Healthcare Cybersecurity Market Size Worth USD 73.90 Billion in 2032 | Emergen Research

The Healthcare Cybersecurity Market size was USD 14.30 Billion in 2022 and is expected to register a rapid revenue CAGR of 17.9% during the forecast period. The global healthcare cybersecurity market is witnessing significant growth attributed to a myriad of factors including technological advancements, rising investments in vaccine development, and increasing prevalence of diseases like meningitis. These insights are drawn from the latest market research report, providing a comprehensive overview of the industry landscape.

Key Drivers:

The integration of Artificial Intelligence (AI) and Machine Learning (ML) algorithms into cybersecurity solutions stands out as a pivotal advancement. These technologies bolster threat detection and response capabilities by analyzing network traffic and user behavior in real-time, thus mitigating the risk of successful cyberattacks.

Moreover, the escalating adoption of Electronic Health Records (EHR) amplifies the demand for robust cybersecurity solutions. EHRs centralize sensitive patient data, creating an expanded attack surface for cyber threats. Additionally, the rising need for advanced cybersecurity measures is driven by the lucrative black market for stolen healthcare data, which is invaluable for medical research and personalized treatment plans.

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Partnerships Driving Innovation:

A notable partnership between Forescout and First Health Advisory exemplifies the collaborative efforts within the industry to address cybersecurity challenges. Their automated solution streamlines risk management across healthcare networks, proactively identifying and mitigating security threats while enhancing operational efficiency.

Challenges and Restraints:

However, the market faces challenges such as data privacy concerns and complex regulatory frameworks like HIPAA and GDPR. Compliance with these regulations proves to be costly and intricate, hindering some healthcare organizations from investing in sophisticated cybersecurity solutions.

Market Segment Insights:

• Type of Solution: The anti-virus and antimalware segment dominates the market, driven by the persistent threat of malware targeting healthcare systems. Additionally, the DDoS mitigation segment is poised for steady growth as healthcare institutions increasingly adopt online platforms, making them susceptible to disruptive cyberattacks.

• Type of Threat: Malware remains a significant concern, with cybercriminals continually evolving sophisticated techniques to exploit vulnerabilities in medical systems. Conversely, Distributed Denial of Service (DDoS) attacks pose a moderate threat, necessitating specialized mitigation solutions.

• Type of Security: Network security emerges as a critical segment, serving as the frontline defense against external threats by safeguarding patient data in transit.

• Deployment: Cloud-based solutions exhibit the fastest growth rate, offering advanced cybersecurity capabilities without hefty upfront investments in infrastructure.

• End-Use: Pharma and biotech companies emerge as key stakeholders due to their handling of valuable data and strict regulatory compliance requirements.

The comprehensive analysis presented in the report underscores the dynamic nature of the healthcare cybersecurity market and its evolution in response to emerging threats and technological innovations.

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Healthcare Cybersecurity Top Companies and Competitive Landscape

The global healthcare cybersecurity market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective healthcare cybersecurity solutions.

• Cisco Systems, Inc.
• IBM
• Trend Micro Incorporated
• McAfee, LLC
• Intel Corporation
• AO Kaspersky Lab
• Northrop Grumman
• Imperva
• Fortinet, Inc.
• Claroty

Healthcare Cybersecurity Latest Industry News

• On 7 November 2023, Fujitsu announced its partnership with the Andalusian Regional Government to make Malaga a healthcare cybersecurity hub. This partnership aims to turn Malaga, Spain, into a leading center for healthcare cybersecurity expertise, with a focus on protecting the growing network of medical devices. This collaboration addresses the urgent need for stronger security measures in healthcare, as cyber threats evolve and reliance on connected medical devices increases.

• On 20 February 2022, GE Healthcare launched a new cybersecurity service called Skeye. This understands the unique vulnerabilities of medical equipment, giving hospitals an edge in protecting patient data and critical systems. AI tools automate tasks such as device inventory and risk assessment, freeing up valuable time for hospital staff. Skeye provides clear action plans and execution strategies to address identified vulnerabilities, streamlining the response to potential threats.

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Healthcare Cybersecurity Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global healthcare cyber security market on the basis of type of solution, type of threat, type of security, deployment, end-use, and region:

• Type of Solution Outlook (Revenue, USD Billion; 2019-2032)
o Identity and Access Management
o Risk and Compliance Management
o Antivirus and Antimalware
o DDoS Mitigation
o Security Information and Event Management
o Intrusion Detection System
o Others

• Type of Threat Outlook (Revenue, USD Billion; 2019-2032)
o Malware
o DDoS
o Advanced Persistent Threat
o Spyware
o Lost or Stolen Devices
o Others

• Type of Security Outlook (Revenue, USD Billion; 2019-2032)
o Network Security
o Endpoint Security
o Application Security
o Content Security

Deployment Outlook (Revenue, USD Billion; 2019-2032)
o On Premises
o Cloud Based

• End-Use Outlook (Revenue, USD Billion; 2019-2032)
o Pharma and Biotech Companies
o Hospital
o Health Insurance
o Medical Device
o Others

• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Russia
8. Rest of Europe
o Asia Pacific
1. China
2. Japan
3. South Korea
4. India
5. ASEAN Countries
6. Oceania
7. Rest of APAC
o Latin America
1. Brazil
2. Mexico
3. Rest of LATAM
o Middle East & Africa
1. GCC Countries
2. Israel
3. Turkey
4. South Africa
5. Rest of Middle East & Africa

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