Healthcare Cybersecurity Market

Healthcare Cybersecurity Market Size (2022 to 2027) 

As per our report, the global healthcare cybersecurity market size is estimated to be worth USD 24.58 billion by 2027 and USD 10.84 billion in 2022, growing at a CAGR of 17.80% during the forecast period.

Organizations operating in the Healthcare domain face numerous threats from cyber-attacks, and hospitals are spending huge money to prepare firewalls and protect their patients' data. Healthcare cybersecurity system helps to prevent personal information about patients and prevention from medical frauds. The newly introduced telemedicine consulting and other online platforms for treating chronic disease patients are propelling the growth of the healthcare cybersecurity market. Recently, the FDA takes action on cybersecurity vulnerabilities in medical devices industries and working on a variant software to reduce cyber-attack in the healthcare sector. The FDA has also taken the initiative to provide safety, efficacy, and security-related human drugs, veterinary drugs, biologic products, cosmetics, and other healthcare-related products in the forthcoming years in the global market.

MARKET DRIVERS:

Y-O-Y growth in the healthcare data and rise in the number of cyber-attacks in the healthcare industry are majorly propelling the global healthcare cybersecurity market growth.

Factors such as the growing number of healthcare cyber-attacks in developed and developing countries drive the global healthcare cybersecurity market. Rising security and regulatory compliance regarding issues are in North America and Europe. According to the Data Breach Barometer report, there were 31,611,235 healthcare records exposed in 2019; it is double compared to 2018. In addition, several institutes are trying to protect mobile devices' fraud, fueling cybersecurity software growth in the market. Increasing the use of the internet of things (IoT) devices in the healthcare industry and developing variant software to protect medical fraud is the key driver of the healthcare cybersecurity market globally. 

Additionally, increasing cyber-crime cases in the health care sector, such as data stealing, mining, thefts, increases market size. Government initiatives to help cybersecurity systems and tighten them play an essential role in holding up this market with the highest shares. Ransomware and Malware are heard frequently in medical data thefts and hackings. Hence upgraded cybersecurity systems have been adopted by health care professionals, and this augments market growth.

MARKET RESTRAINTS:

Lack of awareness about healthcare cybersecurity in undeveloped countries, lack of trained professionals in the IT sector, and the high costs associated with the healthcare cybersecurity software in underdeveloped regions are majorly hampering the market's growth. In addition, less support from government authorities in some countries is slowly hampering the market's demand. 

Cybersecurity management requires a lot of skilled workers and staff. The lack of skilled trainers and staff has become a concern for this market. And technological improvements need to be more focused and pointed. The software solutions updates are required on a day-to-day basis. Additionally, the software necessary for a clean security system and the amplification in big data, cloud services, and artificial intelligence will make data security harder.

The healthcare cybersecurity market and management spending is high and consumes most of its economic income.

COVID-19 IMPACT ON THE HEALTHCARE CYBERSECURITY MARKET:

An increase in the number of cases, the spread of infection, and the death toll is observed recently. This pandemic outbreak has taught us that social distancing is the only key to stopping and preventing the spread of infection. Every healthcare market in COVID times is impacted negatively. The world’s economy got affected in the same way. The cybersecurity market needs many human resources and skilled staff for the proctoring and software updates; it became harder to achieve this. The stringent lockdown and regulations made halts in market growth.

REPORT COVERAGE:

This research report on the global healthcare cybersecurity market has been segmented and sub-segmented based on type, security, end-users, and region.

Healthcare Cybersecurity Market - By Type:

• Ransomware 
• Malware and spyware
• Distributed Denial of Services (DDoS)
• Phishing and spear-phishing

Based on the type, the Ransomware segment has the most substantial growth in the healthcare cybersecurity market in 2020. These days, increasing data breaches caused by utilizing this software are attributed to this segment's development. Also, the awareness and preference of hackers for ransomware are contributing to growth in the segment. 

Healthcare Cybersecurity Market - By Security Type:

• Application Security
• Cloud Security
• Content Security
• Endpoint Security
• Network Security
• Wireless Security
• Other

Based on the security type, the Application security segment has the fastest growth in the healthcare cybersecurity market. The more awareness related to the availability of advanced technologies software that protects viruses, spam emails, and other unauthorized access is fuelling the market's demand. 

Healthcare Cybersecurity Market - By End Users:

• Pharmaceutical Industries
• Biotechnology Industries
• Hospitals
• Medical Devices Companies
• Health Insurance Companies
• Other

Based on the end-users, the Pharmaceutical industry segment held the majority of the market revenue. However, cybercriminals target private pharmaceutical companies, mainly globally, to create more advanced safety and cybersecurity strategies for healthcare networks.

Healthcare Cybersecurity Market - By Region:

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

Geographically, the North American healthcare cybersecurity market was valued at more than 3.5 billion in 2019 and is expected to grow due to rising digital healthcare facilities and increasing the highest number of data breach cases in the region. According to US data breaches and exposed records, there were 1473 data breaches, with over 164.68 million sensitive records exposed in 2019. Prominent vital players and renowned organizations increase market growth for cyber healthcare security in North America. The USA holds the most massive revenue in the healthcare cybersecurity market, followed by Canada.

USA and Canada are the countries that have the largest health care Market and infrastructure. North America is also a technologically developed region and provides a broader range of services and collaborations to advance. Awareness created by the government in people for early detection of diseases and usage of the mHealth market and its benefits increased the geriatric population among North American countries are augmenting factors for the growth of the healthcare cybersecurity market.

The Asia-pacific healthcare cybersecurity market is expected to reach in-market due to the rising number of technologically advanced anti-virus software that can protect from viruses. The developed countries have more demand for healthcare cybersecurity and rapid improvement in the region's pharmaceutical and biotechnology industries. Innovative progress and framework and design for the protection of data and preserving it are seen. Safety measures to protect the patient's information have become the most crucial concern. Henceforth, medical services experts have begun embracing overhauled cybersecurity programming that supports provincial market development to keep up information uprightness.

The European healthcare cybersecurity market has the fastest growth in the market. Many medical device companies’ presence in Europe and people moving towards cybersecurity in the hospital drive the market's growth. Europe is the second-largest region In the global market. It is due to highly developed medical and infrastructures, technology, and developments, services. In addition, increased spending of the economy in the health care sector and cybersecurity improved and developed healthcare; IT drives the market growth in this region.

Government and private hospitals in the Middle East region and beyond are warned by WHO due to an increased risk of ransomware cyber-attack in this Covid-19 pandemic.

MAJOR SERVICE PROVIDERS:

Some of the notable companies operating in the global healthcare cybersecurity market profiled in this report are McAfee, LLC, FireEye, Atos SE, Palo Alto Networks, Inc., Cisco Systems, Inc., Fortified Health Security, Lockheed Martin Corporation, Palo Alto Networks, Inc., Booz Allen Hamilton, Inc., and IBM Corporation.

RECENT MARKET DEVELOPMENTS:

• In 2020, GE healthcare came up with a new cybersecurity solution (skeye) to detect, analyze, and respond to cybersecurity threats in private and government hospitals. Also, this company offers 360-degree threat visibility and resolution to defend against vulnerabilities. 
• In 2019, Atos launched its first comprehensive cybersecurity solution to manage security services, cloud security, and identity management in the healthcare sector. It offers almost 300 healthcare organizations across the US to adopt these strategies against cyber-attacks.
• In 2019, Medigate announced to expand clinical IoT and general IoT medical devices that enable accurate and comprehensive medical device management to protect from the risk of cyber-attacks.