Global Healthcare Cybersecurity Market Size By Type of Solution (Identity and Access Management, Security Information and Event Management, Antivirus and Antimalware), By Type of Threat (DDoS, Malware, Advanced Persistent Threats), By End-use (Pharma & Chemicals, Medical Devices, Health Insurance, Hospitals), By Type of Security (Network Security, Endpoint Security, Application Security), By Geogr

Healthcare Cybersecurity Market Size And Forecast

Healthcare Cybersecurity Market size was valued at USD 14.07 Billion in 2021 and is projected to reach USD 52.74 Billion by 2030, growing at a CAGR of 16.32% from 2023 to 2030.

The Healthcare Cybersecurity Market has witnessed tremendous growth in the previous few years due to the increasing cyber-attacks, privacy and security concerns, and higher adoption of advanced cybersecurity solutions. The Global Healthcare Cybersecurity Market report provides a holistic market evaluation. The report proposes a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that play a substantial role in the market.

Global Healthcare Cybersecurity Market Definition

Let's face it, cybersecurity is essential for hospitals and clinics these days. Why? Because healthcare data is like gold to hackers. Seriously, these facilities are prime targets. You probably already know it's important to protect your credit card and Social Security number, but healthcare cybersecurity is a whole different ballgame. It takes a really specialized approach to keep your medical information private, accurate, and always available. That's because patient data – what they call protected health information (PHI) – is the crown jewel. Experian says a complete medical record can fetch up to a cool $1,000! Think about itit's got your Social Security number, birthday, credit card info, address, emails, and all sorts of personal details.

A comprehensive healthcare cybersecurity program should protect data stored across all data technology systems used in an organization, such as the followingElectronic health record (EHR) systems, Medical devices, Email, Wearables, and other patient monitoring devices, Phone systems, Other software (including legacy systems), Instant messaging tools, Printers and fax machines, and other communication applications. Healthcare cybersecurity also helps protect sensitive data, including an organization’s financial records, employee files, and vendor contracts.

Global Healthcare Cybersecurity Market Overview

Internet of Medical Things devices for better patient care increases potential threats in the healthcare sector, driving up demand for advanced healthcare cyber security solutions. Healthcare cyber security firms provide healthcare institutions with services and solutions to secure their hospital’s and patients’ information from data breaches and cyber-attacks. Preserving data confidentiality, integrity, and availability is known as cyber security or information security. Cyber security is a risk management method, software, and technology to prevent digital attacks, data theft, and unauthorized access to networks, devices, healthcare data, and programs. The market has a large number of advanced healthcare cybersecurity solutions.

And get thisall those data breaches you keep hearing about? They're actually making the healthcare cyber security market even bigger! I mean, think about it. IBM's 2021 Cost of a Data Breach Report says that a single breach in healthcare cost, on average, a whopping USD 9.23 million. Yikes! Plus, the U.S. Department of Health and Human Services (HHS) says they're looking into around 592 breaches of unprotected patient data from just the last couple of years – cases affecting over 500 people each! Turns out, medical data is a goldmine for cybercriminals, worth 10 to 25 times more than your credit card or banking info.

Lately, the move to digital healthcare has, unfortunately, brought with it a surge in cyber-attacks. Take the recent attacks on Ireland's Department of Health and HSE – they were hit hard by a "Conti" ransomware attack, basically shutting down many HSE systems and forcing them to close most others. Because of stuff like this, the Healthcare Cybersecurity Market is really taking off. But, it's not all smooth sailing. Things like a lack of cybersecurity awareness in less developed countries, a serious shortage of skilled IT folks, and the hefty price tag of healthcare cybersecurity software are really slowing things down. Plus, in some places, not getting enough support from the government isn't helping either.

Global Healthcare Cybersecurity MarketSegmentation Analysis

The Global Healthcare Cybersecurity Market is Segmented on the basis of Type of Solution, Type of Threat, End-use, Type of Security, And Geography.

Healthcare Cybersecurity Market, By Type of Solution

• Identity and Access Management
• Risk and Compliance Management
• Antivirus and Antimalware
• DDoS Mitigation
• Security Information and Event Management
• Intrusion Detection System/ Intrusion Prevention System
• Others

Based on the Type of Solution, the market is divided into Identity and Access Management, Risk and Compliance Management, Antivirus and Antimalware, DDoS Mitigation, Security Information and Event Management, Intrusion Detection System/ Intrusion Prevention System, and Others. Antivirus and Antimalware segments held the most considerable market share in 2022. Diverse solutions have been developed to tackle the different threats.

Some of the critical solutions include identity and access management, risk and compliance management, Intrusion Detection System (IDS)/Intrusion Prevention System (IPS), Security Information and Event Management (SIEM), data encryption software, firewalls, antimalware software, antivirus, and others. Antivirus and Antimalware segment is expected to grow at the fastest CAGR due to the increase in the usage of such solutions.

Healthcare Cybersecurity Market, By Type of Threat

• Malware
• DDoS
• Advanced Persistent Threat
• Spyware
• Lost or Stolen Devices
• Others

Based on the Type of Threat, the market is divided into Malware, DDoS, Advanced Persistent Threats, Spyware, Lost or Stolen Devices, and Others. The malware segment dominated the market with nearly 25% share in 2022. The healthcare industry has multiple cybersecurity-related issues. It includes malware that compromises system integrity and patient privacy and Distributed Denial of Service (DDoS) attacks that disrupt providers’ ability to provide effective patient care. The ransomware attack is the broadly used malware type due to the awareness and preferences of the hackers for ransomware.

Healthcare Cybersecurity Market, By End-use

• Pharma & Chemicals
• Medical Devices
• Health Insurance
• Hospitals
• Others

Based on the End-use, the market is divided into Pharma & Chemicals, Medical Devices, Health Insurance, Hospitals, and Others. As of 2022, the hospital segment held the largest market share of around 63%. Hospitals are highly vulnerable to cyber-attack because it has incredible patient data. In addition, these attacks spiked during the pandemic, intimidating private data and patient care. It will increase the use of cyber security. For instance, a security breach at Blackbaud, a cloud computing company, exposed patient data from more than 46 health systems and hospitals.

Healthcare Cybersecurity Market, By Type of Security

• Network Security
• Endpoint Security
• Application Security
• Content Security

So, when we look at security types, the market breaks down into areas like Network Security, Endpoint Security, Application Security, and Content Security. It looks like Network Security is going to be the biggest piece of the pie in the Healthcare Cybersecurity Market. But get thiscloud security is predicted to be the fastest-growing area during this whole period! Why? Well, we're seeing just tons of sensitive data in healthcare these days, and everyone's using IoT devices more and more. Plus, companies are really starting to embrace cloud-based security and using the cloud a lot more for storage, which is really fueling that growth.

Healthcare Cybersecurity Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

When we look at the Global Healthcare Cybersecurity Market by region, we see it divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is anticipated to hold the biggest slice of the pie. But get this – Asia-Pacific is predicted to explode with growth! Why? Well, healthcare folks there are getting more clued-up about cybersecurity, and they're spending more on solutions and services to beef up their defenses because, frankly, cyber-attacks are on the rise. Plus, Asia-Pacific is booming because tons of big multinational companies have their headquarters and research hubs there for the pharmaceutical and medical device industries. Unfortunately, that makes them easy targets for all sorts of bad actors, from government-backed hackers to rogue insiders.

Key Players

The “Global Healthcare Cybersecurity Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Cisco, IBM, FireEye, Symantec, Trend Micro, MacAfee, Intel, Kaspersky, Lockheed Martin, Northrop Grumman, Imperva Inc., Fortinet Inc., Medigate Ltd, and others.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In July 2022, Clearwater, cyber risk management and HIPAA compliance solutions vendor, completed its acquisition of Tech Lock, which would enable the company to offer a 24/7 managed detection and response (MDR) solution that uses a proprietary security orchestration and response (SOAR) engine to track and respond to cyber threats. In addition, Clearwater plans to leverage Tech Lock’s industry-certified assessors to deliver PCI, HITRUST, and CMMC assessments and certifications.
• In July 2022, Google Cloud joined the Health Information Sharing and Analysis Center (Health-ISAC) as an ambassador partner to leverage its many resources and experts to work alongside industry leaders to protect and secure the healthcare sector. Following this, Google launched the Google Cybersecurity Action Team (GCAT), which seeks to align security resources and its other resources to aid the healthcare sector in enhancing cybersecurity efforts.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Healthcare Cybersecurity Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in Global Healthcare Cybersecurity Market gauge the attractiveness of a certain sector, and assess investment possibilities.

Report Scope