Healthcare Cyber Security Market by Threat Type (Malware, Distributed Denial-Of-Service (DDOS), and Advanced Persistent Threat (APT)), by Solution (Antivirus & Antimalware, Risk & Compliance Management, Security Information & Event Management (SIEM), DDOS Mitigation, Identity & Access Management, and Others), by Security (Cloud security, Network security, Endpoint security, and Others) and by End User (Hospitals & Clinics, Pharmaceuticals & Biotechnology Industries, Health Insurance Companies, and Medical Devices Companies) – Global Opportunity Analysis and Industry Forecast 2023-2030

Healthcare Cyber Security Market

Industry:  Life Sciences & Healthcare | Publish Date: Sep 2023 | No of Pages:  N/A | No. Tables:  N/A | No. Figures:  N/A

Market Definition

The global Healthcare Cyber Security Market size was valued at 16.50 billion in 2022 and is predicted to reach 56.14 billion by 2030 with a CAGR of 16.5% from 2023-2030. Healthcare cybersecurity refers to the practice of protecting healthcare systems, networks, and data from unauthorized access, use, disclosure, disruption, modification, or destruction. It involves implementing measures and protocols to safeguard sensitive patient information, medical records, and critical infrastructure from cyber threats, such as malware, ransomware, phishing attacks, and unauthorized access attempts.

Healthcare cybersecurity aims to ensure the confidentiality, integrity, and availability of healthcare data and systems, and safeguard patient privacy, maintaining the trust of stakeholders, and mitigating potential risks and vulnerabilities in the digital healthcare environment. 

Market Dynamics and Trends

The demand for healthcare cyber security is increasing due to digitalization and the adoption of various digital platforms in the healthcare industry to improve the healthcare system and maximize outcomes. With the increasing number of cyber-attacks targeting healthcare organizations, there is a growing demand for healthcare cyber security solutions. Companies specializing in healthcare cyber security provide services and solutions to safeguard healthcare institutions and patient data, protecting them from data breaches and cyberattacks.

Also, both public and private healthcare sectors are taking various initiatives to protect personal information of patients that will significantly boost the growth of healthcare cyber security market.  Moreover, the rising trends of shifting patient’s data to cloud due to growing healthcare data breahces and to protect patient data is further fueling the growth of healthcare cyber security market. According to the report published by HIPPA (Health Insurance Portability and Accountability Act) Journal in December 2021, the Department of Health and Human Services office for Civil Rights reported 686 healthcare data breaches involving 500 or more records in 2021.

However, the high implementation costs of healthcare cyber security solutions can pose a financial burden on healthcare organizations, especially smaller ones with limited budgets, which may restrain the growth of the market. On the other hand, the rising digital dependency and industry 4.0 trends, which involve the integration of advanced technologies such as artificial intelligence, Internet of Things (IoT), and automation into various industries, are expected to create ample growth opportunities for the healthcare cyber security market in the future.

 

Market Segmentation and Scope of Study

The healthcare cyber security market share is segmented on the basis of threat type, solution, security, end-user and geography. Based on threat type, the market is classified into malware, distributed denial-of-service (DDOS), advanced persistent threat (APT).

Based on the solution, the market is segmented into antivirus and antimalware, risk and compliance management, security information and event management (SIEM), DDOS mitigation, identity and access management and others. Based on security the market is categorized into cloud security, network security, endpoint security, and others.

On the basis of end-user, the market is categorized into hospitals and clinics, pharmaceuticals and biotechnology industries, health insurance companies, medical devices companies. Geographical breakdown and analysis of each of the aforesaid classifications include regions comprising of North America, Europe, Asia-Pacific, and RoW.

 

Geographical Analysis

North America dominates the global healthcare cyber security market and is expected to remain dominant in the market throughout the forecast period. This is attributed to the existence of large corporations and the increased use of cyber security by healthcare organizations. The USA and Canada have the largest healthcare infrastructure in North America, which is known for its advanced technology and high-quality healthcare services.

Also, the surge in the adoption of healthcare cybersecurity software can be attributed to the stringent rules and regulations imposed by the government concerning patient data privacy. The implementation of these robust measures has created a positive impact on the market's expansion. For instance, the U.S. government established "the health insurance portability and accountability act (HIPAA)" to encourage healthcare institutions to keep healthcare data private and secret. HIPAA aims to protect the privacy of patients and ensure the secure exchange of healthcare information among covered entities, such as healthcare providers, health plans, and healthcare clearinghouses.

Moreover, the presence of major market players in the region such as Microsoft Corporation, IBM Corporation and Cisco Systems Ltd. is further driving the healthcare cyber security market. For instance, in November 2020, Microsoft launched Microsoft Cloud for Healthcare, a comprehensive cloud-based platform tailored specifically for the healthcare industry. The platform offers a wide range of tools and solutions designed to enhance patient care, streamline workflows, and improve operational efficiency in healthcare organizations. Microsoft Cloud for Healthcare aims to address the unique needs and challenges of the healthcare sector, providing secure and scalable solutions that support digital transformation and innovation in the healthcare industry.

On the other hand, Asia Pacific shows substantial growth in the global healthcare cyber security market owing to rising cyberattacks, increasing adoption of connected devices to monitor patient’s health conditions, and growing regulatory requirements for patient care & safety. According to CloudSEK, an AI company that has been monitoring cyber threats, stated that the Indian healthcare sector was second in terms of the number of attacks, accounting for 7.7 percent of the total attacks on the healthcare industry worldwide in 2021, and 29.7 percent of all attacks in the Asia-Pacific region. 

Furthermore, with the growing digitalization and adoption of electronic health records coupled with wireless medical devices, and telemedicine, the healthcare cybersecurity market is growing at an exponential rate in this region. 

 

Competitive Landscape

The healthcare cyber security industry includes several market players such as IBM, Cisco Systems Ltd., Norton Lifelock, Fortinet Inc., Check Point Software Technologies Ltd., Trend Micro, Amazon Web Services, Microsoft, Palo Alto Networks Inc., and Trellix. These market players are adopting various strategies such as innovation and collaboration to maintain their dominance in the global electric vehicles market.

For instance, in March 2022, Microsoft launched Azure Health Data Services, a platform as a service (PaaS) offering designed to support Protected Health Information (PHI) in the cloud. It is a platform that supports both transactional and analytical workloads from the same data store and enables cloud computing to transform the development and implementation of AI across the healthcare ecosystem.

Also, in January 2021, Palo Alto Networks launched the most comprehensive Internet of Things (IoT) security solution that simplifies the challenge of securing the Internet of Medical Things (IoMT) through ML-powered visibility, prevention and enforcement. Also, it offers deep insights on healthcare-specific devices and vulnerabilities.

Key Benefits

  • The report provides quantitative analysis and estimations of the healthcare cyber security market from 2023 to 2030, which assists in identifying the prevailing industry opportunities.

  • The study comprises a deep dive analysis of the healthcare cyber security market including the current and future trends to depict prevalent investment pockets in the market.

  • Information related to key drivers, restraints, and opportunities and their impact on the healthcare cyber security market is provided in the report. 

  • Competitive analysis of the players, along with their market share is provided in the report.

  • SWOT analysis and Porter's Five Forces model is elaborated in the study.

  • Value chain analysis in the market study provides a clear picture of the roles of stakeholders.

Healthcare Cyber Security Market Key Segments

By Threat Type 

  • Malware

  • Distributed Denial-Of-Service

  • Advanced Persistent Threat

By Solution

  • Antivirus and Antimalware

  • Risk and Compliance Management

  • Security Information and Event Management 

  • DDOS Mitigation

  • Identity and Access Management

  • Others 

By Security 

  • Cloud Security

  • Network Security

  • Endpoint Security

  • Others

By End User

  • Hospitals and Clinics

  • Pharmaceuticals and Biotechnology Industries

  • Health Insurance Companies

  • Medical Devices Companies 

By Region

  • North America

    • U.S

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany        

    • France        

    • Italy

    • Spain

    • Denmark                 

    • Netherlands    

    • Finland                 

    • Sweden                 

    • Norway                 

    • Russia                 

    • Rest of Europe             

  • Asia-Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia

    • Indonesia

    • Singapore

    • Taiwan

    • Thailand

    • Rest of Asia-Pacific

  • RoW

    • Latin America

    • Middle East

    • Africa

Test

KEY PLAYERS

  • IBM Corporation 

  • Cisco Systems Ltd.

  • Norton Lifelock

  • Fortinet Inc.

  • Check Point Software Technologies Ltd. 

  • Trend Micro

  • Amazon Web Services 

  • Microsoft Corporation 

  • Palo Alto Networks Inc.

  • Trellix


Frequently Asked Questions
What will be the worth of healthcare cyber security market by the end of 2030?

According to the report published by Next Move Strategy Consulting, the healthcare cyber security market business is expected to hit at $56.14 billion (USD) by 2030.

Which are the top companies in the healthcare cyber security industry?

IBM, Cisco Systems Ltd., Norton Lifelock, Fortinet Inc., Check Point Software Technologies Ltd., Trend Micro, Amazon Web Services, Microsoft, Palo Alto Networks Inc., and Trellix.

What are the market segmentations and scope of the study for the global healthcare cyber security industry?

The healthcare cyber security market share analysis is based on threat type, solution, security, end-user, and geography.

What factors are contributing to the expansion of the healthcare cyber security market?

Healthcare cybersecurity market expands due to digitalization, adoption of digital platforms, and growing embrace of cloud for data protection amidst rising breach concerns.

What hinders the growth of the healthcare cybersecurity market?

The factors hindering the growth of the healthcare cybersecurity market is high implementation costs of healthcare cyber security.