Healthcare Cyber Security Industry Overview
The global healthcare cyber security market size was valued at USD 14.7 billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 18.4% from 2023 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, restrains 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.
Browse through Grand View Research's Healthcare IT Industry Research Reports.
- Electronic Health Records Market – The global electronic health records market size was estimated at USD 27.2 billion in 2021 and it is anticipated to expand at a CAGR of 4.0% from 2022 to 2030. Government initiatives to encourage healthcare IT usage is the key driver to this market. For instance, My Health Record is a national digital health record platform in Australia.
- Cyber Security Market – The global cyber security market was valued at USD 202.72 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 12.3% from 2023 to 2030. The increasing number of cyber-attacks with the emergence of e-commerce platforms, deployment of cloud solutions, and proliferation of smart devices are some of the factors driving the growth of the market.
Healthcare Cyber Security Market Segmentation
Grand View Research, Inc. has segmented the global healthcare cyber security market on the basis of type of solutions, type of threats, end use, type of security, deployment, and region:
Healthcare Cyber Security Types of Solution Outlook (Revenue, USD Million, 2017 – 2030)
- Identity and Access Management
- Risk and Compliance Management
- Antivirus and Antimalware
- DDoS Mitigation
- Security Information and Event Management
- Intrusion Detection System/ Intrusion Prevention System
Healthcare Cyber Security Type of Threat Outlook (Revenue, USD Million, 2017 – 2030)
- Advanced Persistent Threat
- Lost or Stolen Devices
Healthcare Cyber Security End-use Outlook (Revenue, USD Million, 2017 – 2030)
- Pharma & Chemicals
- Medical Devices
- Health Insurance
Healthcare Cyber Security Type of Security Outlook (Revenue, USD Million, 2017 – 2030)
- Network Security
- Endpoint Security
- Application Security
- Content Security
Healthcare Cyber Security Deployment Outlook (Revenue, USD Million, 2017 – 2030)
Healthcare Cyber Security Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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 2020: GE Healthcare introduced a new cyber security solution known as Skeye for hospitals for detecting, analyzing, and responding to security threats in real-time.
Key Companies profiled:
Some prominent players in the global healthcare cyber security market include
- Trend Micro
- Lockheed Martin
- Northrop Grumman
- Imperva Inc
- Fortinet Inc
- Medigate Ltd
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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