Richmond, Dec. 01, 2023 (GLOBE NEWSWIRE) -- According to a research report "Healthcare Cyber Security Market”, Type of Solution (Identity and Access Management, Risk and Compliance Management, Antivirus and Antimalware, DDoS Mitigation, Security Information and Event Management, Intrusion Detection System/ Intrusion Prevention System, Others), Type of Threat (Malware, DDoS, Advanced Persistent Threat, Spyware, Lost or Stolen Devices, Others), End-Use (Pharma & Chemicals, Medical Devices, Health Insurance, Hospitals, Others), Type of Security (Network Security, Endpoint Security, Application Security, Content Security), and Region.
Global Healthcare Cyber Security Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 17.27 Billion |
| Market size value in 2030 | USD 53.23 Billion |
| CAGR (2023-2030) | 17.45% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Type of Solution, Type of Threat, Type of Security, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Healthcare Cyber Security Market
172 - Market Data Tables
66 - List of Figures
228 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The Healthcare Cyber Security Market is witnessing significant growth driven by the escalating concerns surrounding privacy and security in the healthcare sector. The increasing digitization of healthcare processes and the widespread adoption of electronic health records have exposed healthcare organizations to a growing risk of cyber threats. The sector's vulnerability to sophisticated cyberattacks, data breaches, and ransomware incidents has underscored the urgent need for robust cybersecurity solutions. Stakeholders in the healthcare industry are increasingly recognizing the importance of safeguarding sensitive patient information, ensuring regulatory compliance, and fortifying the overall resilience of healthcare infrastructures. This heightened awareness is fueling the demand for advanced cybersecurity technologies and services tailored to address the unique challenges and complexities of the healthcare environment, thereby propelling the expansion of the Healthcare Cyber Security Market.
Major vendors in the global Healthcare Cyber Security Market:
- Cisco
- IBM
- FireEye
- Symantec
- Trend Micro
- McAfee
- Intel
- Kaspersky
- Lockheed Martin
- Northrop Grumman
- Imperva Inc
- Fortinet Inc
- Medigate Ltd
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Rising Privacy And Security Concerns
The escalating privacy and security concerns in the healthcare sector have emerged as a significant driver for the growth of the Healthcare Cyber Security Market. As healthcare organizations increasingly transition to digital platforms and electronic health records, the volume of sensitive patient information stored online has surged, making them attractive targets for cyber threats. The growing prevalence of sophisticated cyberattacks, data breaches, and ransomware incidents has highlighted the vulnerability of healthcare systems, putting patient confidentiality and the integrity of medical records at risk. Consequently, there is a heightened awareness within the industry regarding the imperative need for robust cybersecurity measures to safeguard patient data, ensure regulatory compliance, and maintain the overall integrity of healthcare infrastructures. This awareness has propelled the demand for advanced cybersecurity solutions tailored to the unique challenges of the healthcare sector, driving the expansion of the Healthcare Cyber Security Market.
Market Dynamics
Drivers:
- The rapid growth of IoT and connected devices is driving innovation
- Rising cyber attacks and privacy concerns
- Growing use of cloud-based healthcare solutions
Opportunities:
- Expanding into new geographic markets
- Developing training and education programs
- Developing innovative cybersecurity solutions for IoT and connected devices
The Increasing Use Of Cloud-Based Healthcare Solutions
The escalating trend towards the increased use of cloud-based healthcare solutions is significantly influencing the Healthcare Cyber Security Market. As healthcare organizations increasingly leverage cloud platforms to store, process, and share sensitive patient data, the attack surface for potential cyber threats expands. The migration to cloud-based solutions offers operational flexibility, scalability, and collaboration benefits, but it also introduces new cybersecurity challenges. The need to secure data transmissions, protect stored information, and ensure the integrity of cloud-based healthcare systems has become paramount. Consequently, there is a growing demand for advanced cybersecurity solutions specifically designed to address the unique risks associated with cloud-based healthcare infrastructures. The Healthcare Cyber Security Market is witnessing a surge in adoption as organizations seek robust cybersecurity measures to safeguard patient information, maintain regulatory compliance, and fortify their defenses against evolving cyber threats in the dynamic landscape of cloud-based healthcare solutions.
The market for Healthcare Cyber Security Market is dominated by North America.
North America has emerged as the dominant force in the healthcare cybersecurity market, capturing the largest revenue share at approximately 43.76%. This dominance can be attributed to several key factors, including the presence of major industry players and the increasing integration of cybersecurity measures within healthcare organizations. The market is further propelled by a surge in investments in cybersecurity and continuous technological advancements. The region's advanced healthcare infrastructure also contributes significantly to market growth. Additionally, the introduction of innovative products aimed at safeguarding healthcare data is playing a crucial role in expanding market dynamics. Notably, Cisco's release of the latest version of "Cisco Umbrella" in 2018, with a successful deployment at the University of Kansas Hospital to protect medical devices and financial information from ransomware, exemplifies the market's responsiveness to evolving security needs in the healthcare sector.
The Asia Pacific region is poised for the fastest growth in the healthcare cybersecurity market. This growth is primarily attributed to the rising internet adoption and penetration within the healthcare sector. The region is experiencing a surge in digitalization, marked by increased utilization of Electronic Health Records (EHRs), wireless medical devices, and telemedicine, all of which are contributing to the expansion of the market. Additionally, the heightened frequency of cyber-attacks in the region is expected to further propel market growth in the coming years. A noteworthy development in this context is the February 2021 launch of the Trend Micro Vision One extended detection and response platform by Trend Micro, a Japanese multinational cybersecurity software company. This launch underscores the region's commitment to enhancing cybersecurity measures in response to evolving threats in the healthcare industry.
Hospital Segment is Anticipated to Hold the Largest Market Share During the Forecast Period
Based on by end-use segment categorized into pharma & chemicals, medical devices, health insurance, hospitals, others. The hospital segment claimed the majority of the revenue share, holding around 60.37%. Hospitals, being repositories of vast amounts of patient data, face considerable vulnerability to cyber-attacks, a risk that has been exacerbated during the pandemic. The surge in cyber threats during the global health crisis has posed a significant threat to the privacy of patient data and the overall quality of patient care, prompting an increased emphasis on the adoption of cybersecurity measures within the hospital sector. Notably, a security breach at Blackbaud, a cloud computing company, exemplified the severity of the issue, leading to the exposure of patient data from more than 46 health systems and hospitals. This incident underscores the pressing need for robust cybersecurity solutions in the hospital domain.
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