Impact of COVID-19 on the Healthcare Cybersecurity Market (2020-2027)

Meticulous Research– a leading global market research company published a research report titled “Healthcare Cybersecurity Market By Threat (Ransomware, Malware & Spyware, DDoS, APT, Phishing), Offering, Security Type (Cloud, Application, Endpoint, Network), End-User (Healthcare Providers & Payers), and Geography– Global Forecast to 2027 ”.

According to this latest publication from Meticulous Research, the healthcare cybersecurity market is expected to grow at a CAGR of 19.8% from 2020 to reach $26.1 billion by 2027.The growth inthe healthcare cybersecurity market is majorly attributed to the factors such as emergence of disruptive digital technologies across healthcare sector, rising demand for advanced cybersecurity solutions & privacy, and increase in complexity & frequency of cyber threats. In addition, the increasing need of cloud-based security solutions among healthcare sector and exponential rise in healthcare data breaches are also expected to support the growth of this market over the coming years. However, the lack of trained professionals and global impact of COVID-19 on the industry vertical obstructs the growth of this market to some extent.

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The global healthcare cybersecurity market study presents historical market data (2018 & 2019), estimated current data (2020), and forecasts for 2027. The market is segmented based on threat (ransomware, malware & spyware, distributed denial-of-service (DDoS), advanced persistent threat (APT), phishing & spear phishing); offering ((solutions (identity & access management, intrusion detection system (IDS)/intrusion prevention system (IPS), antivirus & antimalware, risk & compliance management, distributed denial of service (DDoS) mitigation, security information & event management (SIEM), firewall, unified threat management); services (managed security services, deployment & integration, support & maintenance)); security type (cloud security, application security, endpoint security, network security); end-user ((healthcare providers (hospitals, physician practices), healthcare payers); and geography. The study also evaluates industry competitors and analyses the market at a country level.

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Based on threat, the healthcare cybersecurity market is segmented into ransomware, malware & spyware, distributed denial-of-service (ddos), advanced persistent threat (APT), and phishing & spear phishing. Among these, the ransomware threats segmentis estimated to account for the largest share of the overall healthcare cybersecurity market in 2020, as well as projected to grow with the fastest CAGR during the forecast period. The large share of this segment is mainly attributed to the factors such as increase in demand for advanced solutions for data protection, advent of crypto-currencies for ransom payment due to its untraceable nature,rise in volume of targeted security breaches & attacks, and increasing use of cloud based services for storage.

Based on offering, the healthcare cybersecurity market is segmented into solutions and services. The solutions segment is estimated to account for the largest share of the overall healthcare cybersecurity market in 2020. The large share of the segment is mainly attributed to factors such as increase in demand for advanced solutions for security operation, growing number of data security& privacy concerns, increasing demand for robust and cost-effective security solutions to strengthen cybersecurity infrastructure, and growing regulatory enforcement and protection concerns. Further, the solutions segment is segmented into identity & access management, intrusion detection system (IDS)/intrusion prevention system (IPS), antivirus & antimalware, risk & compliance management, distributed denial of service (DDoS) mitigation, security information & event management (SIEM), firewall, and unified threat management. The services segment is further segmented into managed security services, deployment & integration services, and support & maintenance services.

Based on the security type, the healthcare cybersecurity market is segmented into application security, endpoint security, cloud security, and network security. The network security segment is estimated to account for the largest share of the overall healthcare cybersecurity market in 2020, owing to the factors such as growing demand for network security solutions and privacy concerns; and an increasing number of APTs, malware, ransomware, DDoS, and phishing attacks. Moreover, the growing awareness, spending by organizations on advanced network security solutions, and increase in the adoption of the Bring Your Own Device (BYOD) trend are expected to drive the growth of the network security segment over the coming years.

Based on end-user, the healthcare cybersecurity market is segmented into healthcare providers and healthcare payers. The healthcare providers segment is estimated to account for the largest share of the overall healthcare cybersecurity market in 2020, owing to the rising sophistication levels of cyberattacks, rising awareness about electronic health records (EHRs), and supportive government initiatives and mandates on implementing eHealth solutions and protect patient information from cyber threats. In addition, the increasing adoption and total volume of connected IoT devices, rising demand for cloud services, growing focus on patient safety & care, and rising investments in the development of healthcare infrastructure are also supporting the growth of this segment. The healthcare providers segment is further segmented into hospitals and physician practices.

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Geographical View

Geographically, the healthcare cybersecurity market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East &Africa. The North America region is estimated to account for the largest share of the global health care cybersecurity market in 2020. However, the Asia-Pacific region is expected to witness rapid growth during the forecast period, driven by factors such as increasing cyberattacks in hospitals, rising consumption of connected devices, and growing regulatory requirements for patient care and safety. In addition, the growing awareness regarding cybersecurity among healthcare organizations; high adoption of advanced technologies, such as IoT, 5G technology, and cloud computing; and rising privacy & security concerns in the region are also some of the major factors driving the growth of the healthcare cybersecurity market in APAC.

Key Players:

The key players operating in the global healthcare cybersecurity marketareFireEye, Inc. (U.S.), Palo Alto Networks, Inc. (U.S.), Sophos Ltd. (U.S.), Juniper Networks, Inc. (U.S.), Fortinet, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Checkpoint Software Technologies Ltd. (U.S.), Imperva (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), McAfee LLC (U.S.), LogRhythm, Inc. (U.S.), NortonLifeLock Inc. (U.S.), Crowdstrike Holdings, Inc.(U.S.) Fortified Health Security (U.S.), Sensato Cybersecurity Solutions (U.S.), Kaspersky Lab (Russia), Northrop Grumman Corporation (U.S.), and Medigate(U.S.), among others.

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Key questions answered in the report-

Which are the high growth market segments in terms of threat, offering, security type, end-user, and countries?
What was the historical market for healthcare cybersecurity across the globe?
What are the market forecasts and estimates for the period 2020-2027?
What are the major drivers, restraints, opportunities, and trend in the global healthcare cybersecurity market?
Who are the major players and their share in the global healthcare cybersecurity market?
How is the competitive landscape in the global healthcare cybersecurity market?
What are the recent developments in the global healthcare cybersecurity market?
What are the different strategies adopted by the major players in the global healthcare cybersecurity market?
What are the key geographic trends and which are the high growth countries?

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