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
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.
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.
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.
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.
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.
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.
Security Measures Covered:
Type of Solutions Covered:
Type of Threats Covered:
End Users Covered:
What our report offers:
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.