Global Healthcare Cyber Security Market

Global Healthcare Cyber Security Market outlook 2031:

The global healthcare cyber security market  size was valued at USD 14.70 Billion in 2022 and is projected to reach USD 67.22 Billion by 2031, expanding at a CAGR of 18.4% during the forecast period 2023 - 2031. Healthcare organizations face numerous cyberattacks threats, and hospitals are spending a lot of money to prepare firewalls and protect their patients' data.

Healthcare cybersecurity firms provide cyber security solutions and services to healthcare organizations in order to protect their patient data, prevent medical fraud, and avoid ata breaches and cyber-attacks. The practice of ensuring the integrity, confidentiality, and availability of data is known as cybersecurity, also known as information security.

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Cybersecurity is a risk management software, strategy, and technologies designed to safeguard devices, networks, healthcare data, and programs against digital attacks, data theft, and unauthorized access.

Global Healthcare Cyber Security Market Trends, Drivers, Restraints, and Opportunities:

• Growing instances of healthcare cyberattacks in both developing and developed economies drive the healthcare cyber security market growth.
• High adoption of advanced cyber security solutions, as well as an increase in the adaptation of smartphones and connected devices, are estimated to boost the growth.
• The implementation of supportive government acts and regulations to protect patient information from data breaches will accelerate market growth.
• Increased demand for cloud-based services and technological developments in cyber security software are expected to drive the healthcare cyber security market growth.
• Excessive cost of healthcare cyber safety solutions is anticipated to hinder the healthcare cyber security market growth.
• Lack of understanding about healthcare cybersecurity and shortage of trained professionals to operate cyber security solutions are anticipated to impede the healthcare cyber security market expansion.
• The introduction of new technologies is estimated to create lucrative opportunities for the future growth.

Scope of Global Healthcare Cyber Security Market report:

The report on the healthcare cyber security market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Healthcare Cyber Security Market Segment Insights:

Network security segment is projected to hold significant market share

Based on types, the healthcare cyber security market share can be segmented into application security, wireless security, cloud security, network security, content security, endpoint security, device security, and other.

The network security segment is projected to hold significant market share due to rising privacy concerns and virus protection, increased awareness about the accessibility of technologically progressive cybersecurity solutions that provide network security, unauthorised access.

Furthermore, the growing number of APTs, malware, DDoS, ransomware, and phishing attacks raises the demand for healthcare cybersecurity, promoting the segment growth.

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Antivirus & antimalware segment is anticipated to account for a substantial share

On the basis of solutions, thehealthcare cyber security market size can be fragmented into antivirus & antimalware, DDoS mitigation, identity & access management, intrusion detection system/ intrusion prevention system, risk & compliance management, security information & event management, and others. The antivirus & antimalware segment is anticipated to account for a substantial share owing to increase in the number of malware attacks.

Ransomware segment to expand at a robust pace during the forecast period

In terms of threat types, the healthcare cyber security market can be segregated into distributed denial of service (DDoS), malware & spyware, phishing & spear phishing, ransomware, lost or stolen devices, and others.

The ransomware segment is estimated tob expand at a robust pace during the forecast period due to the increasing number of data breaches caused by malicious software. Ransomware is preferred among hackers as it encrypts valuable data and allows unauthorized users to access it.

Cloud-based segment to register a substantial growth rate in the coming years 

Based on deployments, the market can be bifurcated into cloud-based and on-premises.  The cloud-based segment is expected register a substantial growth rate in the coming years due to massive increase in healthcare data breaches and increasing demand for cloud-based security solutions in the healthcare sector as it improves efficiency and reduce data management costs.

Furthermore, the increasing use of IoT devices and the increasing use of cloud-based security services for storage are some of the major factors boost the segment market share. Furthermore, rising government initiatives to secure digital healthcare services is estimated to drive the segment growth.

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Hospitals segment to expand at a high CAGR during the forecast period

On the basis of end-users, the healthcare cyber security market can be divided into biotechnology industry, health insurance companies, hospitals, medical devices companies, pharmaceutical industry, and others.

The hospitals segment is anticipated to expand at a high CAGR during the forecast period owing to increasing cyberattacks in hospitals, as they store large amounts of patient data, and these attacks increased during the pandemic, putting private data and patient care at risk.

Furthermore, rising awareness of electronic health records (EHR) combined with rising acceptance of advanced technologies in hospitals such as 5G technology, IoT cloud computing are driving the segment growth.

North America is expected to dominate the market

In terms of regions, the market can be categorized as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is expected to dominate the market owing to the presence of well-developed healthcare facilities and growing introduction of innovative security services in the healthcare sector to protect patient data

Furthermore, rising data breach cases in this region as well as the presence of well-established key leaders, are expected to boost market revenue in the coming years.

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Segments

By Types

• Application Security
• Wireless Security
• Cloud Security
• Network Security
• Content Security
• Endpoint Security
• Device Security
• Other

By Solutions

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

By Threat Types

• Distributed Denial of Service (DDoS)
• Malware & Spyware
• Phishing & spear phishing
• Ransomware
• Lost or Stolen Devices
• Others

By Deployments

• Cloud-based
• On-premises

By End-users

• Biotechnology Industry
• Health Insurance Companies
• Hospitals
• Medical Devices Companies
• Pharmaceutical Industry
• Other

By Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Cisco Systems.
• McAfee
• IBM 
• Medigate
• Broadcom 
• FireEye, Inc
• Palo Alto Networks 
• Imperv
• Fortified Health Security
• Trend Micro Incorporated
• Atos SE.

Competitive Landscape

Key players in the healthcare cyber security market are Cisco Systems.; McAfee; IBM; Medigate; Broadcom; FireEye, Inc; Palo Alto Networks; Imperva; Fortified Health Security; Trend Micro Incorporated; and Atos SE.

These players are constantly engaged in various business development strategies such as collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to increase their market share.