Healthcare Cybersecurity Market 2024 - By Size, Competitive Landscape, Upcoming Trends And Outlook By 2033

The Business Research Company has released its latest global market reports, covering insights for 2024 and offering projections up to 2033.

The Business Research Company presents an extensive market research report on the Healthcare Cybersecurity Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The healthcare cybersecurity market size has grown rapidly in recent years. It will grow from $20.59 billion in 2023 to $23.86 billion in 2024 at a compound annual growth rate (CAGR) of 15.9%. The growth in the historic period can be attributed to increased cyber attacks, concerns about security and privacy, collaboration between public and private sector to strengthen healthcare cybersecurity, presence of highly developed medical and healthcare infrastructure, emergence of digital technologies.

The healthcare cybersecurity market size is expected to see rapid growth in the next few years. It will grow to $42.59 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%. The growth in the forecast period can be attributed to increasing investments in healthcare cyber security by various healthcare organizations and government initiatives, increasing demand for advanced cybersecurity solutions & privacy, increase in frequency & complexity of cyber threats, rising security and regulatory compliance-related issues, increasing Network Vulnerabilities. Major trends in the forecast period include growth in adoption of IoT and connected devices, growth in the usage of cloud based healthcare solutions, increasing use of healthcare IT Solutions in outpatient care facilities, rise in adoption of connected devices and smartphones, and adoption of 5G technology, the increase in digitalization and adoption of Electronic Health Records (EHRs), wireless medical devices, and telemedicine.

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Key Market Players:

Major players in the healthcare cybersecurity market are Microsoft Corporation, Intel Corporation , International Business Machines Corporation, Cisco Systems Inc., Broadcom Inc., Thales Group, Palo Alto Networks Inc., Juniper Networks Inc. , Fortinet Inc., Gen Digital Inc., Splunk Inc., Checkpoint Software Technologies Ltd. , Trend Micro Inc., Crowdstrike Holdings Inc., Fortra LLC, Tenable Inc., Rapid7 Inc., Qualys Inc., McAfee Corp., Forescout Technologies Inc., LogRhythm Inc., Claroty Ltd., Sophos Ltd., Fortified Health Security, and Sensato Cybersecurity Solutions.

Market Drivers:

Increasing cyberattacks are expected to propel the growth of the healthcare cybersecurity market going forward. Cyberattacks are malicious attempts to disrupt, damage, or gain unauthorized access to computer systems, networks, or devices. Cyber threats are motivated by financial incentives, where cybercriminals seek to steal sensitive financial information, conduct ransom attacks, or engage in other activities to monetize their attacks. Healthcare cybersecurity is essential for protecting sensitive patient data, ensuring the continuity of care, and safeguarding healthcare systems against cyberattacks that can lead to data breaches, financial loss, and compromised patient safety. For instance, according to Check Point Software Technologies Ltd., an Israel-based software company, in the first nine months of 2023, there was a 3% increase in the global average of weekly cyberattacks compared to the same timeframe in 2022. Additionally, the healthcare sector experienced a significant 11% rise in cyberattacks, averaging 1613 incidents weekly. Therefore, the increasing number of cyberattacks is driving the growth of healthcare cybersecurity.

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The healthcare cybersecurity market covered in this report is segmented -

1) By Solution: Identity And Access Management, Risk And Compliance Management, Antivirus And Antimalware, Distributed Denial Of Service (DDoS) Mitigation, Security Information And Event Management, Intrusion Detection System/ Intrusion Prevention System, Other Solutions
2) By Security: Network Security, Endpoint Security, Application Security, Content Security
3) By Threat: Malware, Distributed Denial Of Service (DDoS) Threats, Advanced Persistent Threat, Spyware, Lost Or Stolen Devices, Other Threats
4) By End User: Pharma And Chemicals, Medical Devices, Health Insurance, Hospitals, Other End Users

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