Healthcare Cyber Security Industry Overview
The global healthcare cyber security market size was valued at USD 12.6 billion in 2021 and is expected to reach USD 56.3 billion by 2030, at a CAGR of 18.3% from 2022 to 2030.
Some of the factors driving the market are increasing cyber-attacks, rising privacy and security concerns and higher adoption of advanced cyber security solutions. Moreover, the growing adoption of cloud-based solutions in the healthcare sector, rise in adoption of connected devices and smartphones, and adoption of 5G technology are factors estimated to further contribute to the growth of the market over the forecast period.
Gather more insights about the market drivers, restraints, and growth of the Global Healthcare Cyber Security Market
The use of Internet of Medical Things devices for better patient care raises potential threats in the healthcare sector, driving up demand for advanced healthcare cyber security solutions. Healthcare cyber security firms provide healthcare institutions with cyber security services and solutions to secure their hospitals and patient information from data breaches and cyber-attacks. The practice of preserving the confidentiality, integrity, and availability of data is known as cyber security or information security. Cyber security is a risk management method, software, and technology aimed at preventing digital attacks, data theft, and unauthorized access to networks, devices, healthcare data, and programs. The market has a large number of advanced healthcare cyber security solutions.
Furthermore, the increasing data breach in the industry adds fuel to the market for healthcare cyber security. For instance, according to the Cost of a Data Breach Report published by IBM in 2021, the average cost of a data breach in the healthcare sector was USD 9.23 million in 2021. Also, the Secretary of U.S. Department of Health and Human Services (HHS) Breach of Unsecured Protected Health Information listed approximately 592 breaches of unsecured protected patient data that affected more than 500 individuals from the past two years that are under investigation by the Office for Civil Rights.
Healthcare is an attractive target for cybercriminals as medical data is between ten and twenty times more lucrative than credit card or banking details. Also, the digital transformation of healthcare over recent years has increased the incidence of cyber-attacks. For instance, the recent cyber attacks on Ireland’s Department of Health and Health Service Executive (HSE) were impacted by a human-operated ‘Conti’ ransomware attack which severely disabled many HSE systems and necessitated the shutdown of the majority of its other systems. These above-mentioned factors are accelerating the growth of the healthcare cyber security market.
Healthcare Cyber Security Market Segmentation
Based on the Types of Solution Insights, the market is segmented into Identity and Access Management, Risk and Compliance Management, Antivirus and Antimalware, DDoS Mitigation, Security Information and Event Management, Intrusion Detection System/ Intrusion Prevention System and Others.
- The antivirus and antimalware segment dominated the market for healthcare cyber security and accounted for a revenue share of around 25.0% in 2021.
- It is attributed to a surge in the number of malware attacks in the healthcare industry, which is shutting down the networks and affecting patient care.
Based on the Type of Threat Insights, the market is segmented into Malware, DDoS, Advanced Persistent Threat, Spyware, Lost or Stolen Devices and Others.
- The malware segment dominated the market for healthcare cyber security and accounted for the largest revenue share of 25.1% in 2021.
- The advanced persistence threat segment is witnessing lucrative growth and is anticipated to witness a higher CAGR over the forecast period.
Based on the End-use Insights, the market is segmented into Pharma & Chemicals, Medical Devices, Health Insurance, Hospitals and Others
- As of 2021, the hospital segment held the largest revenue share of around 63.0%. Hospitals are extremely vulnerable to cyber-attack as it stores an incredible amount of patient data.
- In addition, these attacks are spiked during the pandemic threatening private data and patient care. It will be increasing the use of cyber security.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- As of 2021, North America dominated the market for healthcare cyber security and accounted for the largest revenue share of around 41%.
- In Asia Pacific, the market for healthcare cyber security is anticipated to witness a lucrative CAGR of 20.1% over the forecast period due to the increased adoption and penetration of the internet in the healthcare industry.
Market Share Insights:
- November 2021: IBM announced it would extend its cyber security and response capabilities by acquiring ReaQta, a Dutch cyber security threat detection and response company.
- February 2021: Trend Micro a Japanese multinational cyber security software company launched its Trend Micro Vision One extended detection and response platform.
Key Companies Profile:
Key market players are continuously investing in the development of products with advanced technologies to gain a competitive edge over others in the market, which is expected to drive the growth of the market for healthcare cyber security.
Some of the prominent players in the global Healthcare Cyber Security market include:
- Trend Micro
- Lockheed Martin
- Northrop Grumman
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