Key Market Overview:
Healthcare Cyber Security Market size was valued at USD 12.8 Billion in 2022, registering a CAGR growth of 17.2% during the forecast period (2023-2030), and the market is projected to be valued at USD 44.5 Billion by 2030.
Healthcare cybersecurity refers to the protection of healthcare systems, networks, devices, and data from cyber threats such as unauthorized access, data breaches, malware, and ransomware. The healthcare industry is a frequent target of cyber-attacks due to the value of sensitive patient data, a large number of connected devices and systems, and the potential impact on patient safety. Thus, healthcare cybersecurity involves a range of measures, including risk assessments, access controls, data encryption, network segmentation, incident response planning, and ongoing monitoring and testing. Moreover, effective healthcare cybersecurity is essential for protecting patient privacy, ensuring the safe operation of medical devices, and maintaining the integrity of critical healthcare systems and data.
Many companies invest in research and development for the introduction of new products in the healthcare cybersecurity market to provide healthcare organizations with effective solutions to protect against cyber threats. For instance, in December 2022, Palo Alto Networks launched a Medical IoT Security helping healthcare organizations to deploy and manage new connected technologies quickly and securely.
Moreover, Asia-Pacific is expected to witness the fastest growth in the market of healthcare cybersecurity due to the increasing adoption of healthcare IT solutions, digital transformation initiatives, and rising cyber threats in the region. All the above-mentioned factors are expected to drive the growth of the market in the region over the forecast period.
Market Dynamics:
Driver:
- Healthcare organizations are subject to a range of regulations governing the security and privacy of patient data, such as HIPAA in the U.S., GDPR in Europe, and PIPEDA in Canada. Compliance with these regulations is a major driver of healthcare cybersecurity.
- Healthcare organizations are increasingly targeted by cybercriminals due to the large amount of valuable patient data they hold. The cyber threats include ransomware attacks, phishing, and other forms of malware. As a result, healthcare organizations invest in effective cybersecurity measures to protect their sensitive data and ensure the safe operation of their devices. The rise in cyber threats results in driving the healthcare cyber security market.
Restraint:
The latest technologies and services for cybersecurity are very expensive and many healthcare organizations have limited budgets, which makes it difficult to invest in these technologies and services thus, restraining the market growth. Furthermore, many healthcare organizations are unaware of the latest cybersecurity threats and vulnerabilities, making it difficult for them to develop and implement effective cybersecurity strategies. Hence, the growth of the market is restricted.
Opportunities:
The emergence of new cybersecurity technologies, such as artificial intelligence and machine learning, presents significant business opportunities for healthcare organizations. These technologies are expected to offer the potential to enhance the effectiveness of healthcare cybersecurity measures and stay ahead of emerging threats. Furthermore, healthcare organizations are adopting connected medical devices, thus the need for effective cybersecurity measures to secure these devices and protect patient data increases. This creates opportunities for cybersecurity solutions providers to offer specialized services and solutions that address the unique challenges associated with securing IoT devices in healthcare environments.
Healthcare Cyber Security Report Coverage
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Billion) | 44.5 Billion |
| CAGR (2023-2030) | 17.2% |
| By Component | Solution (Identity and Access Management, Antivirus/Antimalware, Risk and Compliance Management, Encryption and Tokenization, Intrusion Detection/Prevention, Firewall, Distributed Denial-of-Service (DDoS), Disaster Recovery, and Others) and Services (Consulting and Training, Managed Security Services, Professional Services, and Others) |
| By Deployment | On-Premises and Cloud-Based |
| By Security Measures | Network Security, Device Security, and Application Security |
| By End-users | Hospitals and Clinics, Pharmaceuticals and Biotech Companies, Health Insurance Providers, Medical Device Manufacturers, and Others. |
| By Geography | North America, Europe, Asia Pacific, Latin America, and Middle East, and Africa |
| Key Players | Cisco Systems, Inc., Palo Alto Networks, Inc., Atos SE, Check Point Software Technologies Ltd., Fortinet, Inc., Sophos Ltd., Juniper Networks, Inc., IBM Corporation, Fortified Health Security, and Crowdstrike Holdings. |
Market Segmentation:
By Component
The component segment is categorized into solutions (identity and access management, antivirus/antimalware, risk and compliance management, encryption and tokenization, intrusion detection/prevention, firewall, distributed denial-of-service (DDoS), disaster recovery, and others) and services (consulting and training, managed security services, professional services, and others). The solution segment dominated the market in 2022 accounting for a substantial share of the market. This is due to the presence of the most essential and foundational cybersecurity solutions including identity and access management, antivirus/antimalware, and risk and compliance management solutions. Furthermore, they provide cybersecurity solutions for any organization, including healthcare providers which results in driving the segment growth.
The services segment especially managed security services and professional services are expected to be the fastest-growing segment in the market during the forecast period. This is due to the increasing need for expert guidance and support to combat complex cyber threats which are further expected to increase the service segment growth.
By Deployment
The deployment segment is classified into on-premises and cloud-based. On-premises deployment dominated the market with the highest share in 2022. This is due to the stringent security requirements and regulatory compliance demands of the healthcare industry. Moreover, healthcare organizations often need to keep their sensitive patient data and critical systems within their premises to ensure maximum control and protection. Thus, the high demand for the on-premises segment in the healthcare industry has driven segment growth.
Furthermore, the cloud-based deployment segment is expected to show steady growth during the forecast period. This is because cloud-based offer several benefits, such as scalability, flexibility, and cost-effectiveness, which are important for healthcare organizations facing security threats and budget constraints. All these factors are expected to drive segment growth during the forecast period.
By Security Measures
The security measures segment is categorized into network security, device security, and application security. Network security dominated the application segment in the market and generated the highest revenue in 2022. This is attributed to the widespread use of network security to protect the computer networks of various healthcare organizations from cyber threats which is the key factor driving the segment growth.
Moreover, application security is likely to grow at the fastest CAGR during the forecast period. This is due to the healthcare industries increasing adoption of mobile and web applications to support their operations and services which is anticipated to increase the segment growth over the forecast period.
By Region
The regions include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the market and hold the largest revenue share in 2022. This is due to the presence of a large number of healthcare organizations, increasing cyber threats, and the high adoption of advanced cybersecurity solutions. All these factors are driving the segment growth. Furthermore, Asia Pacific is expected to show steady growth during the forecast period. This is due to the rising investments in healthcare IT infrastructure along with the increasing adoption of digital technologies in the healthcare industry. These all are the key factors expected to increase the growth of the market in the region.
Healthcare Cyber Security Market Competitive Landscape:
The healthcare cybersecurity market is highly competitive, with several large players and numerous small and medium-sized enterprises. These companies offer a range of cybersecurity solutions and services, including data protection, threat detection, and risk management. The market is also characterized by partnerships, collaborations, and mergers and acquisitions, as companies strive to expand their capabilities and reach in the rapidly evolving healthcare cybersecurity space. The key players in the market include-
- Cisco Systems, Inc.
- Palo Alto Networks, Inc.
- Atos SE
- Check Point Software Technologies Ltd.
- Fortinet, Inc.
- Sophos Ltd.
- Juniper Networks, Inc.
- IBM Corporation
- Fortified Health Security
- Crowdstrike Holdings
Recent Developments:
- In October 2022- Cisco Systems, Inc. acquired Replex, an enterprise software company based in Germany. This acquisition will help Cisco Systems Inc., to expand its product and engineering capabilities to better observe enterprise-scale, cloud-native environments.
- In August 2022- Nordic Consulting Partners, Inc. announced an exclusive partnership with Fortified Health Security. This partnership will help Nordic Consulting Partners, Inc. to expand its portfolio of client solutions in the areas of strategic advisory, digital and cloud initiatives, implementation and support, and enterprise technology transformation.
- In February 2022- Ordr, Inc. announced the expansion of its partnership with Fortinet, Inc. a provider of cybersecurity solutions. The partnership will enable the delivery of an integrated solution to address the security challenges posed by the widespread use of IoT and unmanaged devices in enterprise networks.
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