A cyber security strategy protects networks, systems, and programs of healthcare providers from digital attacks. Cybersecurity for healthcare entails a variety of software that helps to secure patient and health organization data from cyber attacks. Healthcare organizations have experienced an increase in breaches over the past few years. Advanced technology is enhancing cybersecurity.
Market analysts expect Healthcare Cyber Security Market to grow at a CAGR of 11.82% to USD 16,393.15 Million by 2025. There is a high demand for upgraded and advanced cyber security solutions across various industry sectors, as well as frequent breaches and threats, which contribute to the growth. In the forecast period, some cloud-based security solutions will also propel the growth of the healthcare cyber security market.
COVID 19 Analysis
The COVID 19 pandemic caused global economic instability, affecting the healthcare cyber security market. As a result, some serious issues and challenges were created for this industry. In the time before COVID 19, healthcare services were more reliant on telehealth rather than face-to-face interactions to reduce the spread of diseases. With the growing use of remote access devices, privacy concerns increased as the use of the internet grew worldwide.
There are several common threats to cyber security, such as email spam, email phishing, and data theft. During Brno University Hospital's outbreak in 2020, the computers were shut down immediately by a cyberattack.
Cyber attacks and breaches in healthcare organizations have changed the market for healthcare cyber security. Healthcare cyber security market is also expected to grow in the forecast period due to major factors such as a rise in cybercrime, an increase in the budget of the healthcare sector, increased awareness regarding cyber security in healthcare sectors, etc. Furthermore, there are many government initiatives around the world to protect personal information that will significantly boost the market growth for healthcare cyber security.
Security is a necessity for healthcare organizations around the world, such as hospitals, clinics, and pharmaceutical companies. The rise in the use of the internet and devices in the healthcare industry is another key driving force of the healthcare cyber security market. Remote access devices were used more extensively due to the COVID 19 pandemic.
While the healthcare cyber security market size is expected to grow very rapidly in the forecast period, some restraints are bound to affect growth soon. Healthcare industry employees and others are unaware of the importance of cyber security, especially when it comes to security software. Medical records remain a threat and a valuable asset for healthcare organizations. The black market makes use of personal information such as bank account numbers, social security numbers, and much more. As a result, maintaining awareness about these attacks and adapting to technological advances are very important.
Market growth is expected to be very good in the healthcare cyber security market over the forecast period. There has been an increase in the use of internet-connected devices and medical devices in recent years. There is a lot of growth in the healthcare cyber security market now with different technological advancements. With the increase in competitors and technological development, it has become more affordable. Healthcare cybersecurity will prove to be a very valuable tool in keeping medical information secure in the coming years.
Healthcare cyber security market segments are grouped based on four primary factors.
Healthcare cyber security market strategies are grouped by threats such as DDOS (distributed denial-of-service), ransomware, advanced persistent threat (APT), spear phishing, and malware & spyware. The most significant threat in all of these is ransomware, which is supposed to grow throughout the forecast period. Increased usage of cloud-based services, the requirement for advanced data security, and many other factors contribute to its position as the largest segment.
In the healthcare cyber security market, the services and solutions are segmented, depending on their offers. Healthcare cyber security solutions are estimated to have the highest market share among them. It's a segment that is the largest because of privacy concerns, the need for more robust security solutions, regulatory enforcement, and other factors. There are several segments within the solution segment, including antivirus & anti-malware, identification, and access management, distributed denial of service, firewalls or centralized threat management, and others.
Based on end-users, the healthcare cyber security market is segmented into healthcare payers and healthcare providers. Healthcare providers are expected to have the largest share, due to the prevalence of cyberattacks on healthcare organizations, the efforts of the government, the adoption of electronic health records, and the eHealth solutions that are being implemented. Cloud-based services demand, investments in healthcare infrastructure development, and adoption of IoT devices are other factors that are driving this segment's growth.
Segmentation within this sector is divided into four subsectors, including endpoint security, application security, and network security. According to estimates, the network security of hospitals will hold a majority of the healthcare cyber security market due to increasing numbers of APTs, ransomware, phishing attacks, and DDOS attacks. According to the forecast, BYOD (Bring Your Device) is expected to increase the growth of this segment.
Considering both geographical and regional analysis, the healthcare cyber security market is divided between Europe, America, Middle East & Africa, and Asia-Pacific. Data breaches, advanced information technology based on healthcare, and other factors are driving the growth of the American economy more than any other region. The increasing use of remote devices in medical settings is leading to an increase in cyber threats every year.
The European Union, the second-largest in terms of its health sector and medical devices usage, is highly developed. Technological advancements are likely to keep the Asia Pacific in the driver's seat for healthcare cyber security during the forecast period. Other factors contributing to the growth of this market in the Middle East & Africa include growing healthcare infrastructure, increased healthcare funding, and rising per capita income.
Cybersecurity in healthcare is a growing market, which is home to many companies that are improving their technology. Firms frequently launch new products, device growth with strategies, and so forth. IBM, Cisco, McAfee, and others are among the top players in the healthcare cyber security market based on financial data and technological developments over the last few years. The major market players in the industry are Cisco, IBM, Kaspersky, Intel Corporation, Northrop Grumman Corporation, Symantec Corporation, Palo Alto Networks. Inc, Atos SE, McAfee, and FireEye Inc.
Through the Organization of American States (PAS), Cisco and Cisco worked together in August of this year to increase and democratize cybersecurity adoption across Latin America.
To prevent cybercrime and become more resilient against it, IBM partnered with the city of Los Angeles and the LA Cyber Lab in September 2019. Local companies were provided with leading-edge technology that had a high effect on preventing cyberattacks
Earlier this year, McAfee opened two physical security operations and one cyber center that offer state-of-the-art security. Their names are McAfee Security Fusion Centers, and they are located in Texas, Plano, Ireland, and they are named after McAfee
A report that discusses the forecast of healthcare cyber security market growth is available. There are several factors such as drivers, restraints, regional analysis, key players in the healthcare cyber security market, and challenges. Based on the forecast, the report discusses different aspects of healthcare cyber security market growth.
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Threat Type, Solution Type, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Palo Alto Networks. Inc, Symantec Corporation, Atos SE, Cisco, McAfee, IBM, Intel Corporation, FireEye Inc, Kaspersky, Northrop Grumman Corporation|
|Key Market Opportunities||Introduce new technologies|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Cyber security is a process of protecting networks, systems, programs that are related to the healthcare industry from digital attacks. With the help of different software, healthcare cyber security helps to keep the data of patients, treatments, and health organizations safe and secure from cyberattacks and breaches.
Based on the threat, the market is segmented into DDOS (distributed denial-of-service, ransomware, advanced persistent threat (APT), ransomware, spear phishing, and malware & spyware. Among all of these, ransomware is estimated to be the largest threat and expected to grow more in the forecast period.
Healthcare Cyber Security Market is predicted to touch USD 16,393.15 million by 2025.
Healthcare Cyber Security Market is projected to grow at an 11.82% CAGR between 2020-2027.
North America dominates the market healthcare cybersecurity sector with more than 36.7% share. The key factors for being the best region with a higher share are the advanced services and solutions to different sectors along with high awareness among medium and small organizations.
Different end user industries of the healthcare cyber security market include medical devices companies, health insurance companies, pharmaceutical & biotechnology companies, and hospitals & clinics.
Limited awareness and limited use of updated software may limit market growth.
Some of the key players in these markets include Lockheed Martin, IBM, Kaspersky, Trend Micro, Palo Alto Networks, FireEye, Ciscand Northrop Grumman, Symantec, McAfee, and others.