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Reports - Healthcare Cybersecurity Market

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Healthcare Cybersecurity Market

Healthcare Cybersecurity Market by Solution (Identity and Access Management, Risk and Compliance Management, Antivirus and Antimalware, DDoS Mitigation), by Threat (Malware, DDoS, Advanced Persistent Threat, Spyware), by Region (North America, Europe, Asia Pacific, Latin America), by End User (Pharmaceuticals and Biotechnology, Health Insurance, Hospitals, Other End Users) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)

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Revenue Insights

Revenue 2021

USD 11.17 Billion

Revenue 2028

USD 15.25 Billion

CAGR Revenue

18.75%

Revenue 2024

USD 19.3 Billion

Revenue 2035

USD 127.1 Billion

CAGR Revenue History

18.1%

Largest Region

North America

MSA Largest Region

41.5%

Fastest Region

Asia Pacific

Map Revenue

USD 8.00 Billion

Overview


Market Synopsis:

Global Healthcare Cybersecurity market is valued at USD 11.17 Billion in 2021 and is projected to attain a value of USD 15.25 Billion by 2028 at a CAGR of 18.75% during the forecast period, 2022–2028. Increased cyber attacks, rising privacy and security concerns, and increased adoption of advanced cyber security solutions are some of the reasons driving market growth. Furthermore, the rising acceptance of cloud-based solutions in the healthcare sector, as well as the rise in usage of connected devices and smartphones, and the deployment of 5G technology, are expected to contribute to the markets growth throughout the forecast period.

COVID-19 is expected to have a favorable impact on the healthcare cyber security business. As a result of the COVID-19 outbreak, cyber attacks on clinical trial databases, virtual care platforms, diagnostic systems, and remote patient monitoring devices have increased. The likelihood of remote users using personal equipment and home internet connections that lack cyber security may leave them vulnerable to hostile assaults as the healthcare industry adopts remote and teleworking modes. Furthermore, the increasing incidence of data breaches has heightened concerns about cyber security and its importance. The COVID-19 phishing attempt also went viral, increasing demand for cyber security in the healthcare industry.



Increased the Incidence of



Cyber attacks


Medical data is ten to twenty times more valuable than credit card or banking information, making healthcare an appealing target for cyber criminals. In addition, the recent digital transformation of healthcare has increased the frequency of cyber attacks. For example, a human-operated 'Conti' ransomware attack on Irelands Department of Health and Health Service Executive (HSE) badly crippled several HSE systems and forced the shutdown of the majority of its other systems during recent cyber attacks. The above-mentioned factors are propelling the healthcare cyber security industry forward.



Lack of Trained Professionals for Operating the Cyber Security Solutions


With the advent of digital transformation, the risk of cyber attacks has increased. The scarcity of specialists to secure and manage the internet world, on the other hand, has created a great demand for cyber security experts. A persistent shortage of cyber security experts could eventually stymie "economic progress." New efforts to "democratize" were highlighted in the report "Small businesses and other organisations may profit to some extent from cyber security initiatives such as providing free security risk management tools. "Mid-size and small businesses who don't have in-house cyber security expertise are now outsourcing their security services to a variety of cyber security vendors. So, the question of the hour is how SMEs and companies might collaborate to close this gap.



Market Segmentation:


The Global Healthcare Cybersecurity Market has been segmented by Solution into Identity and Access Management, Risk and Compliance Management, Antivirus and Anti-malware, DDoS Mitigation, Security Information and Event Management, Intrusion Detection System/ Intrusion Prevention System and Others. Based on Threat into Malware, DDoS, Advanced Persistent Threat, Spyware, Lost or Stolen Devices and Others.Based on End-Use into Pharma & Chemicals, Medical Devices, Health Insurance, Hospitals and Others. Based on Region, the Healthcare Cybersecurity Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.



North America to Continue Dominating the Healthcare Cybersecurity Market


North America, Europe, and Asia Pacific accounted for the greatest proportion of the Healthcare Cybersecurity market in 2021. The presence of prominent competitors and the rising use of cyber security in healthcare companies are two key determinants of market growth. The industry is being fueled by increased expenditure in cyber security and technological innovation. Furthermore, market development is attributed to better healthcare infrastructure. In addition, the advent of innovative technologies in the healthcare industry to protect data is adding to market growth. Cisco, for example, published the latest version of the "Cisco Umbrella" in 2018. It was installed to protect medical devices and financial information against ransomware at the University of Kansas Hospital.



Key Players:


Key participants operating in the Healthcare Cyber security market are: Sonoco Products Company, Cryopak Europe, Pelican BioThermal, Cold & Co, ACH Foam Technologies Inc., Saeplast, AccsA’tech, Insulated Products Corporation, TKT GmbH, Snyder Industries, Envirotainer AB



The Healthcare Cybersecurity market is segmented as follows:



The Healthcare Cybersecurity market scope can be tabulated as below:


Renewable Power Market size, 2023 to 2032(USD Billion)

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Market Segmentation

ParameterDetails
SolutionBy Solution
  • Identity and Access Management
  • Risk and Compliance Management
  • Antivirus and Antimalware (24.8%)
  • DDoS Mitigation
  • Security Information and Event Management
  • Intrusion Detection System/ Intrusion Prevention System
  • Others
ThreatBy Threat
  • Malware (26.5%)
  • DDoS
  • Advanced Persistent Threat
  • Spyware
  • Lost or Stolen Devices
  • Others
End UserBy End User
  • Pharmaceuticals and Biotechnology
  • Health Insurance (14.7%)
  • Hospitals
  • Other End Users
RegionBy Region
  • North America (41.5%)
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Historical & Forecast Data

Base Year

2023

Historic Year

2018 - 2022

Forecast Year

2023 - 2032

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Healthcare Cybersecurity Market Valuation and Growth Forecast 2025-2035