Healthcare Cyber Security Market
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PUBLISHED: 2022 ID: SMRC18482
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Healthcare Cyber Security Market Forecasts to 2028 – Global Analysis By Service (Managed Security Services, Deployment & Integration, Support & Maintenance), Security Measure, Deployment, End User, and By Geography

4.4 (83 reviews)
4.4 (83 reviews)
Published: 2022 ID: SMRC18482

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Healthcare Cyber Security Market is accounted for $13.36 billion in 2021 and is expected to reach $43.05 billion by 2028 growing at a CAGR of 18.2% during the forecast period. Cybersecurity, also known as information security, is the practice of ensuring the confidentiality, integrity, and availability of data. Cybersecurity is a risk management approach, software, and technologies designed to protect networks, devices, healthcare data, programs from data theft, digital attacks, or unauthorized access. Healthcare cybersecurity companies offer cyber security services and solutions to healthcare organizations to protect their hospital and patient information from cyber-attacks and data breaches.

Market Dynamics:

Driver:

Emergence of disruptive digital technologies


In a modern connected world, the healthcare sector have been accelerating the pace of their digital transformation with the emergence of digital technologies such as the internet of things (IoT), cloud computing, and big data. The proliferation of connected devices in healthcare organizations has created a security blind spot where cybercriminals or hackers can attack devices like webcams, routers, printers, and IoT medical equipment such as ventilators and respirators. According to the Global Connected Industries Cybersecurity Survey from Swedish software company, Irdeto, in 2019, around 82% of healthcare providers that have implemented IoT devices have experienced cyberattacks. In 2018, it is estimated that infected routers accounted for over 70% of IoT attacks, and connected cameras accounted for around 14% of them. Further, it is estimated that IoT devices experience an average of 5,200 attacks per month. Therefore, to avoid such cyberattacks, there is a consistent growth in the incorporation of cybersecurity solutions in order to protect data and information from security breaches and cyber threats.

Restraint:

Lack of awareness


While the healthcare cyber security market size is expected to grow very rapidly in the forecast period, some restraints are bound to affect growth soon. The lack of awareness about cyber security related to the healthcare industry would act as a restraining factor, thereby hampering the growth of the healthcare cyber security market. Healthcare industry employees and others are unaware of the importance of cyber security, especially when it comes to security software. Medical records remain a threat and a valuable asset for healthcare organizations due to the lack of awareness. The black market makes use of personal information such as bank account numbers, social security numbers, and much more. As a result, maintaining awareness about these attacks and adapting to technological advances are very important.

Opportunity:

Increasing cyberattacks on hospital networks


The increase in cases of cyberattacks and data breaches globally has raised the concern thereby, increasing demand for cyber security. For instance, the Secretary of U.S. Department of Health and Human Services (HHS) Breach of Unsecured Protected Health Information listed 592 breaches of unsecured protected health data affecting more than 500 individuals within the last two years that are currently under investigation by the Office for Civil Rights. 306 of the breaches were submitted in 2020. The increasing digitalization and penetration of the internet are increasing the chances of the cyberattack healthcare industry is the most vulnerable to cyberattacks due to the valuable data it owns. For instance, the recent cyberattacks on Ireland's Department of Health and Health Service Executive (HSE) were witnessed. The HSE was impacted by a human-operated ‘Conti’ ransomware attack which severely disabled several HSE systems and necessitated the shutdown of the majority of its other systems. Also, the Federal Bureau of Investigation (FBI) and Cybersecurity and Infrastructure Security Agency (CISA) issued a warning for escalating these attacks. THE FBI and CISA observed Conti ransomware is used in more than 400 cyberattacks in the U.S. and worldwide.

Threat:

Insider threats


Insider threats are exactly why data encryption and a zero-trust access strategies are vital to the security of sensitive patient information and data protection. While it is an unsettling thought, not all cybersecurity incidents are traced from employee negligence. With so much attention and money surrounding cybersecurity in the healthcare industry, disgruntled employees may decide to purposefully disclose patient information out of spite or benefit from the black-market demand for protected health information (PHI). Since employees may have knowledge of network setup, vulnerabilities, and access codes, employees with malicious intent hold the key to exposing organization to a series of threats.

The cloud-based segment is expected to be the largest during the forecast period

The cloud-based segment is estimated to have a lucrative growth due to the increasing demand for cloud-based security solutions in the healthcare sector as it reduces data management costs and improves efficiency along with a massive rise in healthcare data breaches. Additionally, growing usage of IoT devices and rising use of cloud-based security services for storage will stimulate the industry value. Moreover, increasing government initiatives to secure digital healthcare services will further drive the market demand.

The hospitals segment is expected to have the highest CAGR during the forecast period

The hospitals segment is anticipated to witness the fastest CAGR growth during the forecast period owing to the rising cyberattacks in hospitals because they maintain large amounts of patient data and during the pandemic, these attacks increased putting patient care and private data at risk. The adoption of the Internet of Medical Things (IoMT) devices for improved patient care increases potential threats in the hospitals that further increase the demand for advanced healthcare cybersecurity solution, thereby propelling the market growth. Furthermore, increasing patent infringement cases, loss of patient health records and medical identity fraud, and growing acceptance of cloud-based solutions in the hospitals sector is anticipated to boost the market. In addition, increasing awareness about Electronic Health Records (EHR) coupled with rising acceptance of advanced technologies in hospitals including IoT cloud computing, 5G technology, etc. will augment the segment growth.

Region with highest share:

North America is projected to hold the largest market share during the forecast period owing to the presence of well-developed healthcare facilities in this region. The increasing data breach cases in this region and the presence of established key leaders such as Palo Alto Networks, Inc., FireEye, Cisco System Inc. are also expected to support the industry revenue in the coming year. Furthermore, growing launch of innovative security services in the healthcare sector to protect patient data fosters the growth of the Healthcare Cyber Security market in the North American region.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period owing to growing awareness regarding cybersecurity among healthcare organizations. European Commission (EC) announced a conclusive communication that involved a complete overview of previous actions taken to promote the digitalization of health and several commitments to drive digital transformation in the region. This will drive the growth of cybersecurity companies in the region.

Key players in the market

Some of the key players profiled in the Healthcare Cyber Security Market include Atos SE, Cisco Systems, FireEye, Inc, Fortified Health Security, GE Healthcare , IBM, Imperva, Kaspersky, Lockheed Martin, McAfee, Medigate, Northrop Grumman, Palo Alto Networks, Symantec Corporation, and Trend Micro Incorporated.

Key Developments:

In February 2020, GE healthcare came up with a new cybersecurity solution (skeye) to detect, analyze, and respond to cybersecurity threats in private and government hospitals. Also, this company offers 360-degree threat visibility and resolution to defend against vulnerabilities.

In April 2019, Medigate announced its expansion to clinical IoT and general IoT devices. Medigate now enables accurate and comprehensive device discovery, contextual and behavioral anomaly detection as well as clinical policy enforcement for Health Delivery Organizations’ (HDO) entire clinical networks.
 
Services Covered:
• Managed Security Services
• Deployment & Integration
• Support & Maintenance
 
Security Measures Covered:
• Network Security
• Device Security
• Application Security
• Critical Infrastructure Security
• Endpoint Security
• Content Security
• Wireless Security
 
Type of Solutions Covered:
• Identity and Access Management
• Intrusion Detection System/ Intrusion Prevention System
• Risk and Compliance Management
• Security Information and Event Management
• Antivirus and Antimalware
• DDoS Mitigation
• Firewall
• Unified Threat Management
 
Type of Threats Covered:
• Distributed Denial of Service (DDoS)
• Malware & Spyware
• Phishing & Spear Phishing
• Ransomware
• Advanced Persistent Threat
• Lost or Stolen Devices
 
Deployments Covered:
• On-premises
• Cloud-based
 
End Users Covered:
• Healthcare Payers
• Hospitals
• Pharmaceutical and Biotechnology Industries
• Chemicals
• Medical Device Companies
• Health Insurance Companies

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary        
          
2 Preface         

 2.1 Abstract        
 2.2 Stake Holders       
 2.3 Research Scope       
 2.4 Research Methodology      
  2.4.1 Data Mining      
  2.4.2 Data Analysis      
  2.4.3 Data Validation      
  2.4.4 Research Approach      
 2.5 Research Sources       
  2.5.1 Primary Research Sources     
  2.5.2 Secondary Research Sources     
  2.5.3 Assumptions      
          
3 Market Trend Analysis       
 3.1 Introduction       
 3.2 Drivers        
 3.3 Restraints       
 3.4 Opportunities       
 3.5 Threats        
 3.6 End User Analysis       
 3.7 Emerging Markets       
 3.8 Impact of Covid-19       
          
4 Porters Five Force Analysis       
 4.1 Bargaining power of suppliers      
 4.2 Bargaining power of buyers      
 4.3 Threat of substitutes      
 4.4 Threat of new entrants      
 4.5 Competitive rivalry       
          
5 Global Healthcare Cyber Security Market, By Service    
 5.1 Introduction       
 5.2 Managed Security Services      
 5.3 Deployment & Integration      
 5.4 Support & Maintenance      
          
6 Global Healthcare Cyber Security Market, By Security Measure   
 6.1 Introduction       
 6.2 Network Security       
 6.3 Device Security       
 6.4 Application Security      
 6.5 Critical Infrastructure Security       
 6.6 Endpoint Security       
 6.7 Content Security       
 6.8 Wireless Security       
          
7 Global Healthcare Cyber Security Market, By Type of Solution    
 7.1 Introduction       
 7.2 Identity and Access Management     
 7.3 Intrusion Detection System/ Intrusion Prevention System   
 7.4 Risk and Compliance Management     
 7.5 Security Information and Event Management    
 7.6 Antivirus and Antimalware      
 7.7 DDoS Mitigation       
 7.8 Firewall        
 7.9 Unified Threat Management      
          
8 Global Healthcare Cyber Security Market, By Type of Threat    
 8.1 Introduction       
 8.2 Distributed Denial of Service (DDoS)     
 8.3 Malware & Spyware       
 8.4 Phishing & Spear Phishing      
 8.5 Ransomware        
 8.6 Advanced Persistent Threat      
 8.7 Lost or Stolen Devices      
          
9 Global Healthcare Cyber Security Market, By Deployment    
 9.1 Introduction       
 9.2 On-premises       
 9.3 Cloud-based       
          
10 Global Healthcare Cyber Security Market, By End User    
 10.1 Introduction       
 10.2 Healthcare Payers       
 10.3 Hospitals        
 10.4 Pharmaceutical and Biotechnology Industries    
 10.5 Chemicals       
 10.6 Medical Device Companies      
 10.7 Health Insurance Companies      
          
11 Global Healthcare Cyber Security Market, By Geography    
 11.1 Introduction       
 11.2 North America       
  11.2.1 US       
  11.2.2 Canada       
  11.2.3 Mexico       
 11.3 Europe        
  11.3.1 Germany       
  11.3.2 UK       
  11.3.3 Italy       
  11.3.4 France       
  11.3.5 Spain       
  11.3.6 Rest of Europe      
 11.4 Asia Pacific       
  11.4.1 Japan       
  11.4.2 China       
  11.4.3 India       
  11.4.4 Australia       
  11.4.5 New Zealand      
  11.4.6 South Korea      
  11.4.7 Rest of Asia Pacific      
 11.5 South America       
  11.5.1 Argentina      
  11.5.2 Brazil       
  11.5.3 Chile       
  11.5.4 Rest of South America     
 11.6 Middle East & Africa      
  11.6.1 Saudi Arabia      
  11.6.2 UAE       
  11.6.3 Qatar       
  11.6.4 South Africa      
  11.6.5 Rest of Middle East & Africa     
          
12 Key Developments        
 12.1 Agreements, Partnerships, Collaborations and Joint Ventures   
 12.2 Acquisitions & Mergers      
 12.3 New Product Launch      
 12.4 Expansions       
 12.5 Other Key Strategies      
          
13 Company Profiling        
 13.1 Atos SE        
 13.2 Cisco Systems       
 13.3 FireEye, Inc       
 13.4 Fortified Health Security      
 13.5 GE Healthcare        
 13.6 IBM        
 13.7 Imperva        
 13.8 Kaspersky       
 13.9 Lockheed Martin       
 13.10 McAfee        
 13.11 Medigate        
 13.12 Northrop Grumman       
 13.13 Palo Alto Networks       
 13.14 Symantec Corporation      
 13.15 Trend Micro Incorporated      


List of Tables         
1 Global Healthcare Cyber Security Market Outlook, By Region (2020-2028) ($MN)  
2 Global Healthcare Cyber Security Market Outlook, By Service (2020-2028) ($MN)  
3 Global Healthcare Cyber Security Market Outlook, By Managed Security Services (2020-2028) ($MN)
4 Global Healthcare Cyber Security Market Outlook, By Deployment & Integration (2020-2028) ($MN)
5 Global Healthcare Cyber Security Market Outlook, By Support & Maintenance (2020-2028) ($MN)
6 Global Healthcare Cyber Security Market Outlook, By Security Measure (2020-2028) ($MN) 
7 Global Healthcare Cyber Security Market Outlook, By Network Security (2020-2028) ($MN) 
8 Global Healthcare Cyber Security Market Outlook, By Device Security (2020-2028) ($MN) 
9 Global Healthcare Cyber Security Market Outlook, By Application Security (2020-2028) ($MN) 
10 Global Healthcare Cyber Security Market Outlook, By Critical Infrastructure Security (2020-2028) ($MN)
11 Global Healthcare Cyber Security Market Outlook, By Endpoint Security (2020-2028) ($MN) 
12 Global Healthcare Cyber Security Market Outlook, By Content Security (2020-2028) ($MN) 
13 Global Healthcare Cyber Security Market Outlook, By Wireless Security (2020-2028) ($MN) 
14 Global Healthcare Cyber Security Market Outlook, By Type of Solution (2020-2028) ($MN) 
15 Global Healthcare Cyber Security Market Outlook, By Identity and Access Management (2020-2028) ($MN)
16 Global Healthcare Cyber Security Market Outlook, By Intrusion Detection System/ Intrusion Prevention System (2020-2028) ($MN)
17 Global Healthcare Cyber Security Market Outlook, By Risk and Compliance Management (2020-2028) ($MN)
18 Global Healthcare Cyber Security Market Outlook, By Security Information and Event Management (2020-2028) ($MN)
19 Global Healthcare Cyber Security Market Outlook, By Antivirus and Antimalware (2020-2028) ($MN)
20 Global Healthcare Cyber Security Market Outlook, By DDoS Mitigation (2020-2028) ($MN) 
21 Global Healthcare Cyber Security Market Outlook, By Firewall (2020-2028) ($MN)  
22 Global Healthcare Cyber Security Market Outlook, By Unified Threat Management (2020-2028) ($MN)
23 Global Healthcare Cyber Security Market Outlook, By Type of Threat (2020-2028) ($MN) 
24 Global Healthcare Cyber Security Market Outlook, By Distributed Denial of Service (DDoS) (2020-2028) ($MN)
25 Global Healthcare Cyber Security Market Outlook, By Malware & Spyware (2020-2028) ($MN) 
26 Global Healthcare Cyber Security Market Outlook, By Phishing & Spear Phishing (2020-2028) ($MN)
27 Global Healthcare Cyber Security Market Outlook, By Ransomware (2020-2028) ($MN) 
28 Global Healthcare Cyber Security Market Outlook, By Advanced Persistent Threat (2020-2028) ($MN)
29 Global Healthcare Cyber Security Market Outlook, By Lost or Stolen Devices (2020-2028) ($MN)
30 Global Healthcare Cyber Security Market Outlook, By Deployment (2020-2028) ($MN) 
31 Global Healthcare Cyber Security Market Outlook, By On-premises (2020-2028) ($MN) 
32 Global Healthcare Cyber Security Market Outlook, By Cloud-based (2020-2028) ($MN) 
33 Global Healthcare Cyber Security Market Outlook, By End User (2020-2028) ($MN)  
34 Global Healthcare Cyber Security Market Outlook, By Healthcare Payers (2020-2028) ($MN) 
35 Global Healthcare Cyber Security Market Outlook, By Hospitals (2020-2028) ($MN)  
36 Global Healthcare Cyber Security Market Outlook, By Pharmaceutical and Biotechnology Industries (2020-2028) ($MN)
37 Global Healthcare Cyber Security Market Outlook, By Chemicals (2020-2028) ($MN)  
38 Global Healthcare Cyber Security Market Outlook, By Medical Device Companies (2020-2028) ($MN)
39 Global Healthcare Cyber Security Market Outlook, By Health Insurance Companies (2020-2028) ($MN)
          
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

 

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