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 Ugalmugle

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




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Healthcare Cybersecurity Market size exceeded USD 8.2 billion in 2018 and is anticipated to grow at over 19.1% CAGR from 2019 to 2025. Increasing cases of healthcare cyber-attacks will positively influence the market growth in coming 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 the market expansion during the forecast period.
 

Healthcare Cybersecurity Market Overview

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Technological advancements in the healthcare cybersecurity solutions will fuel the market progression during the forecast timeline. Key industry participants 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 the healthcare cybersecurity market demand to some extent.
 

Market, By Type of Threat

Ransomware segment in the healthcare cybersecurity market was valued at USD 1.5 billion in 2018 led by the 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 will witness 17% growth rate through 2025. 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.
 

Market, By Security Measures

Healthcare Cybersecurity Market Size

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Healthcare cybersecurity market for application security segment is estimated to attain a CAGR of 19.3% till 2025. Robust segment expansion can be attributed to the increasing awareness regarding availability of technologically advanced cybersecurity solutions that provides protection viruses, spam mails, unauthorised access etc. Companies operational in 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 foster the segment progression.
 

Device security segment crossed USD 1.7 billion in 2018 impelled by the 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.
 

Market, By Deployment

On-premise segment in the healthcare cybersecurity market captured USD 6 billion in 2018 on account of 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 segment demand.
 

Cloud-based segment will showcase 20% gains by 2025 due to several benefits associated with it. Recently developed cloud-based cyber security solutions offer maximum operational flexibility. Moreover, acceptance 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 the segment value.
 

Market, By Region

APAC Healthcare Cybersecurity Market

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Asia Pacific healthcare cybersecurity market is poised to expand at more than 20% growth rate through 2025 owing to the 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 the regional growth.
 

North America healthcare cybersecurity market size was over USD 3 billion in 2018. 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, usage of antivirus software for protecting healthcare data is high in North America. Furthermore, Canadian government has implemented initiatives that favours adoption of cybersecurity software in public as well as private hospitals.
 

Competitive Market Share

Key players operating 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. Companeis have adopted numerous strategic initiatives such as new product launch and mergers to acquire prominent market share.
 

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 sector 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 market is comparatively matured in developed regions such as North America that have high acceptance of latest available cybersecurity solutions.
 

Healthcare cybersecurity market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2014 to 2025, for the following segments:

Market, by Type of Threat (USD million)

  • Ransomware
  • Malware &Spyware
  • Distributed Denial of Services (DDos)
  • Phishing and Spear-phishing
  • Others

Market, by Security Measures (USD million)

  • Application security
  • Network security
  • Device Security
  • Others

Market, by Deployment (USD million)

  • On-premises
  • Cloud-based

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Singapore
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE

 

Frequently Asked Questions (FAQ) :

The market size of healthcare cybersecurity surpassed USD 8.2 billion in 2018.
The industry share of healthcare cybersecurity is expected to witness 19.1% CAGR from 2019 to 2025.
Rising awareness pertaining to the prevalence of technologically advanced cybersecurity solutions which offer protection against potential spam mails, viruses and unauthorized access has led to the adoption of application security services to minimize healthcare cybersecurity risks.
Increasing cases of cyber-attacks related to healthcare in both advanced and emerging economies and dramatic rise in data leaks have driven the demand for healthcare cybersecurity services.
Cloud-based deployment has gained traction among companies owing to its maximum operation flexibility, improved scalability and ability to minimize data management costs.
Threat in the form of ransomware has grabbed eyeballs in recent years as a slew of data breach cases is being witnessed in recent years in the medical domain.

Premium Report Details

  • Published Date: May 2019
  • Pages: 125
  • Tables: 90
  • Charts / Figures: 8
  • Companies covered: 11
  • Countries covered: 18

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