Healthcare Cybersecurity Market worth over $35.5bn by 2027
Published Date: November 30, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Healthcare Cybersecurity Market size is set to exceed USD 35.5 billion by 2027, according to a new research report by Global Market Insights Inc.
Rising technological advancement and increasing security and regulatory compliance related issues in North America and Europe is expected to promote the market growth. Moreover, rising incidences of data leaks in developing countries increase the demand for healthcare cybersecurity, thereby fostering the market expansion.
Increasing technological advancement in healthcare cybersecurity will fuel the market progression
Due to the outbreak of COVID-19, governments in different countries are concerned about an increase in cyberattacks on medical facilities. To combat this, entrepreneurs are developing technologically advanced cybersecurity solutions that protect against cyberattacks while also ensuring operational efficiency. For instance, Cynerio, a U.S. based startup company offers IoT cybersecurity platform for healthcare industry. The platform connects with existing hospital infrastructure to automate end-to-end asset discovery for clinical ecosystem connected devices. It identifies all these devices' vulnerabilities and risks, including Ripple20, URGENT/11, and legacy operating systems.
The platform uses AI to calculate risk scores based on each device's impact on patient safety, data confidentiality, and service disruption. The system then generates mitigation plans and recommends appropriate actions. Additionally, growing awareness regarding availability of technologically advanced cybersecurity solutions that delivers unauthorized access, spam mails viruses protection, etc. propel the industry growth. In addition, market players are focusing towards the introduction of advanced cybersecurity software that aid in providing notable security to medical and scientific data. Recently released healthcare cybersecurity software are efficient and provides maximum security, facilitating data exchange across large networks. However, the high cost of healthcare cybersecurity solutions may hinder the industry expansion to some extent.
Rising malware attacks in healthcare sector will upsurge the healthcare cybersecurity market value
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The malware & spyware segment accounted for USD 3 billion in 2020 owing to the increasing malware attacks. Furthermore, major market leaders are focusing towards the development of advanced healthcare cybersecurity solutions to protect data from malware attacks that will benefit the industry progression during the forecast period.
Browse key industry insights spread across 130 pages with 119 market data tables & 14 figures & charts from the report, “Healthcare Cybersecurity Market Size By Threat Type (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, 2021 - 2027” in detail along with the table of contents:
Growing benefits of application security to ramp up the market revenue
The application security held 27.2% of the market share in 2020. This is owing to today's applications are frequently accessible via multiple networks and linked to the cloud which rises vulnerabilities to security threats and breaches. In such cases application security testing aid to expose application errors and protect from these cyberattacks. Additionally, the growing use of healthcare cybersecurity solutions and the emergence of medical and healthcare apps has established a safe environment for healthcare personnel to share data safely using a variety of applications.
Increasing preference towards homecare settings will augment the market growth
On-premises is projected to witness 15.4% growth rate through 2027. This is attributed to the growing preference towards on-premises cybersecurity because the data hosted by vendors on cloud-based is not as secure as data stored on-premise, and this is a major concern with cloud solutions. In addition, patients are concerned about the security of their data, emphasizing the importance of maintaining data security standards. Public clouds, like traditional IT systems, have security vulnerabilities and hence are not recommended.
Rising concern about data security settings to stimulate the market expansion
The pharmaceutical and biotechnology industries is estimated to attain a CAGR of 18.7% till 2027. This is credited to the rising concern about data security coupled with pharmaceutical and biotech organizations experiencing more cyberattacks in recent years. Furthermore, cyberattacks against businesses increased dramatically during the COVID-19 outbreak, especially in the healthcare industry.
Highly competitive advanced market in Europe will contribute to the industry revenue
Europe healthcare cybersecurity market size was USD 3.2 billion in 2020 due to the increasing healthcare cyberattack in this region. Moreover, rising collaboration between organizations to expand the market will impel the industry demand. Rising technological advancements and increasing advanced product launches in this region will enhance the industry size.
Major players are focusing on strategies & launch of innovative products to capture higher revenue share
Some of the prominent companies operating in the market include Symantec Corporation, Imperva, Cisco Systems., IBM, Palo Alto Networks, FireEye, Inc, Trend Micro Incorporated, Fortified Health Security, McAfee, Medigate, and Atos SE. These market leaders are involved in various strategic collaborations, mergers and acquisitions to strengthen their market value.