Healthcare Cyber Security Market by Global Outlook 2021 to 2030

The Global Healthcare cyber security Market size is estimated to be USD 185.5 million in 2019 and is predicted to reach USD 518.6 million by 2030 with a CAGR of 9.8% from 2020-2030.

Cyber security solutions are used in healthcare organizations to safeguard patient data, devices, networks, and meet healthcare regulations. These solutions are developed to prevent external attacks and internal threats from destructing medical records and other data breaches. These solutions gives healthcare organizations the ability to prevent email-borne ransom ware infections and other advanced attacks.

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Top Companies: Cisco Systems, Inc., IBM Corporation, MacAfee, Inc., Palo Alto Networks, Inc., Symantec Corporation, Lockheed Martin Corporation, FireEye, Inc., Northrop Grumma Corporation, Kaspersky Lab and Trend Micro and others.

Market Dynamics and Trends:

Globally, adoption of electronic technology in healthcare industry is rapidly increasing to improve clinical outcomes and transform care delivery. However, there are growing concerns related to security of healthcare data and devices. Increasing connectivity of healthcare devices to existing computer systems has exposed them to new cyber security vulnerabilities. As healthcare data is valuable, it is an attractive target for cybercrime. Moreover, adoption of mobile devices in healthcare institutions are also giving rise to new data security and liability risks. Based on this new legislations and regulations are being implemented to facilitate change in healthcare industry. These regulatory changes are opening new doors for the development and enhancement of existing market size of healthcare cyber security market.

Increasing treats and growing number of cyber-attacks are major concerns driving the growth of healthcare cyber security market. According to the data published by IBM, globally there were around 100 million breaches of medical records in 2015. In 2017, there were 477 healthcare breaches reported to the US Department of Health and Human Services (HHS), which increased from 450 in 2016. This increasing number of data breaches drives the demand for healthcare cyber security solutions. In addition to this, increasing adoption of information technology in healthcare, implantation of digital medical records and connect medical devices, and changing regulations and government norms are also some of the supplementary factors contributing to the market growth. However, lack of awareness and insufficient budget allocations to the healthcare organizations, and lack of significant policies are likely to impact the industry growth.

Currently, healthcare cyber security market is one of the attractive markets, thus large number of players are focusing on developing innovative solutions and entering the market. Health-tech startups such as Medigate, Protenus, Elastic Beam, and many more are receiving significant funding to develop cyber security platforms that protects medical records and devices connected to healthcare provider network. Also, several established players adopt merger and acquisition as their primary growth strategy in this market. Such strategic activities enable the companies to enhance their product offerings, expand their geographic reach and gain substantial market share in the global healthcare cyber security market.

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Market Segmentations and Scope of the Study:

Global healthcare cyber security market share is analysed on the basis of type, end user, and geography. On the basis of type, the market is segmented into identity and access management, risk and compliance management, antivirus and antimalware, distributed denial of service (DDoS) mitigation, security information and event management (SIEM), intrusion detection system (IDS)/intrusion prevention system (IPS) and others. By end user the market is segmented into pharmaceuticals & biotechnology companies, insurance agencies, medical devices companies, hospitals, and others. The regional analysis of the healthcare cyber security market comprises of North America, Europe, Asia Pacific, and Rest of the World.

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