Global Healthcare Cybersecurity Market - 2024-2031

Report Overview

The Global Healthcare Cybersecurity Market reached US$ 20.2 billion in 2023 and is expected to reach US$ 61.63 billion by 2031, growing at a CAGR of 15.5% during the forecast period 2024-2031.

Cybersecurity in the healthcare sector should be considered as one of the strategic needs for any organization operating within the medical field such as health services providers to insurance firms and also includes pharmaceutical companies, biotech firms, and organizations selling medical devices. The focus is on protecting the organization against external cyber attacks and internal ones in order to maintain the availability of health care services, and proper operation of medical systems and equipment while at the same time keeping patient information private and intact, meeting all regulatory requirements.

Cybersecurity in healthcare involves the protection of electronic information and assets from unauthorized access, use, and disclosure. There are three goals of cybersecurity: protecting the confidentiality, integrity, and availability of information, also known as the "CIA triad."

Market Dynamics: Drivers

Increasing cyber-attacks and privacy concerns

The demand for the global healthcare cybersecurity market is driven by multiple factors. The rise in cyber attacks and privacy concerns propels the market growth.

Furthermore, the demand for healthcare cybersecurity will be fueled by the increase in technological advancements, the increase in the use of IOT and connected devices. For instance, in 2023, more than 540 organizations and 112 million individuals were implicated in healthcare data breaches reported to the HHS Office for Civil Rights (OCR), compared to 590 organizations and 48.6 million impacted individuals in 2022.

There were 11 reported healthcare data breaches of more than 1 million records in 2022 and a further 14 data breaches of over 500,000 records. The majority of those breaches were hacking incidents, many of which involved ransomware or attempted extortion. Notable exceptions were several impermissible disclosure incidents that resulted from the use of pixels on websites.

In recent times, Kaiser Permanente, a California-based health system says as many as 13.4 million Americans may have been affected by a data breach. Kaiser Permanente says online technologies may have sent personal information to other parties, including Google, Bing, and X. The personal data may have been sent when patients and members accessed websites or mobile applications. Kaiser Permanente's health plan has about 12.5 million members, and the organization also operates 40 hospitals in several states.

Restraints

Factors such as shortage of skilled professionals, and stringent regulatory requirements are expected to hamper the market.

Market Segment Analysis

The global healthcare cybersecurity market is segmented based on threat type, solution, security, deployment, end-user, and region.

The segment network security accounted for approximately 47.5% of the global healthcare cybersecurity market share

The network security segment is expected to hold the largest market share over the forecast period. In this segment, technological developments and an increase in demand for network security would drive this market.

Network security is the field of cybersecurity focused on protecting computer networks and systems from internal and external cyber threats and cyberattacks. Network security safeguards the integrity of network infrastructure, resources, and traffic to thwart these attacks and minimize their financial and operational impact. Network Security involves access control, virus and antivirus software, application security, network analytics, types of network-related security (endpoint, web, wireless), firewalls, VPN encryption, and more.

It involves a variety of measures to protect organizations from external and internal cyber attacks and ensure the availability of medical services, proper operation of medical systems and equipment, preservation of confidentiality and integrity of patient data, and compliance with industry regulations. For instance, according to the Department of HHS, the US Senate introduced legislation to enhance healthcare cybersecurity within the HHS amidst recent breaches. The goal of the proposed legislation is to identify vulnerabilities that could potentially compromise patient data or endanger patient safety.

For instance, in August 2024, Avant Technologies, Inc., an emerging technology company developing solutions in artificial intelligence (AI) infrastructure while exploring additional technologies in the biotechnology and healthcare sectors, announced its commitment to data security and privacy, particularly for its AI-driven healthcare applications. Avant is building comprehensive cybersecurity measures into the very foundation of its intelligent solutions, ensuring the highest protection for sensitive patient information. Additionally, the Company plans to assess the industry's leading frameworks to integrate with its technology.

Market Geographical Analysis

North America accounted for approximately 43.9% of the global healthcare cybersecurity market share

North America region is expected to hold the largest market share over the forecast period. The rising number of cyber crimes, technological advancements, and growing awareness among people, in this region, help to propel the market.

For instance, according to an article posted by Palo Alto Networks on 26 January 2024, Malicious attacks on healthcare have grown exponentially in recent years. According to the HHS Office for Civil Rights (OCR), large breaches increased by 93% between 2018 and 2022. Additionally, large breaches involving ransomware increased by 278%.

For instance, in June 2024, Microsoft Corp. announced a new cybersecurity program to support hospitals serving more than 60 million people living in rural America. In 2023, the healthcare sector reported more ransomware attacks than any other critical infrastructure sector, and attacks involving ransomware against the healthcare sector were up nearly 130%. Cybersecurity attacks disrupt healthcare operations across the country and pose a direct threat to patient care and essential operations of hospitals. According to the National Rural Health Association, rural health clinics are one of the top targets for cyberattacks. The new Microsoft Cybersecurity Program for Rural Hospitals is designed to support the unique cybersecurity needs of these organizations and will deliver free and low-cost technology services for these hospitals, along with free training and support.

Market Segmentation

By Threat Type

• Malware
• Ransomware
• DDoS
• APT
• Others

By Solution

• IAM
• Antivirus/ Antimalware
• Firewall
• Encryption and Tokenization
• Others

By Security

• Network Security
• Application Security
• Cloud Security
• Others

By Deployment

• On-Premises
• Cloud- Based

By End-User

• Hospitals and Healthcare Facilities
• Pharmaceuticals and Biotechnology Companies
• Telehealth and Digital Health Providers
• Health Insurance Providers
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia-Pacific
• Middle East and Africa

Market Competitive Landscape

The major global players in the global healthcare cybersecurity market include Checkpoint Software Technologies Inc., Intel Corporation, Juniper Networks Inc., Cloudwave Sensato Cybersecurity, Crowdstrike Holdings, Kaspersky Labs, Northrop Grumman, Palo Alto Networks, Broadcom, Sophos Ltd., among others.

Key Developments

• In June 2024, Nixu, a DNV company and European cyber security service provider, signed three cooperation agreements with Lockheed Martin Corporation to strengthen Finnish national cyber resilience capabilities.
• In March 2024, Deloitte, a leader in global security services, solidified its commitment to top-tier cybersecurity solutions by integrating CrowdStrike's Falcon(R) platform as one of its primary tools for Deloitte's Cyber Incident Readiness, Response, and Recovery (CIR3) services globally. Collaboration between Deloitte and CrowdStrike teams in managing complex breaches showcases the synergy of two globally renowned cybersecurity market leaders.

Why Purchase the Report?

• To visualize the global healthcare cybersecurity market segmentation based on threat type, solution, security, deployment, end-user, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development
• Excel data sheet with numerous data points of global healthcare cybersecurity market level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping is available in Excel consisting of key products of all the major players.

The global healthcare cybersecurity market report would provide approximately 51 tables, 54 figures, and 181 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies