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Healthcare Cybersecurity Market size was worth USD 13 billion in 2021 and is anticipated to grow at more than 18% CAGR through 2030 driven by the burgeoning number of cyber-attacks and data leaks.
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The demand for healthcare cybersecurity solutions is anticipated to increase due to the spike in data leaks in developing digital economies, such as China and India, which have emerged as prominent targets. Due to this, risk assessment, risk mitigation, and personal data security are gaining importance. Furthermore, surging awareness regarding the availability of advanced cybersecurity solutions that provide protection against viruses and unauthorized access is likely to facilitate industry expansion.
Report Coverage | Details |
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Base Year: | 2021 |
Market Size in 2021: | 13 Billion (USD) |
Forecast Period: | 2022 to 2030 |
Forecast Period 2022 to 2030 CAGR: | 18% |
2030 Value Projection: | 59 Billion (USD) |
Historical Data for: | 2018 to 2021 |
No. of Pages: | 178 |
Tables, Charts & Figures: | 254 |
Segments covered: | Threat, Security measures, Deployment, End-use, Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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Healthcare institutions have limited resources at their disposal, and only a small fraction of the entire IT budget is allocated to cybersecurity. Hospitals and other healthcare organizations prioritize operational efficiency over cybersecurity, which results in a lack of measures for protecting digital assets. Even when taking practical and effective solutions into account, cybersecurity solutions are expensive, which is a key factor impeding the healthcare cybersecurity market progress.
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Based on threats, the healthcare cybersecurity market is divided into Distributed Denial of Service (DDoS), malware & spyware, ransomware, phishing and spear phishing, and others. The ransomware segment was valued at USD 3 billion in 2021. Ransomware attacks can lead to expensive commercial disruptions and the loss of sensitive data. The rise in incidences of cyberattacks is pushing healthcare enterprises to install anti-malware software for data security, which is slated to drive market outlook.
In terms of security measures, the healthcare cybersecurity market is divided into application security, network security, device security, and others. The application security segment is anticipated to expand at 18% CAGR from 2022 to 2030 on account of rising consumer awareness about the availability of technologically advanced cybersecurity services that offer protection from spam emails, viruses, and unauthorized access. The mounting adoption of cybersecurity solutions has created a safe environment for healthcare professionals to conduct secure data exchange through various apps, which is projected to favorably impact the market value.
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Healthcare cybersecurity market from the on-premises deployment segment is anticipated to grow at 15.5% CAGR between 2022 and 2030. With its wide variety of goods and services, the segment accounted for a significant revenue share in the industry. Growing occurrences of data thefts by staff in healthcare organizations are encouraging hospitals and other healthcare institutions to invest in monitoring software that provides visibility, which is foreseen to impel segment progress.
The healthcare cybersecurity market has been bifurcated based on end-use into hospital, pharmaceutical and biotechnology industries, healthcare payers, and others. the hospital segment is anticipated to cross USD 22 billion by 2030 owing to the prevalent need to safeguard patient records on a massive scale in these settings. The widespread use of cybersecurity software to protect the patient’s personal information, including credit card information, social security numbers, home addresses, and so on, is enhancing product outlook.
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APAC healthcare cybersecurity market is expected to grow at 19.5% CAGR through the analysis timeframe. The enormous patient pool that requires robust data protection, coupled with the growing presence of healthcare companies in the region, is likely to drive the Asia Pacific market development. Additionally, massive government support in nations such as China and India is set to augment the regional industry scenario.
Cisco Systems, Inc., ClearDATA, FireEye (Trelix), Fortified Health Security, IBM, Imperva, Intel Corporation, Medigate (Claroty), Northrop Grumman, Palo Alto Networks, Inc., NortonLifeLock Inc. (Broadcom), and Trend Micro Incorporated, among others, are some prominent enterprises operating in the healthcare cybersecurity industry. These businesses are working on streamlining their processes and expanding their geographical presence.
Following the COVID-19 outbreak, the healthcare cybersecurity industry was impacted due to the dramatic surge in cyberattacks against the healthcare sector and the public health system. With the increased use of telehealth and remote patient monitoring, healthcare standards underwent a drastic change. Moreover, the rise in cybercrimes has made the healthcare sector susceptible to incidences of phishing, malware, ransomware, compromised patient records, and other cyber threats, with far-reaching consequences, which has further supplemented the market growth.
The healthcare cybersecurity market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2017 to 2030 for the following segments:
By Threat
By Security Measures
By Deployment
By End-use
The above information is provided for the following regions and countries: