Global Healthcare Cyber Security Market to Witness Significant Growth by Forecast

Digitization has had a favorable impact on the progress of healthcare over the past two decades. Private information is contained in and preserved digitally in healthcare records. The healthcare sector keeps implementing cutting-edge technology that offers treatments and services that maintain life. Cyber threats plan to take advantage of the weaknesses brought up by these changes. Private health and insurance information breaches can have severe ramifications and result in significant financial and personal losses. Cyber security is a method, software, and technology to prevent digital threats, data theft, and unauthorized access to networks, devices, healthcare data, and programs. To safeguard hospitals and patient data from data breaches and cyberattacks, healthcare organizations can turn to companies that provide cyber security services and solutions.

Healthcare cybersecurity is a strategic necessity for all medical industry organizations, including healthcare providers, insurers, pharmaceuticals, biotechnology, and medical device companies. It involves a variety of measures to protect companies from internal and external cyberattacks, guarantee the availability of medical services, ensure the proper operation of medical systems and equipment, maintain the security and integrity of patient data, and adhere to industry rules. Introducing disruptive digital technologies across the healthcare industry increased the frequency and complexity of cyber threats. Thus, the increased need for improved cybersecurity solutions and privacy, as well as ongoing technical improvements, are some significant determinants boosting the healthcare cybersecurity market's expansion.

Market Dynamics

Growing Cyberattacks Fuel the Demand for Healthcare Cyber Security

Since most of the global workforce functioned outside corporate network security parameters, 2021 was one of the most active years for cyberattacks. In 2021, worldwide ransomware assaults against governments climbed by 1,885%, and attacks on the healthcare industry by 755%. Medical devices, printers, servers, cellphones, and connected televisions are all widely available. Sadly, as digital endpoints increase, so do cyber threats; 43% of healthcare organizations have recently fallen victim to a ransomware attack. Healthcare must be recognized as a crucial component of the global infrastructure. If the sector were identified as critical infrastructure, it would be incorporated into national policies and programs to strengthen and maintain its functioning as a vital component of the public's health and safety.

Attacks using ransomware directly impact people since they lock IT systems and demand money to unlock them. Patient care services are especially susceptible to ransomware attacks that endanger lives due to their heavy reliance on technology and the delicate nature of their daily operations. In hospitals, more than half of Internet of Things (IoT) devices have been found to have significant cybersecurity weaknesses, according to Cynerio's 2022 State of Healthcare IoT Device Security report. This underscores the necessity of implementing appropriate cybersecurity solutions in the healthcare sector.

Increased Adoption of Disruptive Digital Technologies Create New Opportunities for Healthcare Cyber Security

By securing data and systems against malicious software and unauthorized manipulation, cyber security is routinely employed to safeguard the industry's vital private records. Additionally, using connected medical devices and digital medical record systems for automated record collection and better patient care stimulates market growth. Further, several technological advancements are opening up new market opportunities, such as integrating the Internet of Things (IoT) and artificial intelligence (AI) technologies into healthcare systems.

These technologies help secure networks, systems, and data by identifying malicious behavior using real-time, dynamic threat intelligence. Additionally, increasing efficiency and reducing data management costs, the growing demand for cloud-based security solutions in the healthcare sector is favorably affecting the market. Additional reasons, such as implementing several government initiatives promoting the widespread use of digital security solutions, paint a positive picture for the business.

Regional Insights

North America will command the leading market share, expanding at a CAGR of 19.55% over the forecast period. The presence of significant organizations and healthcare institutions' increasing use of cyber security are the primary drivers of market expansion. The industry is being stimulated by increased spending on cyber security and technology development. Another factor is the expansion of the infrastructure supporting the healthcare sector. Launching innovative devices to safeguard patient data in the healthcare industry promotes market growth. For instance, in 2018, Cisco released the newest version of the "Cisco Umbrella." The University of Kansas Hospital used it to defend against ransomware and protect medical devices and financial information.

Europe will generate USD 23 billion by 2030, expanding at a CAGR of 19.92%. The regional market expansion is due to the increasing penetration and use of the internet in the healthcare industry. Adopting Electronic Health Records (EHRs), wireless medical equipment, and telemedicine are other factors contributing to the market's expansion. During the predicted period, the region would also experience a growth in cyberattacks. Germany's Federal Office for Information Security (BSI) claims that as society grows increasingly digitally integrated and criminals become more adept, the nation is under a significant and growing threat. This calls for cybersecurity solutions.

Key Highlights

The global healthcare cyber security market had a revenue holding of USD 18.69 billion in 2021. It is expected to reach USD 80.4 billion by 2030, growing at a CAGR of 20% during the forecast period (2022–2030).
By type of threat, the global healthcare cyber security market comprises Malware, Distributed Denial of Service (DDoS), Advanced Persistent Threats (APT), Spyware, and The Malware section is projected to advance at a CAGR of 19.85% and hold the largest market share over the forecast period.
By type of solution, the global healthcare cyber security market comprises Identity & Access Management, Risk & Compliance Management, Antivirus & Antimalware, Security Information & Event Management, Intrusion Detection System (IDS)/Intrusion Prevention System (IPS), and Others. The Risk & Compliance Management section is projected to advance at a CAGR of 15.71% and hold the largest market share over the forecast period.
By end-user, the global healthcare cyber security market comprises Pharmaceuticals & Biotechnology, Health Insurance, Hospitals, and Others. The Hospital section is projected to advance at a CAGR of 19.72% and hold the largest market share over the forecast period.
By region, the global healthcare cyber security market includes North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. North America commands maximum market share.