PUBLISHER: The Business Research Company | PRODUCT CODE: 1436342
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436342
Healthcare cybersecurity is a strategic necessity for all medical industry organizations, including healthcare providers, insurers, pharmaceuticals, biotechnology, and medical device firms.
The primary threat types in healthcare cybersecurity are malware, distributed denial of service (DDoS), advanced persistent threats (APT), spyware, and other threats. Malware threats in healthcare institutes are addressed through healthcare cybersecurity software. Solutions include healthcare cybersecurity, identity and access management, risk and compliance management, antivirus and antimalware, DDoS mitigation, security information and event management, intrusion detection systems, and intrusion prevention systems. These measures cover application security, network security, device security, and more. Deployment options include on-premises and cloud-based, catering to various end-users such as pharmaceutical industries, biotechnology industries, hospitals, medical device companies, health insurance companies, and others.
The healthcare cyber security market research report is one of a series of new reports from The Business Research Company that provides healthcare cyber security market statistics, including healthcare cyber security industry global market size, regional shares, competitors with a healthcare cyber security market share, detailed healthcare cyber security market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare cyber security industry. This healthcare cyber security market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The healthcare cyber security market size has grown rapidly in recent years. It will grow from $19.24 billion in 2023 to $22.99 billion in 2024 at a compound annual growth rate (CAGR) of 19.5%. The growth observed in the historical period can be attributed to the escalation of cyber threats, the imperative of regulatory compliance, heightened interconnectivity, concerns related to data monetization, increased awareness and education, and vulnerabilities in legacy systems.
The healthcare cyber security market size is expected to see exponential growth in the next few years. It will grow to $47.8 billion in 2028 at a compound annual growth rate (CAGR) of 20.1%. The anticipated growth in the forecast period can be attributed to challenges in the security of the Internet of Medical Things (IoMT), difficulties in remote healthcare, security concerns in the supply chain, threats posed by quantum computing, and the adoption of behavioral analytics. Major trends expected in the forecast period include the integration of AI and machine learning, the digitization of health records, an increase in ransomware attacks, the adoption of cloud security solutions, and the implementation of zero-trust security models.
The healthcare cybersecurity market is expected to grow due to the rising cases of healthcare cyber-attacks. The increased digitization in healthcare has led to a higher number of cyber-attacks, prompting the use of healthcare cybersecurity software to protect against threats. According to the United States Department of Health and Human Services, healthcare providers in the United States experienced a 104% surge in data breaches from mid-2022 to mid-2023. This increase exposed the data of over 40 million patients, indicating a 60% year-over-year rise. Hence, the escalating cases of healthcare cyberattacks are driving the growth of the healthcare cybersecurity market.
The growth of the healthcare cybersecurity market is anticipated to be driven by the increasing adoption of cloud computing. Cloud computing enables users to access and utilize computing resources and services over the internet. Advancements in healthcare cybersecurity facilitate the secure and compliant storage and processing of sensitive medical data, fostering confidence and encouraging the integration of cloud technologies in healthcare operations. In December 2021, Eurostat reported that 41% of EU enterprises utilized cloud computing, with a 5-percentage-point increase from the previous year. Large businesses in the EU showed a 72% adoption rate in 2021, representing a 7-percentage-point growth from 2020. The growing adoption of cloud computing is a key factor driving the healthcare cybersecurity market's growth in the coming years.
The healthcare cybersecurity market is witnessing technological advancements as a key trend. Major companies operating in this market are dedicated to developing technologically advanced products to strengthen their market position. In 2021, Trend Micro Incorporated, a Japan-based healthcare cybersecurity company, introduced Trend Micro Vision One, employing XDR (extended detection and response) technology. XDR collects and correlates data across multiple security layers, including email, endpoints, servers, cloud workloads, and networks. Trend Micro Vision One offers improved detection, quicker threat analysis, and response capabilities in healthcare organizations, prioritizing threats for alerts to control setups for further investigation.
Major companies are focusing on product launches, particularly Medical IoT Security, designed to protect connected devices critical to patient care. Medical IoT security involves implementing protective measures and protocols to safeguard the integrity, confidentiality, and availability of data and devices within the Internet of Things (IoT) ecosystem in the medical and healthcare domains. For instance, in December 2022, Palo Alto Networks, a US-based global cybersecurity company, launched Medical IoT Security, offering a comprehensive Zero Trust security solution for medical IoT. This product features accurate device discovery, rapid Zero Trust security implementation, and the ability to thwart highly evasive zero-day attacks, addressing healthcare cybersecurity needs and enhancing patient care and safety.
In November 2021, IBM Corporation, a US-based software company, acquired ReaQta BV, a Netherlands-based company specializing in endpoint security solutions for various organizations, including healthcare for an undisclosed amount. This acquisition is expected to enhance IBM's healthcare cybersecurity platform and consumer healthcare experience while expanding its market reach in the healthcare cybersecurity sector.
Major companies operating in the healthcare cyber security market report are Irdeto a Verizon company, Lockheed Martin Corporation, Intel Corporation, IBM Corporation, Cisco Systems Inc., Northrop Grumman Corporation, Broadcom Inc., Atos SE, Booz Allen Hamilton Inc., Palo Alto Networks Inc., Symantec Corporation (formerly), McAfee LLC, Check Point Software Technologies Ltd., Trend Micro Incorporated, Athenahealth Inc., Kaspersky Lab, CyberArk Software Ltd., Imperva Inc., FireEye Inc., Imprivata Inc., Allscripts Healthcare Solutions Inc., Claroty Inc., Forescout Technologies Inc., Menlo Security Inc., Bitglass Inc., Medigate Ltd., Fortified Health Security Inc., Sensato Cybersecurity Solutions Inc., CybelAngel, Armis Inc., Cerner Corporation, CrowdStrike Inc.
North America was the largest region in the healthcare cyber security market in 2023. The regions covered in the healthcare cyber security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the healthcare cyber security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The healthcare cybersecurity market includes revenues earned by entities by providing diagnostic, corrective, and preventive solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Healthcare Cyber Security Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on healthcare cyber security market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for healthcare cyber security ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The healthcare cyber security market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.