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Healthcare Cybersecurity Market size to exceed $59bn by 2030

  • Published Date: October 26, 2022

Healthcare Cybersecurity Market size is anticipated to cross USD 59 billion by 2030, according to a new research report by Global Market Insights Inc.

Rising security compliance-related challenges in developed nations like North America and Europe are foreseen to bolster market growth. Additionally, the favorable regulatory environment in these regions is fueling the market expansion.

Increased product acceptance to prevent malware and spyware threats

Malware and spyware segment held above 25.5% business share in 2021. Malware and spyware have garnered popularity in the previous decade owing to increased attacks by hackers to damage and acquire sensitive data. These breaches infiltrate devices via trojans and worms, denying users access and delaying patient treatment. To counter this, healthcare companies are progressively implementing anti-malware software, which is estimated to increase segment revenue.

Increasing frauds in healthcare settings to augment network security segment development

Healthcare cybersecurity market from the network security segment was worth USD 6 billion in 2021. The segment outlook is positively influenced by the growth of healthcare IT, which makes medical data widely available over vast networks to streamline the therapeutic process. Fraudulent activities occur in hospitals and other healthcare settings due to excessive computer access and network blocking. In order to protect patient data, healthcare institutions are using cybersecurity solutions, which is set to benefit segment scenario.

Browse key industry insights spread across 178 pages with 237 market data tables & 17 figures & charts from the report, “Healthcare Cybersecurity Market Size By Threat (Ransomware, Malware & Spyware, Distributed Denial of Services (DDoS), Phishing & Spear Phishing), Security Measures (Application Security, Network Security, Device Security), Deployment (On-premises, Cloud-based), End-use (Hospitals, Pharmaceuticals and Biotechnology Industries, Healthcare Payers), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:

Cloud-based deployment to gain traction for data synchronization and security

Healthcare cybersecurity market from cloud-based deployment segment was valued at over USD 10.5 billion in 2021. Cloud-based healthcare solutions analyze patients' medical and financial data and information from medical devices. Organizations in the healthcare industry are able to maintain data synchronization and security owing to the recently developed cloud-based computing security solutions. Thus, the introduction of such innovative solutions is likely to fuel segment expansion.

Cybersecurity solutions to gain traction in pharmaceutical and biotech industries

Pharmaceutical and biotechnology industries segment held 23.5% market share in 2021 and is set to witness significant growth through the analysis period. These sectors have highly sensitive data, including information pertaining to patients, patented pharmaceuticals, clinical trials, research projects, and technological advancements, which are top targets for cybercriminals. The increasing adoption of cybersecurity systems and solutions to safeguard such data is projected to push product demand.

Rising incidents of healthcare cyber-attacks to expand Europe business share

Europe healthcare cybersecurity market accounted for more than 28.5% of the overall industry revenue in 2021. The market is foreseen to observe substantial development primarily driven by a rise in healthcare-related cyberattacks in the region. Additionally, other factors, including the digitalization of healthcare data, the rapid pace of R&D, and the widespread use of digital technology in European countries, have bolstered the demand for cyber security software to enable safe and secure data transfer, which is foreseen to facilitate market progress.

Strategic alliances to define the competitive landscape

Some of the key players operating in the healthcare cybersecurity industry includes 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, among others. These Companies are engaging in strategic projects to enhance their market presence, such as collaborations and service portfolio expansions.

Authors: Sumant Ugalmugle, Rupali Swain