Healthcare Cyber Security Market Size is Projected to Reach US$ 80.60 Billion by 2032, Driven by Rising Cyber Threats & Data Security Concerns | SNS Insider

The rapid development of technology and the growing usage of IT solutions by healthcare professionals, especially for outpatient services is encouraging several opportunities in healthcare cyber security market.

Pune, July 10, 2024 (GLOBE NEWSWIRE) — Healthcare Cyber Security Market Size Analysis:

“According to SNS Insider Research, The Healthcare Cyber Security Market size was estimated at US$ 17.10 Billion in 2023 & is projected to reach US$ 80.60 billion by 2032 and grow at a CAGR of 18.8% over the period of 2024-2032.”

Securing patient data, is a major driver for the healthcare cyber security market.

This is further driven by the technological advancement in the healthcare systems and integration of medical devices. Also, increase use of telemedicine services, ultimately encouraging more gateways for cyber threats. A recent instance highlights this risk, In June 2024, a ransomware attack paralyzed one of the largest groups of hospitals, and they had to postpone numerous operations and transfer patients in ambulances.

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Major Players Analysis Listed in this Report are:

  • Northrop Grumman Corporation
  • Palo Alto Networks, Inc.
  • Sensato investors
  • Symantec Corporation
  • Cisco Systems, Inc.
  • FireEye, Inc.
  • IBM Corporation
  • Kaspersky Lab
  • Lockheed Martin Corporation
  • MACAFEE, INC.
  • Other Players

The application of IT in healthcare enterprise is gradually emerging into a new form due to rise of EHRs, telemedicine, connected medical devices.

This process helps to enhance patient’s care but on the other hand turns into the huge database with the sensitive information rich source for cyber criminals. An increase in the number and complexity of the hacking incidents against healthcare organizations reveals unsuccessful attempts to address outdated infrastructures and a continually growing attack landscape in the integration of devices.

This emerging threat is becoming higher and poses a great concern in the healthcare system, hence, it has the potential of driving the growth of the healthcare cybersecurity market. Here, the emerging technologies such as EDR for medical devices, blockchain for the protection of patient’s data, and AI in threat intelligence will equip healthcare providers with right tools to prepare their network for resilient attacks.

Healthcare Cyber Security Market Report Scope:

Report Attributes Details
Market Size in 2023 USD 17.10 Billion
Market Size by 2032 USD 80.60 Billion
CAGR CAGR 18.8% From 2024 to 2032
Base Year 2023
Forecast Period 2024-2032
Historical Data 2020-2022
Key Regional Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America)
Key Growth Drivers
  • The regulatory bodies across the globe have started applying even tighter rules regarding the protection of data like HIPAA in the US and GDPR regulation in EU.
  • The rising technological advancements and the increased in the use of IT solutions particularly for outpatient services among healthcare workers.

 

There is an increasing number of interconnected medical devises and cloud-based patient record systems which produce a bounty of sensitive data for attackers.

Due to the specifics of the healthcare delivery system, practitioners and specialists frequently need to work remotely, which adds to the risks. Still, the primary challenge that may be encountered when establishing sound cybersecurity measures is the execution process.

Many clinics and other health-care related organizations suffer from limited IT budgets and often have no in-house staff possessing solid information security background. Moreover, users may not be fully aware of the potential risks, and given the nature of the job medical staff may not pay as much attention to security measures as they do to the patients’ wellbeing.

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In 2023 on-premises applications which were widely used for their control and security remain in high demand accounted for more than 60% of the market share.

This segment targets hospitals and other organizations that deal with a lot of sensitive data as well as those who are very cautious when it comes to dealing with cloud servers. Nevertheless, cloud-based deployments are quickly becoming a favourite among 40% share due to the flexibility, simplicity in maintaining the systems, and relatively low implementation costs. This trend is most apparent in the cybersecurity solutions where the identification of threats in real-time is an essential aspect along with the management of the solutions.

Healthcare Cyber Security Market Key Segmentation:

On The Basis of Component 

  • Solutions
    • Antivirus and Antimalware
    • Identity and Access Management Solutions
    • Encryption and Data Loss Protection Solutions
    • Other solutions
  • Services
    • Consulting
    • Managed Security Services
    • Others Services

On The Basis of Security Type

  • Network Security
  • Application Security
  • Device Security
  • Others

On The Basis of Deployment

  • On-premises
  • Cloud-based

On The Basis of End-use

  • Pharma & Chemicals
  • Medical Devices
  • Health Insurance
  • Hospitals
  • Others

According to SNS Insider, APAC will be growing at a highest CAGR of 19.21% over the period of 2024-2032.

Governments in Asia-Pacific for instance are awaring of the rising cyber threats and are acting on this. These and many other similar programs of the governments, like the ‘Digital India Healthcare Mission,’ put stress on the protection of patient data, which leads to investing in cybersecurity. Likewise, China launched the “Healthy China 2030” framework that stressed on data protection which in return implied enhanced spending on protecting the IT framework of healthcare facilities.

Competitive Landscape:

Established companies are coming up with policies and acts that would enhance data privacy and at the same time spending more on the enhancement of cybersecurity in healthcare settings. For instance, the US Department of Health and Human Services HHS offers grant programmes and cybersecurity tools meant for healthcare institutions. Likewise, GDPR of the European Union prescribes strong data protection measures forcing the healthcare industry to focus on cybersecurity spending.

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Key Takeaways:

  • It can be said that the healthcare industry is caught in the eye of the storm in terms of cyber risks. To implement this decision, a fully-integrated system of medical devices, a massive utilization of telemedicine and cloud storage is a massive attack surface for the adversaries.
  • It is significant to pay certain attention to ransomware attacks since it may leave the hospital’s operations in a critical state and compromise patients’ lives by denying them access to necessary medical records. But this growing threat is the power source of a rapidly developing healthcare cybersecurity market.
  • The healthcare industry, including hospitals, is spending large sums of money in advanced technologies such as IDS and IAM to ramp up security.
  • Also, the higher demands from the authorities and the increased awareness of individuals regarding data protection are forcing healthcare organizations to advance the healthcare cyber security issue.

Table of Contents – Major Points

1. Introduction

2. Industry Flowchart

3. Research Methodology

4. Market Dynamics

5. Porter’s 5 Forces Model

6. Pest Analysis

7. Healthcare Cyber Security Market Segmentation, By Component

8. Healthcare Cyber Security Market Segmentation, By Security Type

9. Healthcare Cyber Security Market Segmentation, By Deployment

10. Healthcare Cyber Security Market Segmentation, By End User

11. Regional Analysis

12. Company Profiles

13. Competitive Landscape

14. Use Case and Best Practices

15. Conclusion

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