Healthcare Cyber Security Market

Market Overview:

The global healthcare cyber security market size reached US$ 17.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 61.5 Billion by 2032, exhibiting a growth rate (CAGR) of 15% during 2024-2032. The increasing frequency and complexity of cyber threats, the growing adoption of electronic health records (EHRs) and telemedicine services, and the rising awareness regarding the damage caused by data breaches and cyber-attacks represent some of the key factors driving the market.

Healthcare cyber security refers to the protection of electronic medical records, healthcare devices, and patient data from unauthorized access, theft, or alteration. It involves the use of various technologies, policies, and practices to ensure the confidentiality, integrity, and availability of sensitive healthcare information. It works by implementing security controls, such as firewalls, intrusion detection systems, and encryption, to prevent cyber-attacks and data breaches. It helps safeguard patient data, protect medical devices from hacking, and ensure compliance with regulatory requirements. The advantages of healthcare cyber security include improved patient privacy, reduced risk of identity theft and fraud, and enhanced trust in the healthcare system.

Healthcare Cyber Security Market Trends:

The increasing complexity and frequency of cyber threats targeting healthcare organizations represent one of the key factors providing a considerable thrust to the market. With the digitization of medical records and the interconnectedness of healthcare systems, the need to protect sensitive patient data has increased significantly, which is bolstering the market growth. Additionally, the growing adoption of electronic health records (EHRs) and telemedicine services and the stringent regulatory requirements and data protection laws imposed by governments and regulatory bodies are creating a positive outlook for the market. Moreover, the rising awareness among healthcare organizations regarding the potential reputational and financial damage caused by data breaches and cyber-attacks is fueling the market growth. Apart from this, rapid technological advancements, such as the integration of Internet of Things (IoT) devices in healthcare infrastructure and the need to safeguard critical medical devices, such as pacemakers and insulin pumps, are propelling the market growth. Furthermore, the utilization of artificial intelligence (AI) and machine learning (ML) technologies in cybersecurity solutions and the escalating number of partnerships and collaborations between healthcare organizations and cybersecurity firms are driving the market growth. Other factors, such as the burgeoning healthcare expenditure and the growing adoption of digital healthcare technologies in the recent COVID-19 outbreak, are boosting the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global healthcare cyber security market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on type of threat, type of solution and end user.

Type of Threat Insights:

• Malware
• Distributed Denial of Service (DDoS)
• Advanced Persistent Threats (APT)
• Spyware
• Others
   

The report has provided a detailed breakup and analysis of the healthcare cyber security market based on the type of threat. This includes malware, distributed denial of service (DDoS), advanced persistent threats (APT), spyware, and others. According to the report, the malware segment dominates the market.

Type of Solution Insights:

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

The report has provided a detailed breakup and analysis of the healthcare cyber security market based on the type of solution. This includes identity and access management, risk and compliance management, antivirus and antimalware, DDOS mitigation, security information and event management, intrusion detection system and intrusion prevention system, and others. As per the report, the antivirus and antimalware segment holds the largest market share.

End User Insights:

• Hospitals
• Pharmaceutical Companies
• Medical Device Companies
• Health Insurance Companies
• Others
   

The report has provided a detailed breakup and analysis of the healthcare cyber security market based on the end user. This includes hospitals, pharmaceutical companies, medical device companies, health insurance companies, and others. As per the report, the hospitals segment spearheads the market.

Regional Insights:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. As per the report, North America dominates the market. Some of the factors accelerating the North America healthcare cyber security market include growing cases of cyber threats, increased data sharing, and the implementation of various government initiatives to protect patient information.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global healthcare cyber security market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include AO Kaspersky Lab, Broadcom Inc., Cisco Systems Inc., Claroty Ltd., CyberMDX Technologies Inc. (Forescout Technologies Inc.), Cynerio Israel Ltd., FireEye, Inc. (Trellix), Forcepoint LLC, International Business Machines Corporation, McAfee LLC, Palo Alto Networks Inc., and Trend Micro Inc, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the healthcare cyber security market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global healthcare cyber security market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the healthcare cyber security industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.