Healthcare Cybersecurity Market Worth $26.1 Billion by 2027, Growing at a CAGR of 19.8% From 2020- Exclusive Report by Meticulous Research®

According to a new market research report "Healthcare Cybersecurity Market by Threat (Ransomware, Malware and Spyware, DDoS, APT, Phishing), Offering, Security Type (Cloud, Application, Endpoint, Network), End-User (Healthcare Providers and Payers), and Geography - Global Forecast to 2027", published by Meticulous Research®, the healthcare cybersecurity market is expected to reach $26.1 billion, at a CAGR of 19.8% during the forecast period of 2020 to 2027.

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Healthcare organizations are switching to digital records and implementing new technologies, such as cloud computing, IoT, and 5G. However, the increasing adoption of digital technologies poses severe challenges and security concerns for the healthcare industry. Cybersecurity has emerged as one of the major concerns for healthcare organizations due to the growing need to minimize issues associated with data security and cyber threats.

Factors driving the growth of the overall healthcare cybersecurity market are the increasing demand for advanced cybersecurity solutions, increasing frequency & complexity of cyber threats, and growing adoption of IoT & connected devices across the healthcare sector. Furthermore, the increasing need for cloud-based security solutions across the healthcare sector, rising use of smartphones & connected devices, and growing adoption of 5G technology are expected to further contribute to the growth of the healthcare cybersecurity market over the coming years.

However, the lack of trained cybersecurity professionals is expected to challenge the growth of the healthcare cybersecurity market during the forecast period. While developed economies offer technological growth opportunities through the proliferation of advanced technologies, the ongoing digital transformation initiatives across emerging economies, such as Asia-Pacific and Latin America, are likely to provide growth opportunities for vendors operating in the market.

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The global healthcare cybersecurity market is mainly segmented by threat, offering, security type, end user, and geography.

By threat, the healthcare cybersecurity market is segmented into ransomware, malware & spyware, distributed denial-of-service (DDOS), advanced persistent threats (APTs), and phishing & spear phishing. In 2020, the ransomware threats segment accounted for the largest share of the overall healthcare cybersecurity market. The growth of this segment is majorly attributed to the increasing demand for advanced solutions for data protection, the growing use of cloud-based services for storage, and the advent of crypto-currencies for ransom payment due to their untraceable nature.

Based on offering, the healthcare cybersecurity market is segmented into solutions and services. In 2020, the solutions segment commanded the largest share of the overall healthcare cybersecurity market. Factors driving the growth of this segment include the increasing demand for advanced solutions for security operations, growing number of data security & privacy concerns, increasing demand for cost-effective security solutions, and growing regulatory enforcement & protection concerns. Based on type, the healthcare cybersecurity solutions are further segmented into identity & access management, intrusion detection systems (IDS)/intrusion prevention systems (IPS), antivirus & antimalware, risk & compliance management, distributed denial of service (DDoS) mitigation, security information & event management (SIEM), firewall, and unified threat management.

However, the services segment is poised to register the highest CAGR during the forecast period, due to the rising security breaches and sophisticated cyberattacks, growing adoption of cloud technology and IoT devices, and increasing demand for robust & cost-effective services.

Based on security type, the healthcare cybersecurity market is segmented into application security, endpoint security, cloud security, and network security. In 2020, the network security segment dominated the overall healthcare cybersecurity market. Its dominance can be attributed to the increasing usage of telehealth services, growing awareness regarding the need for network security solutions, increasing spending on advanced network security solutions, rising adoption of bring-your-own-device (BYOD) policies, growing demand for network security solutions, and rising privacy concerns.

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Based on end user, the healthcare cybersecurity market is segmented into healthcare providers and healthcare payers. In 2020, the healthcare providers segment dominated the overall healthcare cybersecurity market. The rising sophistication of cyberattacks, growing awareness about EHRs, supportive government initiatives & mandates on implementing eHealth solutions, and growing need to protect patient information from cyber threats are the key factors driving the growth of this segment.

Geographically, the global healthcare cybersecurity market is segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, with a further analysis of major countries in these regions. In 2020, North America accounted for the largest share of the global healthcare cybersecurity market, followed by Europe and Asia-Pacific. The largest share of the North American region is primarily attributed to the presence of prominent players, the emergence of several start-ups in the region, highly developed medical & healthcare infrastructure, high spending on healthcare information technology, the proliferation of cloud-based solutions, the increasing sophistication & frequency of cyberattacks, and the emergence of disruptive digital technologies.

The Asia-Pacific healthcare cybersecurity market is projected to grow at the highest CAGR during the forecast period. The growth can be attributed to the high adoption of smartphones, coupled with increasing internet penetration; growing awareness regarding cybersecurity; high adoption of advanced technologies, such as the IoT, 5G, and cloud computing; growing privacy & security concerns; and the rising demand for robust and cost-effective cybersecurity solutions.

The overall healthcare cybersecurity market is fragmented and highly competitive. The scenario is expected to become even more competitive owing to the consistently growing number of cybersecurity breaches amidst the COVID-19 pandemic. Several budding start-ups are striving to make their mark in the market, owing to which several new product launches are anticipated over the next few years. Besides, large companies are expected to leverage multiple partnerships, collaborations, and acquisitions to strengthen their geographic presence and expand their product portfolios. Furthermore, the growing frequency and sophistication of cyberattacks, increasing cybersecurity literacy in the healthcare sector, and government encouragement to adopt cybersecurity for the healthcare sector present several opportunities for established players and start-ups to contribute to the overall healthcare cybersecurity market.

Some of the key players operating in the global healthcare cybersecurity market are FireEye, 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.), Check Point 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.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/healthcare-cybersecurity-market-5116

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