New York, Dec. 11, 2023 (GLOBE NEWSWIRE) -- According to the market.us, the Global Healthcare Cybersecurity Market had a valuation of USD 22.5 Billion in 2023 and is anticipated to achieve USD 93.6 Billion by 2032. Over the period from 2023 to 2032, experts estimate that this market will experience a Compound Annual Growth Rate (CAGR) of 17.7%.
The demand for cybersecurity solutions that specifically serve healthcare organizations continues to rapidly expand. Multiple factors drive this growth, including the rising frequency and impact of data breaches within the healthcare industry, and an increase in cyberthreats targeting new health IT systems and cloud platforms. As healthcare providers digitize patient records and utilize connected medical devices, they become more vulnerable to attacks. At the same time, new regulations call for improved safeguards to protect sensitive patient information. To meet these challenges, healthcare groups increasingly invest in specialized network, endpoint, application, and cloud security tools offered by established cybersecurity firms as well as healthcare-focused providers.
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Industry analysis predicts the need for healthcare cybersecurity products and services will remain high in the years ahead. The healthcare sector's digital transformation, along with an evolving cyberthreat landscape, necessitates strong defenses to mitigate potential attacks, leaks, and data theft. Cybersecurity vendors catering to healthcare continue to see growing demand as organizations prioritize security in their IT budgets. Established tech providers and specialized startups address needs for cloud, network, application, and endpoint security, helping healthcare groups manage risk and comply with data protection regulations.
Key Takeaway:
- Market Growth: In 2022, the worldwide healthcare cybersecurity market reached an impressive USD 19.1 billion, and Anticipated Compound Annual Growth Rate (CAGR) stands strong at 17.7% from 2023 to 2032.
- Threat Dominance: Malware and spyware, particularly ransomware, pose a significant threat, impacting a staggering 92 healthcare institutions in the United States.
- Deployment Modes: Cloud-based deployment takes the lead, currently contributing over 41% of North America's healthcare cybersecurity market revenue. Scalability benefits are the driving force behind this dominance.
- By Component: The solutions sector, encompassing Intrusion Detection Systems (IDS/IPS) and antivirus tools, commands the largest market share. The surge in demand for advanced security operations propels this dominance.
- Security Dominance: Cloud security emerges as the fastest-growing segment, fueled by the increased use of Internet of Things (IoT) devices in healthcare settings.
- Major End-User: Healthcare payers claim the largest share in market revenue, buoyed by a heightened awareness of electronic health records and governmental initiatives to safeguard patient information.
- Geographical Dominance: North America dominates the healthcare cybersecurity market with a robust revenue share exceeding 41%. This dominance is attributed to major companies and an increased adoption of cybersecurity measures in the healthcare sector.
Factors Affecting the Growth of the Healthcare Cybersecurity Industry
The Healthcare Cybersecurity industry experiences robust growth due to several interrelated factors. Cyber threats are on the rise, targeting the healthcare sector for its vast stores of sensitive patient data. As digitalization becomes widespread, electronic health records (EHRs) and digital health technologies expand the attack surface, necessitating advanced cybersecurity solutions. Stringent regulatory standards, such as HIPAA, mandate data protection, compelling healthcare organizations to invest in cybersecurity. The growing interconnectedness of healthcare systems and the global sharing of patient information amplify the need for comprehensive cybersecurity strategies, fostering industry development.
Moreover, increased awareness among healthcare professionals and ongoing technological advancements, including AI and machine learning, contribute to a higher demand for innovative cybersecurity solutions tailored to the unique challenges of the healthcare landscape. Investment in research and development, coupled with a shortage of cybersecurity professionals, further propels the industry's growth.
Regional Analysis
North America commands a significant market share of over 41% in healthcare cybersecurity, fueled by major companies and heightened adoption within healthcare organizations. Market expansion is underpinned by substantial investments in technology and cybersecurity, alongside ongoing infrastructure development in the healthcare sector. The introduction of cutting-edge products, exemplified by Cisco's 2018 release of "Cisco Umbrella" at the University of Kansas Hospital, actively contributes to safeguarding patient data, defending against ransomware, and ensuring the security of both medical equipment and financial information.
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Scope of the Report
| Report Attributes | Details |
| Market Value (2023) | US$ 22.5 Billion |
| Forecast Revenue 2032 | US$ 93.6 Billion |
| CAGR (2023 to 2032) | 17.7% |
| North America Revenue Share | 41% |
| Base Year | 2022 |
| Historic Period | 2018 to 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The demand for cybersecurity in the healthcare sector is on the rise due to increasing cybercrime, heightened healthcare spending, and the growing significance of cybersecurity. Predictions indicate a sustained market growth driven by international government measures safeguarding personal information. Healthcare entities, including hospitals and pharmaceutical firms, must prioritize security, especially with the surge in internet and device usage. The COVID-19 pandemic further accentuated this need, with the widespread adoption of remote access devices in the industry.
Market Restraints
The healthcare cybersecurity market anticipates growth, albeit hindered by limitations stemming from a lack of awareness among healthcare professionals regarding the critical importance of cybersecurity, particularly in the context of security software. Medical records, valuable yet risky, pose a dual challenge for healthcare companies. The black market capitalizes on personal information, including social security numbers and bank details. Staying vigilant against these risks and adapting to technological advancements becomes imperative in safeguarding sensitive healthcare data.
Market Opportunities
The healthcare industry is experiencing a surge in phishing incidents amid the pandemic, driving growth in the cybersecurity market. With increased internet and digital platform usage across various sectors, including healthcare, the demand for robust cybersecurity solutions is on the rise. Governments and healthcare organizations are actively investing in advanced cybersecurity systems to counter the escalating threat of data breaches. This heightened focus on healthcare cybersecurity underscores its emergence as a pivotal sector in response to the growing challenges posed by cyber threats.
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Report Segmentation of the Healthcare Cybersecurity Market
Threat Insight
In the realm of cybersecurity within the healthcare sector, the malware and spyware domain has emerged as a predominant concern. This sector faces a myriad of challenges, encompassing threats such as malware jeopardizing patient privacy and system integrity, along with Distributed Denial of Service (DDoS) assaults impeding healthcare professionals in delivering optimal patient care.
Notably, ransomware attacks have taken center stage due to hackers' proclivity, with at least 92 U.S. healthcare institutions falling victim. These malicious attacks resulted in criminals demanding a minimum of $169,446 in ransoms from the healthcare sector, ultimately netting them approximately $15.6 million. The gravity of these cybersecurity issues underscores the critical need for robust protective measures in the healthcare landscape.
Deployment Mode Insight
The cloud-based segment dominates in deployment mode of the healthcare cybersecurity sector, where the cybersecurity solution is hosted on external platforms like Amazon Web Services (AWS) or Microsoft Azure. This approach facilitates seamless scalability for healthcare organizations and often entails lower initial expenses. However, concerns about data privacy and security may arise. Alternatively, on-premises deployment involves installing and running the cybersecurity solution on the organization's servers, offering complete control over data and system security. Nevertheless, this option demands a substantial investment in hardware and ongoing maintenance. Balancing the advantages and drawbacks of each deployment mode is crucial for healthcare entities navigating the complex landscape of cybersecurity solutions.
Component Insight
Predictions indicate that the healthcare cybersecurity market will be dominated by the solutions sector, holding the largest market share. This can be attributed to the growing demand for advanced security operations solutions, heightened concerns regarding data security and privacy, and the increasing need for reliable yet cost-effective security solutions to fortify cybersecurity infrastructure. The market is expected to witness significant growth due to the escalating sophistication of cyberattacks, heightened awareness of electronic health records (EHRs), and an uptick in regulatory enforcement, underscoring the imperative for robust protection measures.
Security Insight
The healthcare cybersecurity market is witnessing robust growth across various segments. With a commanding position and the fastest Compound Annual Growth Rate (CAGR), Cloud Security is pivotal in safeguarding patient information amid the increasing migration to cloud platforms. Network Security remains crucial, addressing vulnerabilities in healthcare networks to thwart unauthorized access. Simultaneously, Endpoint Security gains traction as healthcare professionals utilize diverse devices, emphasizing the need for comprehensive endpoint protection. Application Security plays a vital role in securing software applications integral to healthcare operations. The dynamic growth across these segments reflects the industry's commitment to fortifying cybersecurity amidst evolving technological landscapes.
End-User Insight
The healthcare payers segment holds the largest market share in revenue among end users, driven by factors such as growing awareness of electronic health records, heightened concerns about data security, and various government initiatives supporting e-health solutions. Additionally, the implementation of rules and regulations for e-health solutions reflects a concerted effort by governments to safeguard patient information from cyber threats.
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Market Segmentation
Based on Threat
- Ransomware
- Malware & Spyware
- Distributed Denial-of-Service (DDoS)
- Advanced Persistent Threat (APT)
- Phishing & Spear Phishing
Based on Deployment Mode
- On-Premises
- Cloud-Based
Based on Component
- Solutions
- Identity and Access Management
- Intrusion Detection System (IDS)/ Intrusion Prevention System (IPS)
- Antivirus and Antimalware
- Risk and Compliance Management
- Distributed Denial of Service (DDoS) Mitigation
- Security Information and Event Management (SIEM)
- Firewall
- Unified Threat Management
- Services
- Managed Security Services
- Deployment & Integration
- Support & Maintenance
Based on Security
- Network Security
- Endpoint Security
- Cloud Security
- Application Security
Based on End-User
- Hospital
- Pharmaceutical and Biotechnology Industries
- Healthcare payers
- Other End-Users
By Geography
- North America
- US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Competitive Landscape
The healthcare cybersecurity market is poised for growth, driven by substantial investments from key industry players aiming to develop technologically advanced solutions for a competitive edge. A noteworthy example is IBM's announcement in November 2021, outlining its intent to enhance cybersecurity and response capabilities through the acquisition of Reaqta, a Dutch company specializing in threat detection and response. This strategic move reflects the industry trend of major players actively bolstering their cybersecurity offerings, anticipating an escalating demand for cutting-edge technologies to safeguard healthcare systems from evolving threats.
Market Key Players
- IBM
- Symantec
- Macafee
- Kaspersky
- Northrop Grumman
- Fortinet Inc
- Cisco
- Trend Micro
- Imperva Inc
- Lockheed Martin
- Medigate Ltd
- Fire eye
- Intel LLC
- Atos SE
- Palo Alto Networks, Inc.
- Booz Allen Hamilton, Inc.
- Other Key Players
Recent Developments in the Healthcare Cybersecurity Market
- February 2023: Symantec, Released Symantec Endpoint Detection and Response (EDR) 4.0 with enhanced ransomware protection and machine learning capabilities for healthcare.
- March 2023: IBM, Launched AI-powered X-Force Red healthcare threat intelligence service, providing personalized insights and threat modeling for healthcare organizations.
- April 2023: Northrop Grumman, Launched Mission Essential Cybersecurity solutions for healthcare, including threat intelligence, incident response, and cybersecurity consulting services.
- May 2023: McAfee, Launched MVISION Insights for Healthcare, a cloud-based threat intelligence platform specifically designed for healthcare organizations.
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- Healthcare IT Market size is expected to be worth around USD 1,728 Billion by 2032 from USD 374 Billion in 2023, growing at a CAGR of 17% during the forecast period from 2023 to 2032.
- Healthcare Internet Of Things (Iot) Security Market is projected to reach a valuation of USD 36269.26 Mn by 2032 at a CAGR of 36%, from USD 1675.52 Mn in 2022.
- Patient Portal Market size is expected to be worth around USD 21.9 Billion by 2033 from USD 3.5 Billion in 2023, growing at a CAGR of 20.1% during the forecast period from 2024 to 2033.
- ePharmacy Market size is anticipated to reach approximately USD 258.6 billion by the year 2033, at a CAGR of 19.8% over the forecast period spanning from 2024 to 2033.
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