The global healthcare cybersecurity market size is projected to grow from USD 18.2 billion in 2023 to USD 35.3 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 14.2% during the forecast period. The primary reasons driving the market expansion are growing cyberattacks and concerns related to security and privacy, rising acceptance of IoT and connected devices, and increasing adoption of cloud-based solutions in the healthcare sector.
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Based on the threat type, the ransomware segment is to grow at the highest CAGR during the forecasted period
Ransomware attacks continue to be a significant threat to healthcare organizations. These types of attacks are a major threat that can disrupt patient care, compromise sensitive patient data, and cause significant financial damage According to a report, the healthcare sector accounted for 79% of all ransomware attacks in the United States in 2022. The impact of ransomware attacks on healthcare organizations has been highlighted by some of the high-profile incidents such as the WannaCry attack on the UK's National Health Service and the NotPetya attack on Merck pharmaceuticals. These incidents demonstrated the potential for ransomware attacks to cause widespread disruption and underscored the importance of strong cybersecurity measures in healthcare. Thus, the ransomware segment accounts for the highest CAGR during the forecasted period.
By solution type, Antivirus/Antimalware segment to hold a larger market size during the forecast period
Antimalware helps protect healthcare organizations against malware threats such as viruses, trojans, worms, and other malicious software that can compromise the security of patient data and systems, therefore becoming an important aspect of healthcare cybersecurity. Additionally, antimalware solutions help healthcare organizations detect and prevent malware attacks by scanning for known malware signatures, analyzing behavior patterns, and using advanced technologies such as machine learning and artificial intelligence algorithms to detect and respond to emerging threats. Thus, the segment holds a larger market size during the forecast period.
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What is Healthcare Cybersecurity?
Healthcare cybersecurity is a strategic requirement for every firm in the medical industry, from healthcare providers to insurance to pharmaceutical, biotechnology, and medical device corporations. It entails a number of steps to protect companies from external and internal cyberattacks and to assure the availability of medical services, the proper operation of medical systems and equipment, the confidentiality and integrity of patient data, and compliance with industry rules.
Healthcare Cybersecurity Market Regional Analysis:
Europe holds the second-largest market share in healthcare cybersecurity. The rising digitization and interconnection of the health industry have made an already vulnerable sector increasingly vulnerable to being harmed by cybersecurity breaches. The pandemic placed the health sector at the forefront, highlighting the critical significance of safeguarding health services and medical data. The surge in the usage of digital healthcare is boosting the demand for healthcare cybersecurity in the region
The UK’s healthcare cybersecurity is leading the European market. The UK National Healthcare Service (NHS) is working with Imperial College London to strengthen healthcare cybersecurity in the country. Additionally, the government is investing in cybersecurity development. In the last several years, approximately 67% of healthcare organizations in the UK have had cybersecurity problems. Several cybersecurity incidents took place in the country. For instance, according to a study by Obrela Security Industries, more than 81% of the UK’s healthcare organizations suffered a ransomware attack in 2020.
The German medical device business is one of the most valuable healthcare sectors in the world, accounting for around USD 35.8 billion per year, or 25.6% of the whole European market. Germany has been comparatively slow in adopting digital health technology, with public discourse revolving around protecting personal data. Therefore, the German health ministry is determined to move the healthcare system into the digital age and has amended the regulatory environment with several laws to mandate progress.
The French government announced investing Euro 350 million in cybersecurity to protect health infrastructure. Some of this money will be spent on cybersecurity audits and initiating partnerships with a national digital health agency.
Unique Features in the Healthcare Cybersecurity Market
The healthcare cybersecurity market has a variety of special characteristics that are especially designed for the special requirements of the healthcare industry. Patient Data Protection, which is of utmost importance in healthcare cybersecurity, is first among these. The best possible confidentiality and integrity of patient records are made possible by strong encryption, access limits, and secure data storage.
Additionally, medical device security is a crucial part of healthcare cybersecurity. This function protects crucial medical devices like MRI scanners and infusion pumps, guaranteeing their integrity to avoid tampering that would jeopardise patient safety.
Health Information Exchanges (HIEs) are often used in healthcare systems, demanding specialised security measures. While complying to strict legal norms, such as HIPAA, particular to the healthcare business, these methods enable secure data sharing among healthcare providers.
One of the most strictly regulated industries in the world is the healthcare sector. As a result, healthcare cybersecurity incorporates technologies and procedures to guarantee ongoing Regulatory Compliance, complying to regulations like HIPAA, GDPR, and HITECH to prevent negative financial and legal effects.
Since ransomware attacks frequently target the healthcare industry, healthcare cybersecurity systems must include specialised Ransomware Protection techniques in order to successfully prevent, detect, and recover from ransomware occurrences.
Major Highlights of the Healthcare Cybersecurity Market
The healthcare cybersecurity market displays a number of noteworthy trends, which emphasises its crucial position in the digital landscape of the healthcare sector. The healthcare industry is increasingly vulnerable to cyberattacks and data breaches, which calls for strong security measures. This is the biggest threat.
Patient data protection is now of the utmost importance, with healthcare cybersecurity placing a high priority on protecting sensitive patient data and guaranteeing that electronic medical records and private health information are kept private and secure.
Health Information Exchanges (HIEs) rely on safe data-sharing platforms to maintain regulatory compliance, hence it is crucial to ensure their security.
Healthcare organisations are implementing specialised IoT Device Security solutions in response to the growth of IoT devices to protect against vulnerabilities and potential security breaches inside this interconnected ecosystem.
Cybersecurity aids the pharmaceutical business by securing vital data used for pharmaceutical research and development and shielding intellectual property and research findings from snooping or theft.
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Competitive overview:
The healthcare cybersecurity market is led by some of the globally established players, such as IBM (US), Cisco (US), Palo Alto Networks (US), Check Point (Israel), Fortinet (US), Trend Micro (Japan), Dell EMC (US), CrowdStrike (US), Kudelski Security (Switzerland), CloudWave (US), Claroty (US), Imperva (US), and LogRhythm (US). Partnerships, agreements, collaborations, acquisitions, and product developments are some of the various growth strategies by these players to increase their market presence.
Cisco (US) Cisco is a major networking equipment company that has been creating, producing, testing, and distributing integrated products and services since 1984. It offers IP-based networking, security, and cybersecurity products and services. Cisco's zero-trust security guarantees comprehensive network, application, and environment security across enterprises. The firm provides advice, implementation, and managed services, and has strategic alliances with Apple, A10 Networks, Alien Vault, AWS, Centrify, Fortinet, Google, and IBM Security. It has a significant presence in the Middle East, North America, Latin America, Asia Pacific, and Europe.
Through collaborations and acquisitions, the firm has grown its portfolio and presence in the healthcare cybersecurity market with companies, such as Cylera (US), Gigamon (US), and AT&T (US).
IBM (US) is a computer, technology, and information technology consulting organisation. It invented, developed, and produced some of the most cutting-edge technology available today. It is one of the greatest technical businesses in the world and the second-most valuable enterprise. The range of products offered by IBM includes microelectronics, networking systems, storage devices, computer systems, and software. In addition, it offers infrastructure, hosting, and consulting services in various industries, from nanotechnology to mainframe computers. IBM’s primary business sectors include global financing, global business services, global technology services, systems, cloud, and cognitive software. IBM offers cybersecurity solutions in healthcare, including IBM Spectrum Sentinel, IBM QRadar SIEM, IBM Guardium, IBM Trusteer, IBM Verify, and IBM Storage Defender. Apart from these solutions, it also offers cybersecurity services including data security, security intelligence and operations, consultancy, secure engineering and application security, and security strategy risk and compliance. IBM’s security division offers next-generation security threat intelligence solutions and services in the cybersecurity market.
IBM caters to several industries, including supply chain, financial services, automotive, real estate, food safety, identification, international trade, IT, healthcare, life sciences, government, telecom, automobile, manufacturing, FMCG, chemicals and petroleum, electronics, energy and electricity specializes in data encryption, tokenization, data masking, Hardware Security Module (HSM) management, key management, and digital signature.
Apart from large vendors, some other players, such as Kaspersky, Sophos, Juniper, Forcepoint, Verimatrix, Forescout, Imprivata, SailPoint Technologies, Saviynt, JFrog, Fortified, ClearDATA, Cynerio, MedCrypt, Armis, Cylera, Zeguro, Virta Laboratories, Protenus, Censinet, and Sternum are also evolving in the healthcare cybersecurity market. Kaspersky (Russia) Kaspersky is a cybersecurity company that aims to build a safer world by developing software and solutions to protect users from malware, viruses, and other online threats. It offers cybersecurity solutions to individuals, small and medium businesses, and large enterprises, such as Kaspersky Endpoint Security for Business, Kaspersky Hybrid Cloud Security, Kaspersky Endpoint Detection and Response Expert, Kaspersky Anti Targeted Attack Platform, Kaspersky Endpoint Detection and Response Optimum, Kaspersky Industrial CyberSecurity, Kaspersky Security for Microsoft Office 365, Kaspersky Embedded Systems Security, and Kaspersky Security for Internet Gateway. Kaspersky has offices and partners in more than 200 countries and collaborates with global IT security vendors, international organizations, and national and regional law enforcement agencies to fight cybercrime. In the healthcare vertical, Kaspersky offers multilayered security for endpoints, secures patients' health records, ensures healthcare service availability, keeps intellectual property safe, maintains reputation, and mitigates risk.
According to MnM's approach to evaluating the market, most businesses use inorganic growth tactics to hold onto their market share. In 2020–2021, the number of transactions rose by 50–60%. These agreements cover alliances, acquisitions, collaborations, and partnerships together. Product launches and corporate growth activities abruptly decreased as a result of the COVID-19 pandemic. On the other hand, organizations are anticipated to embrace organic growth strategies starting in 2021 to provide end consumers with healthcare cybersecurity solutions and services, which would assist businesses in boosting market revenue.
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