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Healthcare Cyber Security Market

Healthcare Cyber Security Market: Information by Type of Threat (Malware), Type of Solution (Identity & Access Management), and Region — Forecast till 2030

Published At : 18 Aug, 2022
Updated At : 19 Aug, 2022
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Market Snapshot
Base Year:
2021
Study Period:
2020-2030
CAGR:
20 %
Fastest Growing Market:
Europe
Largest Market:
North America

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). The evolution of healthcare has been positively influenced by digitization over the past two decades. Digital healthcare records contain private information and are being stored digitally. The healthcare industry continues to adopt innovative technologies that provide life-sustaining services and therapies. Cyber threats intend to exploit the vulnerabilities resulting from these modifications. Unauthorized access to private health and insurance information can have severe repercussions and cause enormous personal and financial losses. Cyber security is a method, software, and technology for risk management designed to prevent digital threats, data theft, and unlawful access to networks, devices, healthcare data, and programs. Healthcare cyber security companies offer healthcare institutions cyber security services and solutions to protect their hospitals and patient data from data breaches and cyberattacks.

Healthcare cybersecurity is a strategic necessity for all medical industry organizations, including healthcare providers, insurers, pharmaceuticals, biotechnology, and medical device firms. It entails a range of actions to safeguard organizations from internal and external cyber-attacks, guarantee the availability of medical services, ensure the proper operation of medical systems and equipment, maintain the confidentiality and integrity of patient data, and comply with industry regulations. Some of the main factors propelling the growth of the healthcare cybersecurity market include rising demand for advanced cybersecurity solutions and privacy, an increase in the frequency and complexity of cyber threats, the introduction of disruptive digital technologies across the healthcare industry, and consistent technological advancements.

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Market Dynamics

Global Healthcare Cyber Security Market Drivers

Growing Cyberattacks

Since most of the global workforce functioned outside corporate network security parameters, 2021 was among the most active years for cyberattacks. Ransomware attacks against governments increased by 1,885% globally and 755% against the healthcare sector in 2021. Laptops, smartphones, and connected televisions increase, as do medical gadgets, printers, and servers. Unfortunately, as digital endpoints proliferate, so do cyber dangers, with 43% of healthcare businesses have recently been victims of ransomware assault. Healthcare must be acknowledged as critical global infrastructure. The sector would be included in national policies and programs to strengthen and sustain its functioning as essential to the public's health and safety if designated as critical infrastructure.

People are directly impacted by ransomware attacks on the industry, as threat actors lock IT systems and demand payment to unlock them. Due to their significant reliance on technology and the delicate nature of their everyday operations, patient care services are particularly vulnerable to ransomware attacks, which put lives in peril. According to Cynerio's 2022 State of Healthcare IoT Device Security report, more than half of Internet of Things (IoT) devices used in hospital settings have been discovered to have serious cybersecurity flaws. This makes it even more critical to implement suitable cybersecurity solutions in the healthcare industry.

Global Healthcare Cyber Security Market Restraints

High Cost and the Lack of Skilled Workers

The high cost of these cybersecurity services is a significant barrier to expanding the healthcare cybersecurity market. This primarily affects emerging and undeveloped countries where the average person's ability to pay for necessities is inadequate. Additionally, the absence of qualified, seasoned, and well-trained people to manage cybersecurity services is a barrier to the market's expansion. Due to the escalating cost of these services, it is practically impossible for the elderly to utilize these amenities. The adoption of cybersecurity services has also been significantly hampered by the lack of qualified, experienced labor in this area. The chance of losing patient-related personal information is now even higher.

Global Healthcare Cyber Security Market Opportunities

Increased Adoption of Disruptive Digital Technologies

Cybersecurity is frequently utilized for safeguarding the private records essential to the sector by securing data and systems against harmful malware and illegal tampering. Additionally, digital medical record systems and connected medical devices for automated record collecting and improved patient care are encouraging market expansion. Further, several technical developments, such as incorporating the Internet of Things (IoT) and artificial intelligence (AI) solutions into healthcare systems, are creating opportunities for market expansion.

These solutions help secure networks, systems, and data by spotting malicious activity using dynamic threat intelligence that is updated in real-time. In addition, the growing demand for cloud-based security solutions in the healthcare industry is positively impacting the market by enhancing efficiency and lowering data management costs. A bright picture for the industry is being created by additional factors, such as the deployment of numerous government initiatives promoting the general usage of digital security solutions.

Segmental Analysis of the Global Healthcare Cyber Security Market

The global healthcare cyber security market is classified based on type of threat, type of solution, end-user, and region.

By type of threat, the global healthcare cyber security market comprises Malware, Distributed Denial of Service (DDoS), Advanced Persistent Threats (APT), Spyware, and Others.

The Malware section is projected to advance at a CAGR of 19.85% and hold the largest market share over the forecast period. "Malware" refers to various malicious software versions, such as viruses and ransomware. Within the healthcare industry, ransomware is a prevalent sort of virus. Until the victim makes a payment, ransomware blocks access to crucial healthcare data or malfunctions systems such as clinical, personnel, and financial information systems, health records databases, and medical devices. Due to hackers' awareness of and affinity for ransomware, ransomware attacks are the most common form of malware.

The Distributed Denial of Service section will hold the second-largest market share. Attacks using distributed denial of service are frequently used to target cloud service providers, government infrastructure, and financial institutions. DDoS attacks can be harmful because they make it difficult for patients to make online appointments and for doctors to share or receive crucial information. In the worst-case scenario, systems might be compromised, and patient data might be lost. Hospital operations may be forced to stop due to DDoS attacks, and hackers may hold hospitals' ransom before restoring networks.

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. The process of identifying, evaluating, and putting in place policies and procedures to safeguard crucial assets from various potential threats is known as healthcare risk and compliance management. Healthcare firms cannot afford to disregard proper risk management because it is essential to the industry due to the confidential nature of healthcare data. Healthcare risk management is critical since the sector transforms quickly due to new medical technologies and growing privacy concerns over patient data.

The Antivirus & Antimalware section will hold the second-largest market share. Any software program designed to cause damage to data, equipment, organizations, or persons is known as malware or an antivirus program. Computer viruses, trojan horses, spyware, ransomware, adware, worms, file-less malware, and hybrid attacks are examples of several types of malware. Recent malware attacks in healthcare institutions have become increasingly sophisticated with machine learning and targeted spear-phishing emails. Depending on the malware's type and level of malice, hospital computers are at varying levels of risk. Due to the critical data, it controls and the increasing digitization and internet penetration, the healthcare sector is the one that is most at risk from cyberattacks.

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. Due to the enormous amount of patient data they store, hospitals are particularly susceptible to cyberattacks. Additionally, the pandemic that threatened health care and private data coincided with an increase in these attacks. Consider the case of Blackbaud, a cloud computing provider, where a security lapse exposed patient data from over 46 hospitals and health organizations. By including cybersecurity in their existing governance, risk management, and business continuity frameworks rather than perceiving it as a new issue, hospitals may better prepare for and manage these risks.

The Health Insurance section will hold the second-largest market share. Health insurers take copious volumes of private information when handling benefit claims or importing patient data. Federal rules like the Health Insurance Portability and Accountability Act of 1996 protect these data. Each time an insurance network interacts with a customer or third party, there is a chance that malware will be injected into accurate data. Networks of healthcare providers are vulnerable to breaches, and the dangers increase as more healthcare providers and their staff members work remotely.

Regional Analysis of the Global Healthcare Cyber Security Market

North America Dominates the Global Market

The regional segmentation of the global healthcare cyber security market includes North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.

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North America will command the leading market share, expanding at a CAGR of 19.55% over the forecast period. The existence of major companies and the rising use of cyber security by healthcare organizations are the main contributing factors to market growth. The industry is fueled by the increasing investment in technology advancement and cyber security. The development of the healthcare industry's infrastructure is another factor. Additionally, introducing ground-breaking products to protect patient data in the healthcare sector is fueling market expansion. For instance, Cisco unveiled the most recent iteration of the "Cisco Umbrella" in 2018. It was implemented at the University of Kansas Hospital to defend against ransomware and safeguard medical equipment and financial data.

Europe will generate USD 23 billion by 2030, expanding at a CAGR of 19.92%. The market expansion is attributed to the expanding use and penetration of the internet within the healthcare industry. Adopting Electronic Health Records, wireless medical equipment, and telemedicine contribute to the market's expansion. Further, the region's rising cyberattacks would spur market expansion during the projection period. Germany's Federal Office for Information Security (BSI) claims that as society grows increasingly digitally interconnected and criminals become more adept, the country is under a severe and growing threat. This necessitates cybersecurity remedies.

Players of the Market

  • Cisco Systems Inc.
  • IBM Corporation
  • Kaspersky Labs Inc.
  • FireEye Inc. (Symphony Technology Group)
  • Broadcom Inc. (Symantec)
  • Trend Micro Inc.
  • McAfee Inc.
  • Imperva Inc.
  • Fortinet Inc.
  • Medigate Ltd (Claroty)

Recent Developments

  • 2022- Cisco Systems, Inc. announced the Cisco Cloud Controls Framework release.
  • 2022- Cisco Systems and General Motors collaborated to modernize and automate the development process for vehicle development data performance testing.
  • 2022- Harman International and its Digital Transformation Solutions business unit became a member of the Global Semiconductor Alliance.

Global Healthcare Cyber Security Market: Segmentation

By Type of Threat

  • Malware
  • Distributed Denial of Service (DDoS)
  • Advanced Persistent Threats (APT)
  • Spyware
  • Others

By Type of Solution

  • Identity & Access Management
  • Risk & Compliance Management
  • Antivirus & Antimalware
  • Security Information & Event Management
  • Intrusion Detection System (IDS)/Intrusion Prevention System (IPS)
  • Others

By End-user

  • Pharmaceuticals & Biotechnology
  • Health Insurance
  • Hospitals
  • Others

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • The Middle East and Africa
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