Healthcare Cybersecurity Market Research Report 2024-2033 | Trends, Analysis

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Healthcare Cybersecurity Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $42.59 billion In 2028 At A CAGR Of 15.6% :

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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Healthcare Cybersecurity Market Major 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 Driver - 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.

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Prominent Trend - 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.

Healthcare Cybersecurity 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.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the healthcare cybersecurity market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare cybersecurity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Healthcare Cybersecurity Market Report Structure
3. Healthcare Cybersecurity Market Trends And Strategies
4. Healthcare Cybersecurity Market - Macro Economic Scenario
5. Healthcare Cybersecurity Market Size And Growth
…..
27. Healthcare Cybersecurity Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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