Healthcare Cybersecurity Market Size, Trends, Investments, Share, Leading Players Analysis

The global Healthcare Cybersecurity Market size is projected to grow from USD 18.2 billion in 2023 to USD 35.3 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 14.2% during the forecast period.

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The major factors driving the market growth include the increase in cyberattacks and concerns related to security and privacy, the growing acceptance of IoT and connected devices, and the increasing adoption of cloud-based solutions in the healthcare sector.

Based on the threat type, the ransomware segment is to grow at the highest CAGR during the forecasted period

Ransomware attacks continue to be a significant threat to healthcare organizations. These types of attacks are a major threat that can disrupt patient care, compromise sensitive patient data, and cause significant financial damage According to a report, the healthcare sector accounted for 79% of all ransomware attacks in the United States in 2022. The impact of ransomware attacks on healthcare organizations has been highlighted by some of the high-profile incidents such as the WannaCry attack on the UK's National Health Service and the NotPetya attack on Merck pharmaceuticals. These incidents demonstrated the potential for ransomware attacks to cause widespread disruption and underscored the importance of strong cybersecurity measures in healthcare. Thus, the ransomware segment accounts for the highest CAGR during the forecasted period.

By solution type, Antivirus/Antimalware segment to hold a larger market size during the forecast period

Antimalware helps protect healthcare organizations against malware threats such as viruses, trojans, worms, and other malicious software that can compromise the security of patient data and systems, therefore becoming an important aspect of healthcare cybersecurity. Additionally, antimalware solutions help healthcare organizations detect and prevent malware attacks by scanning for known malware signatures, analyzing behavior patterns, and using advanced technologies such as machine learning and artificial intelligence algorithms to detect and respond to emerging threats. Thus, the segment holds a larger market size during the forecast period.

By region, Asia Pacific is to grow at the highest CAGR during the forecast period

Asia Pacific is experiencing increasing investments in healthcare cybersecurity solutions owing to the growing threat landscape of the region. The Asia Pacific healthcare cybersecurity market is driven by the emergence of digital technologies in the healthcare sector, rising incidences and complexity of cyberattacks, growing concern about data privacy and safety, continuous technological advancements in healthcare cybersecurity, and collaboration between private and public sectors to strengthen cybersecurity.

The National Health Authority (NHA) is the national regulatory authority responsible for implementing India's flagship public health insurance/assurance scheme Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY). However, the NHA has not prescribed any cyber security guidelines for the sector, leading to a difficult challenge in responding to and deterring cyberattacks. Since hospitals and health facilities are easy targets for hackers due to the pandemic, healthcare organizations in the country must invest in technologies and healthcare cybersecurity solutions to address cybersecurity threats.

Ransomware attackers have targeted the Chinese medical sector since 2017, making up nearly one-third of all attacks. These blackmailing attempts have become a danger to the physical well-being of patients. In 2020, Cyble, a US cybersecurity group, identified a data hack on the Chinese healthcare AI company Huiying, resulting in the theft and sale of personal health records and COVID-19 test results from the company's servers. Thus, driving the adoption of healthcare cybersecurity solutions in the country.

The Japanese government is developing a new system for digital governance known as the 'trusted web,' which shares elements of Web3, the concept of a new and decentralized internet based on public blockchains. The trusted web is being tested in healthcare, where information is sensitive, and the need to prevent abuse is paramount

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IBM (US), Cisco (US), Palo Alto Networks (US), Check Point (Israel), Fortinet (US), Trend Micro (Japan), Dell EMC (US), CrowdStrike (US), Kudelski Security (Switzerland), CloudWave (US), Claroty (US), Imperva (US), LogRhythm (US), Kaspersky (Russia), Sophos (UK), Juniper (US), Forcepoint (US), Verimatrix (US), Forescout (US), Imprivata (US), SailPoint Technologies (US), Saviynt (US), JFrog (US), Fortified (US), ClearDATA (US), Cynerio (US), MedCrypt (US), Armis (US), Cylera (US), Zeguro (US), Virta Laboratories (US), Protenus (US), Censinet (US), and Sternum (Israel) are the key players and other players in the healthcare cybersecurity market.

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