Healthcare Cybersecurity Market Forecasts to 2028 - Global Analysis By Offering, By Solution Type, By Threat Type, By Security Type, By Application, By End User and By Geography

According to Stratistics MRC, the Global Healthcare Cybersecurity Market is accounted for $22.8 billion in 2022 and is expected to reach $75.2 billion by 2028 growing at a CAGR of 22.0% during the forecast period. Any organisation in the medical sector, including healthcare providers, insurers, pharmaceutical companies, biotechnology companies, and medical device manufacturers, has to prioritise healthcare cybersecurity. In addition to ensuring the availability of medical services, the effective operation of medical systems and equipment, the preservation of the security and integrity of patient data, and compliance with industry rules, it involves a number of actions to safeguard organisations from external and internal cyber attacks.

According to Cyber Peace Institute, over 10 million records have been stolen, including social security numbers, patient medical records, financial data, HIV test results, and the private details of medical donors. On average, around 155,000 records are breached during attacks on the sector, and this number can be far higher, with some incidents reporting a breach of over 3 million records.

Market Dynamics:

Driver:

Increasing adoption of IoT and connected devices

Healthcare organisations use cybersecurity techniques and tools to safeguard patient privacy and the confidentiality of sensitive patient data. Healthcare cybersecurity makes sure that private medical data is protected and only available to those that have been authorised, like a patient's doctor. Healthcare cybersecurity protects healthcare businesses from external dangers like ransomware and hackers attempting to steal sensitive personal information to sell on the Dark Web. Additionally, it safeguards data from risks posed by users who unknowingly compromise sensitive data as well as dangers posed by malicious internal actors like hospital staff.

Restraint:

High cost and the lack of skilled workers

The healthcare cybersecurity market's expansion is severely constrained by the high cost of these services. This is mostly a problem in developing and growing nations, as the average person has inadequate funds to pay for basic essentials. The market's advancement is also hampered by the lack of experienced, educated, and certified professionals to manage cybersecurity services. Elderly people consider it almost impossible to use these amenities because of their rising costs. The scarcity of knowledgeable, experienced labour in this field has also significantly hindered the uptake of cybersecurity services.

Opportunity:

IoT security driving the market growth

IoT security can be categorized as a cybersecurity tactic and defense mechanism that protects against the possibility of cyber attacks, which mostly target physically connected loT equipment. A bad actor can easily breach, penetrate, and take control of any connected loT device, enabling them the chance to eventually enter networks, steal user data, and collapse them. Due to the loT technology's rapid advancement in capabilities and popularity, which has changed how organisations operate, loT devices account for approximately 30% of all devices on enterprise networks. These gadgets generate useful data that enables precise predictive modelling and insightful information that changes decisions in real-time. Additionally, the ability of IoT to increase employee satisfaction, business efficiency, labor productivity, and profitability also contributes significantly to the company's digital transformation.

Threat:

Lack of awareness:

The healthcare cyber security market is expected to grow significantly over the course of the forecast period, but several limitations will unavoidably hinder growth. Employees in the healthcare industry and others are unaware of the significance of cyber security, especially with regard to security software. For healthcare organisations, medical records continue to be a resource as well as a security concern. Social Security numbers, bank account numbers, and other personal information are used on the black market. It's essential that individuals remain alert regarding these dangers and adapt to technological developments.

COVID-19 Impact:

The coronavirus epidemic resulted in an unprecedented disaster that affected every aspect of modern life. Due to these unfavourable effects, cybercrime targeting crucial infrastructures-particularly the health sector, which was the most severely affected by the epidemic-has significantly increased. A consequence of the COVID-19 pandemic's effects is that cybercriminals continue to attack the healthcare sector. The healthcare sector is especially vulnerable when cybercriminals utilise ransomware, phishing, and other targeted assaults. Inadequate protection for employees who work remotely and the storage of mixed data in the cloud without appropriate security and privacy measures are the major issues that organisations have been inadequate to confront.

The managed services segment is expected to be the largest during the forecast period

Due to the growth of large-scale networks and IoT applications, the managed services category is anticipated to have the largest share over the projection period. Managed services in healthcare cybersecurity involve collaborating with a third party to handle security infrastructure and systems. However, the security systems used by an organisation, including firewalls, intrusion detection and prevention systems, and SIEM systems, are continuously monitored, managed, and maintained by these services.

The hospitals segment is expected to have the highest CAGR during the forecast period

Due to hospitals' vulnerability to cyber-attacks and the complexity of their existing tech systems, the hospital segment is anticipated to grow profitably during the projection period. The mobile devices they use and the monitoring tools they utilise are essential for hospital employees. Moreover, they are also in charge of gathering the patients' personal information, such as social security numbers, prescription drug schedules, and credit card numbers.

Region with largest share:

Due to factors like the presence of major players as well as several emerging startups, the presence of a highly developed medical and healthcare infrastructure, high spending on healthcare information technology, the proliferation of cloud-based solutions, the increasing sophistication and frequency of cyberattacks, and the emergence of disruptive digital technologies, the North American region dominated the healthcare cybersecurity market during the forecast period. Additionally, the fact that cloud-based security solutions reduce data management costs and boost efficiency, as well as a rapid rise in healthcare data breaches, are driving the industry's expanding need for these solutions.

Region with highest CAGR:

Due to privacy and security issues with digital patient records, the healthcare sector is one of the most regulated in the United States, North American region is expected to have lucrative growth over the projected period. Government laws ensure a consistent rise in the rates at which cybersecurity solutions are used in the nation's healthcare system. For instance, the Health Insurance Portability and Accountability Act (HIPAA) was established by the American government to encourage healthcare organisations to maintain the confidentiality of patient information. These elements will help this region's healthcare cybersecurity market expand rapidly.

Key players in the market:

Some of the key players in Healthcare Cybersecurity market include: Fortified Health Security, Broadcom Inc. (Symantec), FireEye Inc. (Symphony Technology Group), Kaspersky Labs Inc., Medigate Ltd, Fortinet Inc, Imperva Inc., Northrop Grumman, Lockheed Martin, Kaspersky, Intel, Macafee, Trend Micro, IBM, Cisco And Palo Alto Networks, Inc.

Key Developments:

In March 2023, IBM (US) collaborated with Cohesity (US) to provide better data security and reliability in hybrid cloud settings. IBM Storage Defender solution combines data protection, cyber resilience, and data management capabilities to protect enterprises' data layers from threats such as ransomware, human error, and sabotage. It also has a cyber vault and clean room capabilities, as well as automatic recovery operations to help retrieve business-critical data in hours or minutes rather than days or weeks.

In December 2022, Cisco (US) collaborated with Cylera (US) to solve complex security issues in the medical space. Cylera's MedCommand automates the inventory, risk analysis, and profiling of IoT devices for Cisco's ISE, HIoT devices, OT equipment, and key hospital building management systems. It also looks for anomalous traffic requests and flags them to network monitoring tools and security incident and event management systems.

In December 2022, Palo Alto Networks (US) unveiled Medical IoT Security, a Zero Trust security solution for medical devices that eliminates implicit trust by continuously verifying every user and device. It enables healthcare organizations to deploy and manage new connected technologies quickly and securely.

In May 2022, Clearwater acquired CynergisTek, which provides cybersecurity, compliance, and IT services to help highly regulated industries tackle security and privacy issues, for $17.7 million. This partnership strengthens CynergisTek's people-centric approach to cybersecurity, privacy, and audit and its essential role in serving the healthcare industry and its clients.

In November 2021, Fortinet, a global pioneer in comprehensive, integrated, and automated cybersecurity solutions, unveiled the industry's most comprehensive solution for securing and connecting work-from-anywhere environments. Fortinet delivers Protection, services, and threat intelligence by combining its broad range of zero trust, endpoint, and network security products into the Fortinet Security Fabric.

Offerings Covered:

• Services
• Deployment & Integration
• Other Offerings

Solution Types Covered:

• Identity and Access Management (IAM)
• Security Information and Event Management
• Compliance and Policy Management
• Encryption and Tokenization
• Firewall
• Log Management and SIEM
• Patch Management
• Intrusion Detection System (IDS)/Intrusion Prevention System
• Unified Threat Management
• Other Solution Types

Threat Types Covered:

• Advanced Persistent Threat (APT)
• Distributed Denial of Service (DDoS)
• Malware
• Phishing
• Ransomware
• Spyware
• Lost or Stolen Devices
• Other Threat Types

Security Types Covered:

• Endpoint and IoT Security
• Application Security
• Cloud Security
• Network Security
• Content Security
• Medical Device Manufacturers
• Device Security
• Other Security Types

Applications Covered:

• Medical Devices
• Health Insurance
• Healthcare Payers
• Other Applications

End Users Covered:

• Healthcare Providers
• Hospitals
• Pharmaceuticals & Chemicals
• Biotechnology
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

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• Regional Segmentation
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