Healthcare Cyber Security Market Forecasts to 2030 – Global Analysis By Type (Solution, Services and Other Types), Threat Type (Malware, Distributed Denial of Service (DDoS), Advanced Persistent Threat, Spyware, Lost or Stolen Devices and Other Threat Typ

Healthcare Cyber Security Market Forecasts to 2030 – Global Analysis By Type (Solution, Services and Other Types), Threat Type (Malware, Distributed Denial of Service (DDoS), Advanced Persistent Threat, Spyware, Lost or Stolen Devices and Other Threat Types), Security Type, Deployment, End User and by Geography

According to Stratistics MRC, the Global Healthcare Cyber Security Market is accounted for $25.99 billion in 2024 and is expected to reach $75.69 billion by 2030 growing at a CAGR of 19.5% during the forecast period. Protecting sensitive patient data and guaranteeing the continuous provision of healthcare services are the two main goals of the vital and quickly developing field of healthcare cybersecurity. The healthcare industry is becoming a prime target for cyberattacks due to the growing digitization of medical records and the adoption of Internet of Things (IoT) devices in hospitals. These assaults have the potential to jeopardize patient lives by causing ransomware incidents, data breaches, and interruptions in medical services.

According to the Healthcare Information and Management Systems Society (HIMSS), robust cybersecurity measures are essential to protect healthcare organizations from the increasing number of cyber threats targeting sensitive patient data and critical infrastructure.

Market Dynamics:

Driver:

Emergence of innovative digital technologies

The rise of digital technologies likes big data, cloud computing, and the internet of things (IoT) has accelerated the digital transformation of the healthcare industry in today's connected world. A security blind spot has been created by the proliferation of connected devices in healthcare organizations, making it easier for hackers and cybercriminals to target IoT medical equipment like respirators and ventilators, as well as webcams, routers, and printers.

Restraint:

Lack of consciousness

The healthcare cyber security market is anticipated to grow at a very high rate during the forecast period, but growth will soon be hampered by certain factors. The healthcare cyber security market's growth would be hampered by the general lack of knowledge about cyber security issues pertaining to the healthcare sector. Employees in the healthcare sector and others are ignorant of the significance of cyber security, particularly with regard to security software. Due to the fact that people are unaware of them, medical records continue to be both a risk and an asset for healthcare organizations. Furthermore, personal data, including social security numbers and bank account numbers, is used on the illicit market.

Opportunity:

Increase in network cyber attacks against hospitals

The need for cyber security has increased as a result of the rise in cyber attacks and data breaches around the world. For example, the Office for Civil Rights is currently looking into 592 breaches of unsecured protected health data that occurred within the last two years and affected over 500 individuals, according to the Secretary of the U.S. Department of Health and Human Services (HHS) Breach of Unsecured Protected Health Information. The likelihood of a cyber attack is rising as a result of increased digitalization and internet penetration. Moreover, the healthcare sector is particularly susceptible because of the valuable data it possesses.

Threat:

Attacks by phishers

Phishing attacks are still a common cyber security risk in the healthcare industry. Cybercriminals trick healthcare workers into disclosing private information or clicking on harmful links by sending them false emails or messages. Phishing attacks have the potential to cause malware to spread throughout healthcare networks, data breaches, and unauthorized access to patient records. Implementing thorough email security protocols is imperative for healthcare organizations. Additionally, these protocols should include spam filters, email authentication methods, and employee training programs that teach staff how to spot and report phishing attempts as soon as they occur.

Covid-19 Impact:

The market for healthcare cyber security has been significantly impacted by the COVID-19 pandemic, which has raised demand for strong security solutions to safeguard sensitive patient data in the face of previously unheard-of difficulties. Healthcare companies' digital footprints have grown due to the quick uptake of telehealth services and remote work policies, which have left them, open to attack by cybercriminals. Furthermore, investment in cutting-edge cyber security technologies and strategies, such as encryption, multi-factor authentication, and threat detection systems, has been spurred by the pressing need to protect patient information and preserve the integrity of healthcare systems.

The Malware segment is expected to be the largest during the forecast period

In the healthcare cyber security market, the malware segment usually holds the largest market share. Since malware targets sensitive patient data and interferes with essential healthcare services, it poses a serious threat to healthcare organizations. Malware includes viruses, ransom ware, and other malicious software. The healthcare industry is especially susceptible to malware attacks because of its dependence on networked systems and electronic health records. Moreover, these attacks can lead to compromised patient safety, financial losses, and data breaches.

The Cloud Security segment is expected to have the highest CAGR during the forecast period

Within the healthcare cyber security market, cloud security is growing at the highest CAGR. Healthcare companies can gain a lot from cloud computing, including cost savings, scalability, and flexibility, but there are also special security risks. Ensuring the security of sensitive data on cloud-based platforms has become a primary concern as healthcare providers utilize these services more frequently for patient data storage and access. Additionally, cloud security solutions protect the privacy, availability, and integrity of medical data processed and stored in the cloud by utilizing a variety of techniques, such as identity and access management, data encryption, and threat detection.

Region with largest share:

In the healthcare cyber security market, North America usually holds the largest share. The widespread use of digital healthcare technologies, strict laws like the Health Insurance Portability and Accountability Act (HIPAA), and the existence of important cybersecurity solution providers and healthcare organizations are the main causes of this dominance. Furthermore, the region's leadership position in the global healthcare cybersecurity market is further bolstered by its substantial investments in cybersecurity initiatives and sophisticated healthcare infrastructure.

Region with highest CAGR:

The European region has the highest CAGR in the healthcare cyber security market. Due to factors like the growing digitization of healthcare systems, an increase in cyber attacks targeting healthcare organizations, and strict regulatory requirements like the General Data Protection Regulation (GDPR), the healthcare cyber security market in the region is expanding significantly. European nations are giving cyber security infrastructure investments top priority in order to protect patient data and guarantee adherence to data protection regulations. Moreover, the need for strong cyber security solutions to safeguard private medical data is being driven by the expanding use of electronic health records and telehealth services.

Key players in the market

Some of the key players in Healthcare Cyber Security market include Intel Corporation, Dell EMC, IBM, FireEye Inc, McAfee, LLC., Fortinet, Inc, Northrop Grumman Corporation, Kaspersky, Cisco Systems, Inc., SailPoint Technologies , Palo Alto Networks Inc, Lockheed Martin Corporation, Medigate (Claroty), Forcepoint, Atos SE, Symantec Corporation, Virta Laboratories and Trend Micro Incorporated.

Key Developments:

In April 2024, IBM, in partnership with the governments of Canada and Quebec, has announced an agreement to help further strengthen the country’s semiconductor industry. The agreements reflect a combined investment valued at approximately $137m in an effort to further boost the assembly, testing and packaging (ATP) capabilities for semiconductor modules used across a range of applications.

In March 2024, Intel (INTC) and chip designer Arm (ARM) said Friday the companies finalized an agreement to collaborate on an initiative providing financial, intellectual property (IP), and manufacturing support to startups. The collaboration, called the Emerging Business Initiative, was first announced at last month's Intel Foundry conference and builds on a partnership established last April, in a move the companies suggested could help propel innovation in artificial intelligence (AI).

In July 2023, Dell Technologies announced it has signed a definitive agreement to acquire Moogsoft, an AI-driven provider of intelligent monitoring solutions that support DevOps and ITOps. This transaction will further enhance Dell's AIOps capabilities, as part of its longstanding approach of embedding AI functionality within its product portfolio and as a critical component of its ""multicloud by design"" strategy.

Types Covered:
• Solution
• Service
• Other Types

Threat Types Covered:
• Malware
• Distributed Denial of Service (DDoS)
• Advanced Persistent Threat
• Spyware
• Lost or Stolen Devices
• Other Threat Types

Security Types Covered:
• Network Security
• Device Security
• Critical Infrastructure Security
• Wireless Security
• Cloud Security
• Application Security
• Endpoint and IoT Security
• Other Security Types

Deployments Covered:
• On-premises
• Cloud-based

End Users Covered:
• Pharmaceuticals
• Chemicals
• Health Insurance Companies
• Medical Devices
• Healthcare Payers
• Hospitals
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements