Healthcare Cybersecurity Market Key Trends, Demand, Share, Size, and Analysis 2024-2033

"Exploring the Global Healthcare Cybersecurity Market: A Comprehensive Overview

Insights into Healthcare Cybersecurity Market: Global Trends and Analysis

Healthcare Cybersecurity Industry - Key Market Dynamics and Trends

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.

Market Overview -
Healthcare cybersecurity refers to the practice of protecting electronic information and assets from unauthorized access, use, disclosure, disruption, modification, or destruction within the healthcare sector. It involves implementing a variety of security measures, technologies, and policies to safeguard patient data, hospital systems, and medical devices against cyber threats and breaches. This is essential for maintaining patient privacy, ensuring the integrity of medical records, and supporting the continuity of healthcare services.

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Rise Of Cybersecurity Needs In Healthcare Due To Increasing Cyber Threats
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.

Competitive Landscape -
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.

Advancements In Healthcare Cybersecurity With Medical IoT Security Solution
Major companies operating in the healthcare cybersecurity market are focused on developing new technologies, such as IoT security solutions, to increase their profitability in the market. IoT security solutions in healthcare cybersecurity involve strategies and technologies designed to protect connected medical devices and systems from cyber threats and unauthorized access. For instance, in December 2022, Palo Alto Networks Inc., a US-based cybersecurity company, launched Medical IoT Security, a zero-trust security system for healthcare devices. This features automatic discovery, segmentation, policy enforcement, and advanced threat protection. Leveraging machine learning, it quickly identifies threats, secures interactions, and integrates seamlessly with healthcare. The solution ensures rapid deployment, flexible architecture compatibility, and simplifies zero-trust adoption for all medical devices.

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Key Segments -

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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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