Healthcare Cybersecurity Market Size to Hit US$ 58.4 Bn by | #cloudsecurity


Ottawa, June 16, 2022 (GLOBE NEWSWIRE) — The global healthcare cybersecurity market size was valued at US$ 14.79 billion in 2021. Internet of medical things is a concept where devices for advanced patient care increase the potential risks in this sector that inreturn boosts the demand for technologically advanced cybersecurity measures thereby helping the market to grow. Moreover risks such as loss of patient data, fake medical records, false patient identity and increase in the online solutions for healthcare services has led to the increase in demand for the cybersecurity services. All these factors help us to anticipate the growth of the cybersecurity market for the healthcare services.

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Regional Snapshots

The North American region is expected to have the largest market share in the overall health care cybersecurity market. The presence of many major players and the increasing startups for health care cyber security in this region has helped in the growth of the market. The Hillcrest Healthcare infrastructure in the North American market is extremely good and it has highly developed medical infrastructure. The health care sectors are spending on the health care information technology. In order to incorporate cloud based solutions.

The Asia Pacific region is also expected to grow rapidly during the forecast period as there are increasing cyber attacks in the Asia Pacific region. The market shall grow during the forecast. As there are many mandates for patient care and safety. The demand for healthcare cybersecurity shall increase during the future. Adoption of advanced technologies likes 5G technology, Internet of Things and cloud computing has helped in the growth of the market. Cost effective cyber security solutions and robust infrastructure are the driving factors for the growth of the healthcare cybersecurity market in the Asia Pacific region.

Scope of the Report

Report Attributes Details
Market Size in 2021 USD 14.79 Billion
Revenue Forecast by 2030 USD 58.4 Billion
CAGR 17.5% from 2022 to 2030
Base Year 2021
Forecast Year 2022 to 2030
Key Players SYMANTEC CORPORATION, Cisco Systems, Inc., FireEye, Inc., NORTHROP GRUMMA CORPORATION, Palo Alto Networks, Inc., sensato investors, Lockheed Martin Corporation, MACAFEE, INC., ibm corporation, Kaspersky Lab

Report Highlights

  • On the basis of the security solutions, the cloud based segment is expected to grow during the forecast period. There’s an increasing demand for cloud based security solutions as it reduces the data management costs and it is extremely efficient software. Increased use of Internet of Things devices and cloud based security services for storage in the industry has led to a growth in the market.
  • By offering, the solution segment is expected to grow during the forecast period. Increased demand for advanced solutions for security operations. Increased number of data security and privacy concerns and increasing demand for cost effective solutions has led to a growth in the solutions segment. The awareness about electronic health records and. Improve regulatory. Framework has led to a growth in the market.

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Market Dynamics

Drivers

The impact of the pandemic over the healthcare system has increased the demand for the cybersecurity services in the market. Due to creation of fake Covid cases and patient identities, need for better cybersecurity services has increased. Since the healthcare system operates teleworking and remote modes for operating, the local internet connections used along with the personal devices increases the risk for malware attacks to these networks. This serves as a driving force for adopting better cybersecurity services. The increase in the number of data alterations that take place in the fraud cases also raises the need to acquire advanced cybersecurity services. All these factors prove to be the drivers for boosting the healthcare cybersecurity market.

Restraints

The high cost associated with these cybersecurity services proves to be a great obstacle in the growth of the market size of healthcare cybersecurity market. This mainly affects the developing and underdeveloped nations where the expense capacity of the common man falls short. Further, lack of skilled, experienced and well trained professionals for handling the cybersecurity services prove to be the obstacles in the growth of the market. The geriatric age group is not able to afford the increasing cost of these services which makes it almost difficult for them to enjoy these facilities.

Opportunities

The increase in the number of healthcare cyber frauds has provided the healthcare cybersecurity market a great opportunity. The need for maintaining transparency in the services provided also demands for cybersecurity services. The cybersecurity services are able to encrypt important patient data which serves as an opportunity to the market. The increasing awareness about internet security has also increased the demand for such services. Growing privacy among people also adds on to the opportunities for the healthcare cybersecurity market.

Challenges

The shortage of experienced, skilled work force for handling such security services has posed a great challenge for adoption of cybersecurity services. This further increases the risk of loosing confidential data relating to the patient. The high cost associated with such advanced services also hinders the market thus challenging the growth of the market in the forecast period.

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Recent Developments

  • GE Healthcare came up with a new cybersecurity solution in 2020. It helps to detect, analyze and respond to threats in private as well as in the government hospitals.
  • Atos launched the first comprehensive cybersecurity solution in 2019 to manage cloud security, security services and identity management in the healthcare sector.

Market Segmentation

By Offering

By End User

  • Healthcare Payers
  • Healthcare Providers

By Security

  • Cloud security
  • Network security
  • Application security
  • Endpoint security

By Threat Type

  • Ransomware
  • Malware & Spyware
  • Distributed Denial of Service (DDoS)
  • Phishing & spear phishing
  • Others

By Deployment

By Application

  • Hospitals
  • Pharmaceutical and biotechnology industries
  • Healthcare payers
  • Others

By Solution

  • Identity and Access Management
  • Risk and Compliance Management
  • Antivirus and Antimalware
  • DDoS Mitigation
  • Security Information and Event Management
  • Intrusion Detection System/ Intrusion Prevention System
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

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