PUBLISHER: SkyQuest | PRODUCT CODE: 1259994
PUBLISHER: SkyQuest | PRODUCT CODE: 1259994
Global Hospital Security Systems Market was valued at USD 12.15 billion in 2021 and it is expected to reach at USD 17.65 billion by 2028, at a CAGR of 12.07% over the forecast period (2022-2028).
Hospitals are the main targets of security threats because they are the properties that are easiest to access and because their infrastructure is valuable to a variety of criminals. As a result, the healthcare industry has succumbed to the pressures of growing security risks around the world. Between 2011 and 2020, 154 gunshots were reported in medical facilities across the nation, according to the crime and security trends survey from the International Association for Healthcare Security & Safety. Hospitals face a unique challenge in balancing security and safety while still providing care and medical services within budgetary constraints. According to the poll, more than 98 percent of all health-care institutions in the United States "experience violent and criminal occurrences." In an effort to provide excellent patient care while also ensuring the safety and security of staff members and visitors, this has caused the market for hospital security systems to soar.
The need to protect healthcare facilities from burglary, assault, and other criminal activity as healthcare organisations deal with sensitive issues and patient information is driving the growth of this market. Healthcare providers must increasingly comply with local, state, and federal laws. The industry for hospital security systems has additional growth potential as a result of the enormous rise in demand for integrated solutions for security, facilities, and data management brought on by hospitals' shrinking profit margins. The market's expansion is, however, being constrained by the high cost of these systems, problems with cyber security, a lack of awareness in developing countries, and insufficient training programmes for the security and safety of these systems.
These systems include access control, intrusion detection, video surveillance, and emergency communication systems. Strict industry regulations for patient and information protection, the threat of bioterrorism, an increase in assaults on patients and staff, and rising demand for better security systems are all driving growth in the market for hospital security systems. Due to the healthcare industry's recent strong growth and an increasing need within the healthcare industry to provide improved asset protection, the security systems market has seen significant potential from the healthcare sector.
Top-down and bottom-up approaches were used to estimate and validate the size of Asia Pacific Hospital Security Systems Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
Global Hospital Security Systems market is segmented based on Product, Service, Surveillance System, Application, End-User, and Region. Based on Product the market is segmented into Access Control Systems (Smart Cards and Readers, Biometric Systems {Fingerprint Recognition Systems, Facial Recognition Systems, Iris Recognition Systems, Radio Frequency Identification Systems, Others (OTP and Speech Recognition Systems)}, Cipher Locks, Wireless Locks), Infant Security Systems, Intrusion Detection Systems, Duress/Emergency Notification Systems, Video Surveillance Systems, Video Analytics Solutions, License Plate Recognition Systems, Virtual Fencing Systems, Vehicle Inspection Systems (Portable, Permanent), Vehicle Tracking Systems, Fire Safety Systems. By Surveillance System, the market is segmented into Video Surveillance, Surveillance Cameras. By Application, the market is segmented into Surgical Equipment, Medical Devices. By end user, the market is segmented into Hospital, Clinics. Based on Service, the market is segmented into Clinical Pathology, Bacteriology, Virology, Parasitology, Other Services. Based on region the global Hospital Security Systems market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Driver
A significant problem for the healthcare sector is the increase in cyber-threat vectors and attacks as a result of insufficient security measures, which is expected to increase adoption of security solutions. This has aided in the development of favourable government laws and regulations to safeguard patient data from data breaches, rewarding healthcare organisations that use cutting-edge cyber security solutions to protect their patient data. For instance, the US government passed "the Health Insurance Portability and Accountability Act (HIPAA)" to compel healthcare organisations to maintain the privacy and confidentiality of patient data. The market for hospital security will expand as a result of these factors in the years to come.
For internal networks or specialised apps to be accessible to only authorised employees, healthcare businesses need robust authentication features. To avoid the risks associated with conventional password-based authentication, such as credential theft, healthcare businesses have gradually shifted to multi-factor authentication. Multi-factor authentication is typically carried out by including a third element in addition to the usual username and password. This could be a biometric authentication token, a hardware and software token, or device authentication. Customers are encouraged to use appropriate cyber security tools in order to protect the entire healthcare infrastructure by using authentication processes to lessen the risk of cyberattacks.
Restraint
The cost of providing healthcare is a top priority for many organisations. High service maintenance costs could have an impact on the long-term demand for security systems. Because this technology requires significant investments, end users are wary of using it. Additionally, the rate of expansion might be negatively impacted by the initial cost. In addition, the industry for hospital security systems is constrained by the installation cost. This factor might affect the projected global revenue rates. The security system is an advanced technological device. The establishment of these system health amenities calls for expert assistance. The market for hospital security systems may also be negatively impacted by the sector's high cost requirements.
Market Trends
The market for hospital security is being stimulated by the rise in data breaches in the industry. The average cost of a data breach in the healthcare sector in 2021 was USD 9.23 million, according to IBM's Cost of a Data Breach Report published in 2021. Additionally, the Office for Civil Rights is conducting an investigation into approximately 592 breaches of unsecured protected patient data that affected more than 500 people in the previous two years, according to the Secretary of the US Department of Health and Human Services (HHS) Breach of Unsecured Protected Health Information List.
Healthcare is a desirable target for hackers because medical data is ten to twenty times more valuable than banking or credit card information. The current digital healthcare revolution has also increased the frequency of cyberattacks. For instance, a human-operated ransomware attack known as "Conti" contributed to the recent cyberattacks on Ireland's Department of Health and Health Service Executive (HSE), severely crippling many HSE systems and requiring the shutdown of the majority of the HSE's other systems. The aforementioned factors are advancing the hospital security sector.