Healthcare Cybersecurity Market Size By Type of Threat (Ransomware, Malware & Spyware, Distributed Denial of Services [DDos], Phishing and Spear-phishing), By Security Measures (Application Security, Network Security, Device Security), By Deployment (On-premises, Cloud-based), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 - 2025

Published Date: May 2019  |  Report ID: GMI3147  |  Authors: Sumant Ugalmugale

Report Format: PDF   |   Pages: 125   |   Base Year: 2018




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Healthcare Cybersecurity Market Size was valued at USD 8.2 billion in 2018 and is expected to witness 19.1% CAGR from 2019 to 2025.
 

U.S. Healthcare Cybersecurity Market Size, By Type of threat, 2018 & 2025 (USD Million)

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Increasing cases of healthcare cyber-attacks will positively influence healthcare cybersecurity market outlook in forthcoming years. According to Health IT Security, in 2018 data of 190,000 HealthEquity customers was breached. Medical data is shared over extensive network can be easily hacked utilizing ransomware and malware. Therefore, to improve data security, healthcare professionals adopt upgraded cyber security solutions that should augment industry growth during analysis period.
 

Technological advancements in the healthcare cybersecurity solutions will boost industry growth in forthcoming years. Key industry players are focused on introducing innovations in cybersecurity software that helps in providing commendable security to the medical as well as scientific data. Previously developed software proved to be less efficient and turned obsolete. Recently introduced healthcare cyber security software are efficient and impart maximum security that facilitates the data exchange process over large networks. However, high cost of cybersecurity solutions may restrain industry growth to some extent.
 

Healthcare Cybersecurity Market Report Coverage
Report Coverage Details
Base Year: 2018 Market Size in 2018: 8.2 Billion (USD)
Historical Data for: 2014 to 2018 Forecast Period: 2019 to 2025
Forecast Period 2019 to 2025 CAGR: 19.1% 2025 Value Projection: 27 Billion (USD)
Pages: 125 Tables, Charts & Figures: 98
Geographies covered (18): U.S., Canada, Germany, UK, France, Italy, Spain, Japan, India, China, Australia, South Korea, Singapore, Brazil, Mexico, South Africa, Saudi Arabia, UAE
Segments covered: Type of Threat, Security Measures, Deployment and Region
Companies covered (11): Cisco Systems, FireEye, Fortified Health Security, IBM Corporation, Imperva, McAfee, Medigate, NORTHROP GRUMMAN CORPORATION, Palo Alto Networks, Symantec, Trend Micro Incorporated
Growth Drivers:
  • Growing cases of healthcare cyber-attacks in developed as well as developing economies
  • Rising security and regulatory compliance related issues in North America and Europe
  • Increasing incidences of data leaks in developing countries
  • Technological advancements in healthcare cybersecurity software in Europe and North America
Pitfalls & Challenges:
  • High cost of healthcare cyber security solutions in developing and underdeveloped regions
  • Lack of trained professionals for operating the cyber security solutions

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Healthcare Cybersecurity Market, By Type of Threat

Ransomware segment was valued over USD 1.5 billion in 2018. Considerable revenue size of ransomware segment can be attributed to increasing cases of data breach caused by utilizing this malicious software. Ransomware is highly preferred by hackers as it encrypts valuable data and provides access to unauthorized users. Also, once the system in hospital is hacked by ransomware, access to patient data is denied that will lead to complications. Hence, to protect data, adoption of cybersecurity solutions is increasing.
 

Malware & spyware segment is expected to witness over 17% growth throughout the analysis timeframe. Incidences of data leaks from research institutes and healthcare facilities are escalating since past few years. For instance, according to University of Washington, in 2018, around 974,000 of its data files were hacked by a malware and data was exposed for about three weeks. This scenario proves beneficial for segment growth as it increases the demand for anti-malware software for data protection.
 

Healthcare Cybersecurity Market, By Security Measures

Application security segment is projected to grow at 19.3% from 2019 to 2025. Robust segmental growth can be attributed to increasing awareness regarding availability of technologically advanced cybersecurity solutions that provides protection viruses, spam mails, unauthorised access etc. Companies operational in healthcare cybersecurity industry undertake promotional activities to elevate the awareness levels regarding data protection in healthcare professionals. Increasing usage of cybersecurity solutions has created secured environment for healthcare professionals to carry out safe data exchange through various applications that positively influences segment growth.
 

Device security segment was valued around 1.7 billion in 2018. Significant revenue size is associated with rising incidences of data breach from medical devices. Cybercriminals have been designing sophisticated techniques and tools to gain access to valuable data. Recently, medical devices have been hacked in order to acquire patient’s real time data that has increased the demand for cybersecurity software to protect medical devices.
 

Germany Healthcare Cybersecurity Market Size, By Security Measures, 2018 (USD Million)
Germany Healthcare Cybersecurity Market Size, By Security Measures, 2018 (USD Million)

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Healthcare Cybersecurity Market, By Deployment

On-premise segment of healthcare cybersecurity market was valued at USD 6 billion in 2018 and considerable revenue size can be associated with its growing demand in research institutes. Research and academic institutes that deal with large amount of scientific data install on-premise software that runs on computers and offers maximum operational control to the users. On-premise software provides creditable protection to in-house data and hence, private hospitals and research institutes rely on it. However, high licencing costs of on-premise software may affect the pace of segmental growth.

Cloud-based segment will have over 20% growth during forecast timeframe due to several benefits associated with it. Recently developed cloud-based cyber security solutions offer maximum operational flexibility. Moreover, adoption of cloud-based software is high as it helps in minimizing data management costs and improves scalability. Additionally, cloud-based software is reliable that further escalates its demand thereby, triggering segmental growth.

Healthcare Cybersecurity Market, By Region

North America healthcare cybersecurity market share was valued more than USD 3 billion in 2018 and will witness robust growth over the forecast period. Increasing cases of data breach in the region has escalated the demand for healthcare cybersecurity software. According to HIPPA Journal, cases of healthcare data breaches has increased drastically from 2015 to 2019 in the U.S. as well as Canada. Hence, adoption of antivirus software for protecting healthcare data is high in North America. Moreover, Canadian government has implemented initiatives that favours adoption of cybersecurity software in public as well as private hospitals.
 

Asia Pacific healthcare cybersecurity market share will witness around 20% growth over the forecast period owing to rising awareness regarding availability of technologically advanced anti-virus software. Developing countries in Asia Pacific region generate large amount of patient data every year. Hence, to maintain data integrity, healthcare professionals have started adopting upgraded cybersecurity software that boosts regional market growth.
 

Asia Pacific Healthcare Cybersecurity Market Size, By Country, 2025 (USD Million)
Asia Pacific Healthcare Cybersecurity Market Size, By Country, 2025 (USD Million)

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Competitive Market Share

Key industry players included in the healthcare cybersecurity market are Imperva, Symantec Corporation, Cisco Systems., FireEye, Inc, IBM, Palo Alto Networks, Fortified Health Security, Trend Micro Incorporated, McAfee, Atos SE, Northrop Grumman Corporation and Medigate. Players have adopted numerous strategic initiatives such as new product launch and mergers to acquire prominent market share. For instance, in February 2019, Medigate launched medical device security software. Thus, introduction of new products will foster company’s growth.
 

Healthcare Cybersecurity Industry Background

 

First cybersecurity software was introduced in late 1980’s. This software was specifically designed to secure the data exchange process across an extensive network. Later, with several modifications, anti-virus software started gaining significance in healthcare industry. Currently, healthcare industry has much larger demand for cybersecurity software as, data generated from healthcare facilities is vulnerable to virus attacks. Available healthcare cybersecurity software is tailored according to the organization’s specific requirements. Despite of numerous technological developments, healthcare cybersecurity industry is still in developing phases. This industry has immense growth opportunities in developing economies such as India with large number of healthcare facilities generating huge amount of data annually. However, healthcare cybersecurity industry is comparatively matured in developed regions such as North America that have high adoption of latest available cybersecurity solutions.


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