Healthcare Cyber Security Market

Healthcare cybersecurity has been growing at a rapid pace over the last few years. Cyberattacks in the healthcare industry is one of the primary factors causing a significant loss to the industry. In the last few years, hacking into information and information technology (IT) security breaches have risen at a steady rate, and many healthcare organizations have struggled to prevent their data from cybercrime.

The Healthcare Cyber Security Market Share is expected to grow at CAGR of 17.3% to reach USD 55.61 Billion by 2030.

Healthcare Cyber Security Growth Boosters

The global healthcare cybersecurity market is estimated to put a strong foundation of propelling growth on the increasing need for network security, a type of IT security widely sought by healthcare organizations. Access control and distributed denial-of-service (DDoS) mitigation are some of the extremely sophisticated types of network security solutions that ensure esteem protection.

Interestingly, the end-user expenditure on the healthcare cybersecurity market is prognosticated to continue seeing an ascend owing to its mounting awareness. In the year 2016, network security displayed a maximum performance in the market. Other types of security, such as cloud, wireless, and application, could also contribute to the overall growth in the future.

While cyber-attacks are prophesied to be amongst the crucial drivers of growth in the global healthcare cybersecurity market, data breaches could be in the run. An escalating count of healthcare institutions is also expected to take to cybersecurity solutions to protect patients and their data as well. The implementation of connecting medical devices and digital medical record systems coupled with the surging practice of tablets, laptops, Smartphones, and other devices is foretold to set the tone for a valuable demand in the market.

As observed, in the current time, cybersecurity technologies and solutions are evolving owing to the changing threat landscape, where threats are becoming smarter and destructive. In today’s connected health environment, cybersecurity is no longer an option or afterthought, whereas it is a powerful strategic asset that is being addressed by every organization.

Furthermore, some of the other key factors driving the healthcare security market are the escalating cyber-attack threat. Recent estimates by MRFR suggest that in the period from 2010 to 2014, approximately 37 million healthcare records were compromised in data breaches. Moreover, mount in patent infringement cases, medical identity fraud, business records, and loss of patient health records is expected to boost the healthcare cybersecurity market during the forecast period.

On the contrary, the factor of lack of awareness about cybersecurity related to the healthcare industry would act as a limiting factor, thereby hampering the growth of the healthcare cybersecurity market.

Healthcare Cyber Security Market Outlook and Analysis by Threat Type (Malware, Distributed Denial-Of-Service (DDOS), Advanced Persistent Threat (APT) ), Solution Type (Antivirus and Antimalware, Risk and Compliance Management, Security Information and Event Management (SIEM), DDOS Mitigation, Identity and Access Management and others), End User (Hospitals and Clinics, Pharmaceuticals and Biotechnology Industries, Health Insurance Companies, Medical Devices Companies) - Forecast till 2030

Major Key Players:

MRFR recognizes the following Key Market Players are —Cisco Systems, Inc. (US), IBM (US), McAfee, LLC (Canada), Symantec Corporation (US), FireEye, Inc. (US), Palo Alto Networks, Inc. (US), DXC Technology Company (US), Trend Micro Incorporated (Japan), Booz Allen Hamilton Inc. (US), and SENSATO CYBERSECURITY SOLUTIONS (US).

Segment Analysis

The Global Healthcare Cyber Security Market has been segmented into threat type, solution type, and end user. By threat type, the market has been segmented into distributed denial-of-service (DDOS), malware, advanced persistent threat (APT) , and others. Based on solution type, the global healthcare cybersecurity market has been segregated into risk and compliance management, antivirus and antimalware, security information and event management (SIEM), DDOS mitigation, identity and access management, and others.

Regional Analysis

The Global Healthcare IT Security Market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.

The Americas are expected to hold the largest share of the global healthcare cybersecurity market. This is owing to the increasing case of data breaching, rising cyberattacks on pharmaceutical companies, and healthcare facilities are boosting the market growth in this region.

The Europe market holds the second-largest position in the global healthcare cybersecurity market due to the high spending on healthcare IT, the presence of a large number of pharmaceutical companies, and innovation of new software to protect the healthcare data boosts the market growth in this region. 

Asia-Pacific is estimated to be the fastest-growing region owing to the rapid development in technology, and the presence of enormous opportunities for the development of the market drives the growth of the Asia-Pacific healthcare cybersecurity market.  

The healthcare cybersecurity market in the Middle East & Africa accounts for the least market share due to the adequate healthcare infrastructure support accounted for a relatively smaller market share in 2018.

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