Healthcare Cyber Security Market: Global Industry Analysis and Forecast (2023-2029)

Global Healthcare Cyber Security Market size was valued at US$ 14.91 Bn. in 2022 and the total revenue is expected to grow at a CAGR of 18.3% from 2023 to 2029, reaching nearly US$ 48.33 Bn.
Healthcare Cyber Security Market Overview:
Healthcare Cyber Security Market is expected to reach US$ 48.33 Bn. by 2029. In healthcare, cybersecurity refers to safeguarding electronic data and assets from unwanted access, use, and disclosure. The "CIA triad," or securing the confidentiality, integrity, and availability of information, are the three objectives of cybersecurity. The different segments of the Healthcare Cyber Security market are the target of this report (Type of Solution, Type of Threat, End-Use, and Region). The major industry players and regions are thoroughly examined in this report (North America, Asia Pacific, Europe, Middle East & Africa, and South America). It offers a comprehensive examination of today's rapid advancements in a variety of industries. The major data analysis for the historical era from 2018 to 2022 is presented using facts and numbers, visualisations, and presentations. The market drivers, restraints, opportunities, and challenges for Healthcare Cyber Security are examined in this report. The MMR report's investment suggestions are based on a thorough examination of the current competitive environment in the Healthcare Cyber Security market.To know about the Research Methodology:-Request Free Sample Report
Healthcare Cyber Security Market Dynamics:
Increased cyber-attacks, rising privacy and security concerns, and increased adoption of advanced cyber security solutions are some of the drivers driving the market. Furthermore, factors such as the increased usage of cloud-based solutions in the healthcare sector, the rise in adoption of connected devices and smart phones, and the deployment of 5G technologies are expected to contribute to the market's growth during the forecast period.

The usage of Internet of Medical Things devices for better patient care raises possible risks in the healthcare industry, driving rising need for advanced cyber security solutions in the sector. Healthcare cyber security organisations provide cyber security services and solutions to hospitals and patient information to protect them from data breaches and cyber-attacks. Cyber security, often known as information security, is the process of ensuring the confidentiality, integrity, and availability of data. Cyber security is a risk management approach, software, and technology that aim to protect networks, devices, healthcare data, and programmes from digital attacks, data theft, and illegal access. There are numerous innovative healthcare cyber security solutions on the market.

Furthermore, the growing number of data breaches in the healthcare industry drives the growth for cyber security. According to IBM's Cost of a Data Breach Report from 2022, the average cost of a data breach in the healthcare industry in 2022 was USD 9.23 million. In addition, the Office for Civil Rights is investigating about 592 breaches of unsecured protected patient data that affected more than 500 people in the last two years, according to the Secretary of the United States Department of Health and Human Services (HHS).

Medical data is ten to twenty times more valuable than credit card or banking information, making healthcare an appealing target for cybercriminals. In addition, the recent digital transformation of healthcare has increased the frequency of cyber-attacks. For example, a human-operated 'Conti' ransomware attack on Ireland's Department of Health and Health Service Executive (HSE) badly crippled numerous HSE systems and forced the shutdown of the majority of its other systems during recent cyber attacks. These factors are expected to drive the healthcare cyber security market growth during the forecast period.
Healthcare Cyber Security Market Segment Analysis:
The Healthcare Cyber Security Market is segmented by Type of Solution, Type of Threat, and End-Use.

Based on the End-Use, the market is segmented into Pharma & Chemicals, Medical Devices, Health Insurance, Hospitals, and Others. Hospitals segment is expected to hold the largest market share of xx% by 2029. Hospitals are particularly vulnerable to cyber-attacks because they keep vast amounts of patient data. Furthermore, during a pandemic, these attacks increase, putting private data and patient care at risk. Cyber security will be used more frequently. For example, patient data from more than 46 health systems and hospitals was exposed due to a security incident at Blackbaud, a cloud computing business.

Annual advertising spending climbed by 64 percent for the next two years after a security breach in hospitals, according to a report published in the American Journal of Managed Care in 2018. This additional cost enables hospitals to rebuild their patient base and compete with their market competitors. Implementing a better data security system, which is expected to raise cyber security investment in hospitals, can avert such expenses to the healthcare system.

Based on the Type of Threat, the market is segmented into Malware, DDoS, Advanced Persistent Threat, Spyware, Lost or Stolen Devices, and Others. Malware segment is expected to grow rapidly at a CAGR of 18.3% during the forecast period 2023-2029. Multiple cyber security risks plague the healthcare industry. It comprises malware that compromises system integrity and patient privacy, as well as DDoS attacks that make it difficult for providers to offer effective patient care. Because of the hackers' awareness and predilection for ransomware, ransomware is the most widely employed malware type.
Regional Insights:
The North American region is expected to dominate the Healthcare Cyber Security Market during the forecast period 2023-2029. The North American region is expected to hold the largest market share of 18.3% by 2029. Because of the privacy and security concerns involved with digital patient records, the healthcare industry is one of the most heavily regulated in the United States. Regulations such as the Health Insurance Portability and Accountability Act (HIPAA) and the Health Information Technology for Economic and Clinical Health (HITECH) Act are assuring that cybersecurity penetration rates in the country's healthcare industry continue to rise.

In the years 2021 and 2022, hundreds of healthcare facilities across the United States were targeted. According to the Wall Street Journal, the criminal gang Ryuk, which has ties to Russian security agencies, was responsible for one-third of all ransomware assaults in the United States in 2021. Ryuk has infected at least 235 general hospitals and inpatient mental facilities in the United States, as well as dozens of additional health-care organisations.

The United States has an average of 10 to 15 networked medical devices per hospital bed, which means huge healthcare organisations must secure tens of thousands of medical devices, many of which are quite trivial to hack. The digitization of healthcare infrastructure aided huge advances in inpatient treatment while also opening up new attack vectors. These are the key factors that are expected to drive the growth of the region in the Healthcare Cyber Security Market during the forecast period 2023-2029.

The objective of the report is to present a comprehensive analysis of the Global Healthcare Cyber Security Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Healthcare Cyber Security Market dynamic and structure by analyzing the market segments and projecting the Global Healthcare Cyber Security Market size. Clear representation of competitive analysis of key players by Distribution Channel, price, financial position, product portfolio, growth strategies, and regional presence in the Healthcare Cyber Security Market make the report investor’s guide.
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Global Healthcare Cyber Security Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 14.91 Bn.


Forecast Period 2023 to 2029 CAGR:
18.3%
Market Size in 2029:
US $ 48.33 Bn.


 Segments Covered:
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


by Type of Threat
Malware
DDoS
Advanced Persistent Threat
Spyware
Lost or Stolen Devices
Others


by End-Use
Pharma & Chemicals
Medical Devices
Health Insurance
Hospitals
Others



Healthcare Cyber Security Market, by Region:
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players:
1. Kaspersky Lab
2. Cisco Systems, Inc.
3. IBM Corporation
4. MacAfee, Inc.
5. Northrop Grumman Corporation
6. Palo Alto Networks, Inc.
7. FireEye, Inc.
8. Sensato
9. Symantec Corporation
10. Lockheed Martin Corporation
11. Broadcom Inc.
12. Atos SE
13. Intel Corporation
14. Imperva
15. Fortified Health Security
16. Trend Micro Incorporated
17. Medigate
18. Dell, Inc.

Frequently Asked Questions:

1] Which region is expected to hold the highest share in the Healthcare Cyber Security Market?
Ans. North America is expected to hold the highest share in the market.

2] Who are the top key players in the Healthcare Cyber Security Market?
Ans. Kaspersky Lab, Cisco Systems, Inc., IBM Corporation, MacAfee, Inc., Northrop Grumman Corporation, and Palo Alto Networks, Inc. are the top key players in the Healthcare Cyber Security Market.

3] Which segment is expected to hold the largest market share in the Healthcare Cyber Security Market by 2029?
Ans. Hospitals segment is expected to hold the largest market share in the market by 2029.

4] What is the market size of the Healthcare Cyber Security Market by 2029?
Ans. The market size of the market is expected to reach US $48.33 Bn. by 2029.

5] What was the market size of the Healthcare Cyber Security Market in 2022?
Ans. The market size of the market was worth US $14.91 Bn. in 2022.