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Healthcare Cybersecurity Market Size By Threat (Ransomware, Malware & Spyware, Distributed Denial of Services (DDoS), Phishing & Spear Phishing), By Security Measures (Application Security, Network Security, Device Security), By Deployment (On-premises, Cloud-based), By End-use (Hospitals, Pharmaceuticals and Biotechnology Industries, Healthcare Payers), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030

  • Report ID: GMI3147
  • Published Date: Oct 2022
  • Report Format: PDF

Industry Overview

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.
 

High prices of healthcare cybersecurity solutions may limit industry progression

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.
 

Increasing ransomware attacks to fuel product demand

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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.
 

Soaring awareness of cybersecurity solutions to foster market statistics

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.
 

Rising installation of monitoring software to help on-premises cybersecurity solutions gain traction

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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.
 

Proliferating patient databases to amplify the industry share

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.
 

Growing government support to expand APAC market expansion

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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.
 

Competitive strategies by major businesses to benefit market landscape

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.
 

COVID-19 impact on the healthcare cybersecurity market trends

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

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

By Security Measures

  • Application security
  • Network security
  • Device security
  • Others

By Deployment

  • On-premises
  • Cloud-based

By End-use

  • Hospitals
  • Pharmaceutical and biotechnology industries
  • Healthcare payers
  • Others

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

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

 

Authors: Sumant Ugalmugle, Rupali Swain

Frequently Asked Questions (FAQ) :

Global market size for healthcare cybersecurity was valued at over USD 13 billion in 2021 and is expected to expand at more than 18% CAGR between 2022 and 2030 as a consequence of the increasing incidents of cyber-attacks and data breaches.
The on-premises segment is anticipated to grow at 15.5% CAGR through 2030 owing to increasing investments by healthcare organizations toward the implementation of on-premises cybersecurity solutions to prevent data thefts.
Healthcare cybersecurity market includes major organizations such as Cisco Systems, Inc., ClearDATA, FireEye (Trelix), Fortified Health Security, IBM, Imperva, Intel Corporation, Medigate (Claroty), Northrop Grumman, Palo Alto Networks, Inc., NortonLifeLock Inc. (Broadcom), Trend Micro Incorporated, and others.
Supportive government policies in growing digital economies such as India and China and the expanding patient pool in the region will boost the growth of the APAC market, which is estimated to progress at over 19.5% CAGR from 2022 to 2030.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 12
  • Tables & Figures: 254
  • Countries covered: 18
  • Pages: 178
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