According to the report published by Allied Market Research, the global healthcare cyber security market generated $12.85 billion in 2020, and is projected to reach $57.25 billion by 2030, manifesting a CAGR of 16.3% from 2021 to 2030. The report offers an extensive analysis of changing market trends, value chain, top segments, top investment pockets, regional scenarios, and competitive landscape.
The healthcare cybersecurity market encompasses the range of technologies, services, and strategies designed to protect healthcare systems, networks, and data from cyber threats. In recent decades, the frequency and intensity of cyber-attacks targeting the healthcare and medical sectors have significantly increased. Cybercriminals often seek access to sensitive patient information, including medical records and billing details, which are highly valuable on the black market and frequently exploited for fraudulent insurance claims.
In addition to data theft, there is a growing concern over the vulnerability of Internet of Things (IoT)-enabled medical devices. These connected devices, which are integral to modern patient care, can potentially be manipulated remotely by malicious actors, posing serious risks to patient safety and operational integrity.
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As a result of these escalating threats, both healthcare providers and government bodies have become acutely aware of the need for robust cybersecurity measures. This heightened awareness has driven the implementation of stringent cybersecurity policies, frameworks, and regulatory standards aimed at protecting critical healthcare infrastructure, ensuring data privacy, and maintaining public trust in the healthcare system.
Rise in number of cyber-attacks and increase in demand for cloud services drive the growth of the global healthcare cyber security market. Furthermore, regulatory and government policies that encourage the healthcare business to strengthen its security standards have a favorable impact on the growth of the healthcare cyber security market. On the contrary, high installation cost of healthcare cyber security solutions impedes the market growth. However, rise in digital dependence and industry 4.0 trends present new opportunities in the coming years.
Healthcare Cyber Security Market Segments Review:
The report offers detailed segmentation of the global healthcare cyber security market based on component, security type, and region.
On the basis of component, the solution segment dominated the overall healthcare cyber security market in 2020, and is expected to continue this trend during the forecast period. This is attributed to increased number of data breaches in the healthcare sector post the global pandemic. However, the service segment is projected to witness highest growth as cyber-attacks have become more sophisticated and demand skilled professionals for their mitigation, which is expected to fuel the growth of the global healthcare cyber security market.
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Based on security type, the network security segment accounted for the largest share in 2020, holding more than two-fifths of the global healthcare cyber security industry, and is projected to maintain its leadership status throughout the forecast period. However, the application security segment is estimated to manifest the highest CAGR of 17.8% from 2021 to 2030. The report also includes an analysis of device security segment.
Region wise, the healthcare cyber security market was dominated by North America in 2020, and is expected to retain its position during the forecast period owing to a large number of cyber security solutions vendors in the region. Moreover, various healthcare privacy policies in the region are expected to drive the market for healthcare cyber security technology during the forecast period. However, Asia-Pacific is expected to witness significant growth during the forecast period owing to growth in digital and cloud penetration in the region, which is expected to fuel the growth of healthcare cyber security solutions in the region in the coming few years.
The key players profiled in the healthcare cyber security market analysis are AO Kaspersky Lab, Cisco Systems, Inc., FireEye, IBM Corporation, Lockheed Martin Corporation, McAfee Corporation, Northrop Grumman, Palo Alto Networks, SENSATO CYBERSECURITY SOLUTIONS, and Symantec Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the healthcare cyber security industry.
Healthcare Cyber Security Market Covid-19 Scenario:
- More than ever before, healthcare professionals need to protect their medical equipment and information nowadays. The rise of IoT and cloud devices in the healthcare business has increased the potential of a cyber-attack during the pandemic.
- The demand for healthcare cyber security solutions is growing as the threat landscape widens and hackers develop incredibly advanced tools and techniques to target healthcare firms, get data access, and hold data and networks for ransom (ransomware attacks).
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