The healthcare cybersecurity market has witnessed significant growth, increasing from $19.24 billion in 2023 to $22.99 billion in 2024, achieving a remarkable CAGR of 19.5%. This growth is driven by rising cyber threats, regulatory compliance, and data monetization concerns. The market is expected to soar to $47.8 billion by 2028, with a CAGR of 20.1%. Future growth drivers include addressing IoT security challenges, remote healthcare vulnerabilities, and the adoption of zero trust security models. Key trends involve AI and machine learning integration, the digitization of health records, and enhanced cloud security solutions.
Major Driver In The Healthcare Cyber Security Market
The surge in healthcare cyber-attacks is poised to fuel the expansion of the healthcare cybersecurity market in the foreseeable future. The increasing digitalization in healthcare has paved the way for a higher frequency of cyber-attacks, necessitating the deployment of various healthcare cybersecurity software to protect sensitive data. A striking example is the revelation by the United States Department of Health and Human Services in February 2023, indicating a staggering 104% increase in data breaches among healthcare providers in the United States from mid-2022 to mid-2023, escalating from 160 to 327 incidents. This surge exposed the data of over 40 million patients, reflecting a notable 60% year-over-year rise in the first half of 2023. Consequently, the escalating instances of healthcare cyber-attacks are steering the growth of the healthcare cybersecurity market, with market sizes for 2023, and projections for 2024 and 2028.
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Healthcare Cyber Security Market Competitive Landscape
Irdeto a Verizon company, Lockheed Martin Corporation, Intel Corporation, IBM Corporation, Cisco Systems Inc., Northrop Grumman Corporation, Broadcom Inc., Atos SE, Booz Allen Hamilton Inc., Palo Alto Networks Inc., Symantec Corporation (formerly), McAfee LLC, Check Point Software Technologies Ltd., Trend Micro Incorporated, Athenahealth Inc., Kaspersky Lab, CyberArk Software Ltd., Imperva Inc., FireEye Inc., Imprivata Inc., Allscripts Healthcare Solutions Inc., Claroty Inc., Forescout Technologies Inc, Menlo Security Inc., Bitglass Inc., Medigate Ltd., Fortified Health Security Inc., Sensato Cybersecurity Solutions Inc., CybelAngel, Armis Inc., Cerner Corporation, CrowdStrike Inc.
Key Healthcare Cyber Security Market Trend
Technological advancement is a major trend in the healthcare cybersecurity market. Companies in this sector are focusing on developing advanced products to strengthen their market position. For instance, in 2021, Trend Micro Incorporated, a Japan-based cybersecurity firm, launched Trend Micro Vision One, utilizing XDR (extended detection and response) technology. XDR collects and correlates data across various security layers, including email, endpoints, servers, cloud workloads, and networks, to detect and respond to threats more effectively and prioritize alerts for further investigation in healthcare organizations.
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Healthcare Cyber Security Market Segmentation
The healthcare cyber security market covered in this report is segmented –
1) By Threat Type: Malware, Distributed Denial of Service (DDoS), Advanced Persistent Threats (APT), Spyware, Other Treat Types
2) By Solution: Identity and Access Management, Risk and Compliance Management, Antivirus and Antimalware, DDoS Mitigation, Security Information and Event Management, Intrusion Detection System and Intrusion Prevention System, Others Solutions
3) By Security Measures: Application security, Network security, Device security, Other Security Measures
4) By Deployment: On-Premises, Cloud-Based
5) By End User: Pharmaceutical Industries, Biotechnology Industries, Hospital, Medical Device Companies, Health Insurance Companies, Other End Users
By Geography:The regions covered in the healthcare cyber security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the healthcare cyber security market in 2023.
The Healthcare Cyber Security Global Market Report 2024 furnishes information about the global healthcare cyber security market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
