Global Healthcare Cyber Security Market Size By Threat, By Offering, By Security Type, By End-User, By Geographic Scope And Forecast

Healthcare Cyber Security Market Size And Forecast

Healthcare Cyber Security Market size was valued at USD 8.9 Billion in 2020 and is projected to reach USD 31.4 Billion by 2028, growing at a CAGR of 16.8% from 2021 to 2028.

Key factors attributing to the Global Healthcare Cyber Security Market’s fast growth include rising the threat of cyber-attacks, regulatory and security compliance-related issues, and data leaks from within the organization triggered by external or internal factors. The Global Healthcare Cyber Security Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

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Global Healthcare Cyber Security Market Definition

Cybersecurity involves the process of protecting networks, systems, and programs from digital attacks. These attacks are generally aimed to access, change, or destroy sensitive information, interrupting normal business processes and others. It has become more apparent that cyber security is a risk factor in health care data. And so organizations try to protect their patient data from these increasing threats. The need for health informatics professionals who are well informed about the current state of cybersecurity in health care is also on the rise. Cyber security protects the internet-connected system, including hardware, software, and data from cyber-attack.

Cyber security is a technique used to preserve network programs and data integrity from attack, damage, and unauthorized access. Nowadays, cyber-security is more critical to a patient than the healthcare industry. It also helps prevent cyber-attack from keeping patient information confidential for legal reasons. A considerable amount of data is collected, processed, and stored on computers in government, corporate, military, financial, medical organizations, and it is essential to protect such data. Hence cybersecurity is necessary. The central portion of such data is sensitive information that is to be protected from illegal access.

If not preserved, the results could be harmful. With the increase in the volume, growth, and sophistication of cyber-attacks, those companies, and organizations protecting the data related to national security, financial records, health, and other sensitive information, must take measures to protect their sensitive data and information. Cyber Security applications include protection against malware, phishing, ransomware, and social engineering in business. It protects the data and networks from cyber-attacks. The digital assets are preserved by preventing unauthorized users from accessing them. Cyber Security provides protection for end-users and their personal information. Confidence is enhanced in the organization because of cybersecurity.

Global Healthcare Cyber Security Market Overview

The Global Healthcare Cyber Security Market is anticipated to grow during the forecast period due to key driving factors such as the rising cybercrime incident, increased need for healthcare cyber, the increasing healthcare budget, awareness related to cyber security in healthcare, and others. The introduction of supportive government regulations and acts to protect patient information from data breaches, increase in the incidence of cyber-attacks, and rise in demand for cloud services drive the need for advanced cybersecurity solutions.

However, a dearth of trained professionals restricts the market growth to some extent. The increasing number of data breaches encourages healthcare organizations to take proactive measures to prevent cyber-attack on confidential patient information. This, in turn, is increasing the uptake of cyber security solutions and services across the globe. Also, the increasing adoption of electronic health record systems and networking technologies is creating data privacy and security challenges that need to be handled efficiently. The proliferation of mobile devices and the increasing healthcare service provider focus towards defending patient records is expected to boost the growth of the Healthcare Cyber Security Market over the forecast period.

Lack of awareness of healthcare cybersecurity in underdeveloped countries, shortage of trained professionals in the IT sector, and the enormous costs associated with the healthcare cybersecurity software are majorly hindering the market’s growth. Moreover, less help from government authorities in some countries is gradually hampering the market’s demand. Cybersecurity management requires a lot of skilled staff and workers. The need for professional trainers and staff have become a concern for this market. And technological advancements need to be more focused and pointed. Additionally, the software required for a clean security system and amplifying big data, artificial intelligence, and cloud services will make data security harder is another challenge impeding healthcare cyber security solutions adoption.

Technological advancements in healthcare cybersecurity solutions will boost industry growth in the forthcoming years. Key industry players are focused on advancing innovations in cybersecurity software that provide commendable security to medical and scientific data. Previously developed software proved to be less effective and became obsolete. Newly introduced healthcare cyber security software effectively imparts maximum protection that helps the data exchange process over large networks. The loopholes and the need for updates in the previously designed healthcare cyber security system are expected to provide opportunities for developing the Global Healthcare Cyber Security Market.

Global Healthcare Cyber Security Market Segmentation Analysis

The Global Healthcare Cyber Security Market is Segmented on the basis of Threat, Offering, Security Type, End-User, and Geography.

Healthcare Cyber Security Market, By Threat

• Ransomware• Malware & Spyware• Phishing & Spear Phishing

Based on Threat, the market is segmented into ransomware, malware & spyware, and phishing & spear phishing. The ransomware threats segment is expected to account for the largest share of the overall Healthcare Cyber Security Market. It is projected to grow with the fastest CAGR during the projection period. The large share of this segment is primarily attributed to the factors such as the rise in demand for advanced solutions for data protection, the advent of crypto-currencies for ransom payment due to its untraceable nature, increase in the volume of targeted security breaches & attacks, and growing use of cloud-based services for storage.

Healthcare Cyber Security Market, By Offering

• Solutions• Services

Based on Offering, the global market is segmented into Solutions and Services. The solutions segment is anticipated to account for the largest share of the overall Healthcare Cyber Security Market. The large percentage of the segment is mainly attributed to the increase in demand for advanced security solutions, the growing number of data security& privacy concerns, the increasing need for cost-effective and robust security solutions to strengthen cybersecurity infrastructure, and increasing regulatory enforcement and security concerns.

Healthcare Cyber Security Market, By Security Type

• Network Security• Endpoint Security• Application Security• Cloud Security

Based on Security Type, the market is segmented into network security, endpoint security, cloud security, and application security. The network security segment is expected to account for the largest share of the overall Healthcare Cyber Security Market. But, the cloud security segment is slated to grow at the quickest CAGR during the projection period in the overall Healthcare Cyber Security Market. The growth segment is primarily driven by the rise in the volume of sensitive data in healthcare and the increase in the adoption of Internet of Things devices. Moreover, the increase in the adoption of cloud-based security technologies and services and the growing use of cloud services for storage are also anticipated to contribute to the growth of the cloud security segment.

Healthcare Cyber Security Market, By End-User

• Healthcare Providers• Healthcare Payers

Based on End-User, the market is segmented into healthcare providers and healthcare payers. The healthcare providers segment is anticipated to account for the highest share of the overall Healthcare Cyber Security Market. This is due to the rising awareness about electronic health records, cyberattack sophistication levels, and supportive government actions and mandates on implementing eHealth solutions and protect patient data from cyber threats. Moreover, the growing adoption and total volume of connected internet of things devices, increasing need for cloud services, rising focus on patient safety & care, and increasing investments in the development of healthcare infrastructure also boost this segment’s growth.

Healthcare Cyber Security Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

Based on Geography, the Global Healthcare Cyber Security Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The North American region is expected to account for the most significant Global Healthcare Cyber Security Market share. However, Asia-Pacific is projected to grow at the highest CAGR during the forecast period. Rise in awareness among healthcare organizations and increase in end-user spending on enhanced cyber security solutions and services, owing to the increase in the number of cyber-attacks, are projected to fuel the market growth in this region. Moreover, Rapid growth in this region can be attributed to many MNC headquarters, global R&D centers of the pharmaceutical and medical device industry. These organizations are quickly vulnerable to state and non-state agents, external hackers, and malicious insiders.

Key Players

The “Global Healthcare Cyber Security Market” study report will provide valuable insight emphasizing the global market. The major players in the market are Cisco, Palo Alto Networks, McAfee, Symantec Corporation, FireEye, Intel Corporation, Kaspersky, IBM, NORTHROP GRUMMAN CORPORATION, and Atos SE. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the players mentioned above globally.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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