets market has assumed an important place in the discussions about disaster preparedness and climate change. The revenue share of this business vertical in the U.S. is exhibiting an upward trajectory as can be observed in a comprehensive research report published by Global Market Insights, Inc. Apparently, the U.S. home standby gensets industry share is set to surpass the 1-billion-dollar mark by the year 2025.

Author NameSaif Ali Bepari

U.S. oil pipeline infrastructure market valuation to amass hefty proceeds by 2025, regional industry to be characterized by the rising number of exploration activities

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The global oil pipeline infrastructure market has emerged as one of the most lucrative investment avenues owing to the increasing demand for oil from a number of industrial sectors across the globe. Oil is still heavily used in transportation and petrochemicals are further utilized to manufacture a plethora of different products used in our day-to-day lives, including medicines, plastics, furniture, appliances, solar panels, wind turbines and cosmetics. With demand coming from such high appetite industries; it comes as no surprise that the level of oil consumption has grown substantially over the last few decades.

Asia Pacific Oil Pipeline Infrastructure Market Size, By Diameter, 2018 & 2025 (USD Million)

Asia Pacific Oil Pipeline Infrastructure Market Size, By Diameter, 2018 & 2025 (USD Million)

In fact, according to Forbes, the International Energy Agency discovered that global oil demand has been rising by approximately 1.3 million barrels per day (b/d) annually for the last 50 years. Moreover, by 2025, the world would be utilizing approximately 3.2 million gallons of oil-based liquids every minute.

Such a massive boost in consumption would require an equally adequate oil pipeline infrastructure to be able to fulfil the demand, warranting a rise in pipeline infrastructure investment which would invariably foster oil pipeline infrastructure market growth.

Impact of the gap between U.S. oil production & infrastructure on global oil pipeline infrastructure market

The United States has been witnessing a massive boom in oil & natural gas production as shale companies started drilling hundreds of new wells since 2008. This sizable boost in production comes as a blessing to the region in one particular aspect that oil & gas would be accounting for a majority of the U.S. energy at least up until 2050.

The Gap: According to a Forbes report, the region has witnessed a 140% growth in oil & 50% natural gas production since 2008. However, despite oil pipeline infrastructure across the U.S. exceeding the 450,000 kilometers, the midstream infrastructure responsible for transporting the new supply across the nation has struggled to keep up.

The Demand: The considerable inadequacies of the oil pipeline infrastructure in the region creates a massive hurdle for the oil & gas industry when transporting oil across the nation. However, given the fact that pipelines are known to be one of the safest & most affordable methods of transporting energy, the industry is slated to boost investments and overcome the hurdle and facilitate oil pipeline infrastructure market growth in forthcoming years.

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Impact of APAC’s Insatiable oil demand on the global oil pipeline infrastructure market

According to the International Energy Agency, the ever-expanding global economy is expected to promote a solid growth in oil demand, especially across regions with developing economies like the APAC.

The Connection: According to the International Monetary Fund, the global economy is expected to progress at a commendable y-o-y growth rate of 3.9% in forthcoming years and strong & rapidly growing economies would in turn consume more oil. In fact, the International Energy Agency expects demand to grow at an average yearly rate of 1.2 million barrels per day by 2023, with India & China accounting for 50% of the global demand.

The Growth: As the aforementioned statistics reveal a strong correlation between a nation’s economic growth and its oil consumption, it is apparent that the APAC oil industry would be expanding at a significant pace in the years to come. Such large consumption demand would require a robust network of oil pipeline infrastructure – a factor that would foster the expansion of oil pipeline infrastructure market share.

The MVP: India is projected to emerge as one of the world’s largest consumers of petroleum products, especially crude oil. This prediction can be corroborated by the estimates published by the Indian Brand Equity Foundation which claims that India’s oil imports rose substantially to $87.37 billion during FY17-18 from the $70.72 billion it was during the FY16-17.

Owing to such rapidly increasing volume of oil imports, India is expected to contribute significantly to the growth of the oil pipeline infrastructure market over the forecast timeframe.

In fact, propelled by increasing consumption & demand from nations such as the U.S, China & India, the growth graph of the global oil pipeline infrastructure market is slated to witness substantial gains in coming years. According to estimates, the global oil infrastructure market size is projected to exceed the remuneration figure of $135 billion by 2025.

Author NameAkshay Kedari

How will healthcare cybersecurity market trends shape up over 2019-2025 driven by the growing threat of ransomware & the migration of medical data to the cloud?

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Driven by a fast-paced digital transformation of the healthcare industry worldwide, the healthcare cybersecurity market is slated to grow into a highly lucrative investment avenue over the forthcoming years. The rapid adoption of digital technologies by healthcare providers, while being extremely beneficial to the industry, brings along its own set of concerns such as cyberthreats, wherein a system’s vulnerabilities are exploited by malicious entities to steal or damage data for financial gain.

U.S. Healthcare Cybersecurity Market Size, By Type of threat, 2018 & 2025 (USD Million)

U.S. Healthcare Cybersecurity Market Size, By Type of threat, 2018 & 2025 (USD Million)

Reportedly, data breaches cost the healthcare industry over $5.6 billion on an annual basis. As a consequence, several healthcare organizations across the world have started giving significant importance to their respective digital security requirements, enabling healthcare cybersecurity market to be the recipient of substantial growth prospects. A considerable thrust to the industry is projected to come from two specific factors, the migration to the cloud and the increasing frequency of ransomware attacks.

Impact of augmented cloud-based deployment on the healthcare cybersecurity market

It has been observed that several healthcare organizations are increasingly migrating their respective data reserves to the cloud. Factors expediting this migration are the several financial and operational benefits cloud networks are bringing to healthcare professionals and patients alike.

The Problem: The problem arises when healthcare organizations, unaware or ill-informed of the perils associated with cloud networks, make the move towards cloud migration while not being prepared to do so. The nature of the process is such that organizations have to plan several steps ahead than potential attackers if they are to successfully keep the data on their cloud safe and ensure smooth operation of their services.

The Numbers: Cyberattacks on healthcare organizations have primarily been driven by the high price of stolen healthcare records, approximately $50 per file on an average in black markets, requiring most healthcare cloud services to be specifically low risk. However, according to a survey conducted by McAfee, approximately 93% of healthcare cloud services are medium to high risk, which makes getting these records significantly easier for malicious entities. In fact, over the past year more than 94 million healthcare records have been exposed to cyberattacks.

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The Projection: Evidently, there is a massive gap in cybersecurity that is in considerable need for immediate rectification. An average healthcare organization uploads over 6.8 TB of data on a monthly basis and yet, only 15.4% services have multi-factor authentication support, an essential measure of preventing breaches. As companies work to address these concerns, the healthcare cybersecurity market is poised to experience approximately 20% CAGR from cloud-based deployment over 2019-2025.

Impact of the growing threat of ransomware on the healthcare cybersecurity market

One of the biggest threats to the digital way of life is the increasing threat of ransomwares. Designed to take away something without authorization and leverage its importance to extract financial gains, ransomwares have been targeting a number of healthcare organizations recently.

The Prominence: According to the Center for Internet Security, owing to the simplicity of its intended tasks and the ease with which they can be introduced into a network, ransomwares are fast becoming the preferred method of attack among attackers. A 2018 Data Breach Investigation Report unveiled by Verizon found that ransomware is the most commonly used malware, accounting for 39% of malware-driven data breaches. Moreover, it was also discovered that ransomwares have a particular inclination towards healthcare, accounting for 85% of all malwares targeting the industry.

The Numbers: The impact of ransomwares is rapidly escalating, and in 2018 the now infamous WannaCry ransomware attack cost the UK’s National Health Service an estimated £92 million, as it caused over 200,000 computers to lock out their operators, demanding a payment in bitcoins to give the control back. It also threatened affected around 19,000 patients when it cancelled their doctor’s appointment.

The Projection: Today, platforms such as ransomware as a service (RaaS) enable launching cyberattacks with no technical knowledge or skills, affirming that the threat posed by ransomware attacks is further magnified. The readily available nature of the malware could be the exact reason for the healthcare cybersecurity industry to direct a majority of its focus towards detecting and preventing ransomware attacks, further expanding the industry potential.

Fueled by the rising threat from ransomwares and other security concerns, the healthcare cybersecurity industry is anticipated to rake in substantial business growth over the coming years. In fact, estimates claim that healthcare cybersecurity market size is forecast to exceed the $27 billion renumeration mark by 2025.

Author NameAkshay Kedari