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Phase-Xs | Biologics & Biosimilars | Coherent Market Insights

Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Healthcare cybersecurity refers to adoption of cybersecurity solutions and services by healthcare organizations, in order to protect hospital and patient information from cyber-attacks and data breaches. There different segments involved in healthcare cybersecurity including consulting, risk assessment, design and integration, and training. Rising incidents of hacking and other types of cybercrimes have led to increased adoption of cybersecurity in the healthcare sector. The global healthcare cyber security market focuses on seven regions namely North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

The global healthcare cyber security market is estimated to be valued at US$ 9,258.5 million in 2021 and is expected to exhibit a CAGR of 14.2% over the forecast period (2021-2028).

Recent Developments:

  • On September 13, 2021, Booz Allen Hamilton announced that it has completed the acquisition of Tracepoint, an industry-leading digital forensics and incident response (DFIR) company serving public and private sector clients. Tracepoint is a recognized leader in DFIR, remediation, and cyber risk and resilience management.
  • In January 2021, The Thumbay Group, a leading UAE healthcare provider, has completely overhauled its security infrastructure, with Trend Micro Incorporated, the global leader in cloud security, to deliver world-class healthcare services. Thumbay Group converted its legacy anti-virus platform with Trend Micro’s industry-leading solutions. The Thumbay Group has greatly improved its security posture across 46 pharmacies, eight hospitals, and one university hospital, along with medical research, diagnostics, health communication, wellness, laboratories, and nutrition.
  • In June 2021, The General Services Administration, U.S., has awarded Booz Allen Hamilton a five-year contract to continue support a central data analytics platform at the Department of Defense (DOD).

North America held dominant position in the global healthcare cyber security market in 2020, accounting for 42.1% share in terms of value, followed by Europe and Asia Pacific, respectively.

Figure 1. Global Healthcare Cyber Security Market Value (US$ Mn), by Region, 2020

Healthcare Cyber Security  | Coherent Market Insights

Global Healthcare Cyber Security Market- Drivers

Increasing per capita healthcare expenditure is expected to drive growth of the global healthcare cyber security market during the forecast period. Various government and healthcare organizations such as a clinic, hospitals, and pharmaceutical companies are focused on investing in information technology infrastructure. This is typically due to rising per capita expenditure in developed countries. As a result of this, the demand for cyber security services and solutions is expected to increase in the near future. According to Coherent Market Insights’ analysis, per capita, health expenditure in the U.S increased from US$ 8,845 in 2013 to US$ 9,146 in 2014. According to the same source, per capital expenditure in Germany reached US$ 4,717 in 2013 and to US$ 5,006 in 2014.

Growing adoption of mobile devices is expected to propel the global healthcare cyber security market growth over the forecast period. The adoption of mobile devices such as smartphones and tablets across various sectors is increasing including the healthcare sector. This, in turn, is expected to boost the demand for cybersecurity solutions and services for these devices. For instance, in 2015, Welltok, a health optimization company, IBM’s Watson, and Denver-based Centura Health introduced an app for computers and mobile devices that would provide heart health advice as well as exercise and nutrition information to users.

Global Healthcare Cyber Security Market: Opportunities

Major companies in the market are focused on merger and acquisition activities, in order to enhance the market presence and gain a competitive edge in the market. For instance, in 2013, CSC Corporation acquired ServiceMesh, an enterprise cloud management company, to help CSC clients migrate their applications into the cloud as well as to provide security across cloud applications and environments. In 2014, Booz Allen Hamilton Inc. acquired the healthcare division of Genova Technologies to secure more federal technology contracts around healthcare and the Affordable Care Act. In 2014, Lockheed Martin acquired Industrial Defender, a leading provider of cyber security solutions for control systems in the oil and gas, utility, and chemical industries.

The demand for implementing robust network security infrastructure is increasing rapidly since cyber threats are getting increasingly complex and sophisticated across the globe. For instance, in 2013, Manipal Hospitals, a leading quality healthcare provider in India, renovated network security infrastructure to further enhance protective measures with regard to cyber threats.

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Healthcare Cyber Security Market Report Coverage

Report Coverage Details
Base Year: 2020 Market Size in 2021: US$ 9,258.5 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2021 to 2028
Forecast Period 2021 to 2028 CAGR: 14.2% 2028 Value Projection: US$ 23,411.3 Mn
Geographies covered:
  • North America: U.S., Canada
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Europe: Germany, U.K., France, Italy,  Poland, Russia, Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East and Africa: GCC Countries, Israel,  South Africa, North Africa, Central Africa, Rest of Middle East
Segments covered:
  • By Type: Solution (Risk and Compliance Management, Identity and Access Management, Data Loss Protection, Intrusion Detection System (IDS)/Intrusion Prevention System (IPS), Security Information and Event Management (SIEM), Unified Threat Management, Others), Service (Managed Security Services, Deployment & Integration, Support & Maintenance)
  • By Security Type: Network Security, Application Security, Endpoint Security, Cloud Security, Content Security, Wireless Security
Companies covered:

IBM Corporation, Lockheed Martin Corporation, Cisco Systems, Inc., Northrop Grumman Corporation, Intel Security Group (McAfee), CA, Inc., Booz Allen Hamilton Inc., Computer Sciences Corporation, Symantec Corporation, and Trend Micro  Incorporated

Growth Drivers:
  • Increasing per capita healthcare expenditure 
  • Growing adoption of mobile devices
Restraints & Challenges:
  • Stringent government regulations 
  • Constantly changing consumer needs

Market Trends

In the recent past, the U.S. Government has made certain changes to its cybersecurity regulations and proposals, in order to safeguard against cyber-attacks. For instance, in 2015, the U.S. government amended its “2011 Cyber Security Legislative Proposal”, majorly concentrating on three essential objectives such as improved communication between private and government sectors, the establishment of national data breach notification statute, and boosting law enforcement department’s ability to fight cybercrime. Moreover, increasing number of cyber-attacks, especially in the U.S., has resulted in increased awareness among healthcare organizations regarding enhancement of cybersecurity measures.

Cloud data security solutions are gaining popularity in Latin America at a rapid pace. This is owing to increased digitization initiatives across hospitals and pharmacies. For instance, in 2015, Paraguayan Ministry of Health announced plans to invest US$ 100,000 in digitization of the healthcare sector across the nation.

Figure 2. Global Healthcare Cyber Security Market Share, By Type, 2020

Healthcare Cyber Security  | Coherent Market Insights

Key Takeaways of the Graph:

  • The solution segment held dominant position in the market and accounted for 64.4% share in the global healthcare cyber security market in 2020. The segment is expected to reach US$ 15,357.8 million in 2028. This is owing to the rising demand of advanced solutions for security operations and growing number of data security & privacy concerns.

Global Healthcare Cyber Security Market- Restraint

Stringent government regulations are expected to hinder the global healthcare cyber security market growth over the forecast period. Government of various countries has started implementing certain cybersecurity laws and regulations. Some of these regulations are healthcare sector-specific, in order to protect public information. Failure to comply could attract a hefty fine and punishment. For instance, in 2014, the Government of the U.K. made it mandatory for suppliers to follow new cybersecurity standards.    

Constantly changing consumer needs are expected to hamper the global healthcare cyber security market growth during the forecast period. Cyber security services and solutions providers face a major challenge of developing a security solution that meets all requirements of a customer. Moreover, integration of cyber security solutions in a timely manner is another major challenge for security service providers.

Competitive Section

Key players operating in the global healthcare cyber security market are IBM Corporation, Lockheed Martin Corporation, Cisco Systems, Inc., Northrop Grumman Corporation, Intel Security Group (McAfee), CA, Inc., Booz Allen Hamilton Inc., Computer Sciences Corporation, Symantec Corporation, and Trend Micro Inc.

Key Developments

  1. Key players in the market are focused product launches, in order to gain competitive edge in the market. For instance, in November 2019, IBM Corporation launched Cloud Pak for security, a new platform to tackle cyber security threats across multi-cloud and hybrid environments.
  2. Major market players are involved in collaboration and partnership activities, in order to strengthen the market position. For instance, in May 2017, Cisco Systems, Inc. partnered with IBM Corporation to combat pervasive threat of cybercrime.

The healthcare industry is the fastest growing industry in the world, with its revenues expected to grow by double digits annually. This growth has led to an increased need for healthcare Cyber Security in the U.S. Healthcare Cyber Security is a rapidly evolving field with new challenges presented by an aging population and continual advancements in medical technologies. Healthcare organizations are constantly striving to stay one step ahead of the threat from cybercriminals and a compromised patient's electronic health records. Healthcare organizations have developed several strategies to reduce the risks posed by cyber-attacks. In the past several years there has been a focus on education and awareness campaigns to make the workforce more aware of the vulnerabilities. It is essential for employers to take action against cyber threats and implement effective security measures to reduce the impact of cyber-attacks and maintain the privacy and confidentiality of patient records.

Market Dynamics

Rising expenditure in the healthcare sector is expected to boost growth of the global healthcare cyber security market during the forecast period. The healthcare industry has expanded massively with many countries increasing their healthcare budget, in order to provide adequate healthcare services. According to the World Bank, the healthcare expenditure in the U.K. reached 9.997% of its GDP in 2018, increasing from 9.166% in 2008.

Furthermore, growing cyber security awareness across the healthcare sector is expected to accelerate growth of the global healthcare cyber security market in the near future.

Key features of the study:

  • This report provides in-depth analysis of the healthcare cyber security market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2021–2028), considering 2020 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global healthcare cyber security market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include IBM Corporation, Lockheed Martin Corporation, Cisco Systems, Inc., Northrop Grumman Corporation, Intel Security Group (McAfee), CA, Inc., Booz Allen Hamilton Inc., Computer Sciences Corporation, Symantec Corporation, and Trend Micro Incorporated
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global healthcare cyber security market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global healthcare cyber security market

Detailed Segmentation:

  • Global Healthcare Cyber Security Market, By Type:
    • Solution
      • Risk and Compliance Management
      • Identity and Access Management
      • Data Loss Protection
      • Intrusion Detection System (IDS)/Intrusion Prevention System (IPS)
      • Security Information and Event Management (SIEM)
      • Unified Threat Management
      • Others
    • Service
      • Managed Security Services
      • Deployment & Integration
      • Support & Maintenance
  • Global Healthcare Cyber Security Market, By Security Type:
    • Network Security
    • Application Security
    • Endpoint Security
    • Cloud Security
    • Content Security
    • Wireless Security
  • Global Healthcare Cyber Security Market, By Region:
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East and Africa
  • Company Profiles
    • IBM Corporation *
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Lockheed Martin Corporation
    • Cisco Systems, Inc.
    • Northrop Grumman Corporation
    • Intel Security Group (McAfee)
    • CA, Inc.
    • Booz Allen Hamilton Inc.
    • Computer Sciences Corporation
    • Symantec Corporation
    • Trend Micro Incorporated

*Browse all the market data tables and figures on “Global Healthcare Cyber Security Market- Forecast to 2028”

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Type
      • Market Snippet, By Security Type
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Industry Trend
    • Merger and Acquisitions
    • New Service/Product Launch/Approvals
  4. Global Healthcare Cyber Security Market, By Type, 2017-2028 (US$ Million)
    • Introduction
      • Market Share Analysis, 2020 and 2028 (%)
      • Segment Trends
      • Solution
        • Introduction
        • Market Size and Forecast, 2017–2028, (US$ Million)
          • Risk and Compliance Management
            • Introduction
            • Market Size and Forecast, 2017–2028, (US$ Million)
          • Identity and Access Management
            • Introduction
            • Market Size and Forecast, 2017–2028, (US$ Million)
          • Data Loss Protection
            • Introduction
            • Market Size and Forecast, 2017–2028, (US$ Million)
          • Intrusion Detection System (IDS)/Intrusion Prevention System (IPS)
            • Introduction
            • Market Size and Forecast, 2017–2028, (US$ Million)
          • Security Information and Event Management (SIEM)
            • Introduction
            • Market Size and Forecast, 2017–2028, (US$ Million)
          • Unified Threat Management
            • Introduction
            • Market Size and Forecast, 2017–2028, (US$ Million)
          • Others
            • Introduction
            • Market Size and Forecast, 2017–2028, (US$ Million)
    • Services
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
        • Managed Security Services
          • Introduction
          • Market Size and Forecast, 2017–2028, (US$ Million)
        • Deployment & Integration
          • Introduction
          • Market Size and Forecast, 2017–2028, (US$ Million)
        • Support & Maintenance
          • Introduction
          • Market Size and Forecast, 2017–2028, (US$ Million)
  5. Global Healthcare Cyber Security Market, By Security Type, 2017-2028 (US$ Million)
    • Introduction
      • Market Share Analysis, 2020 and 2028 (%)
      • Segment Trends
    • Network Security
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Application Security
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Endpoint Security
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Cloud Security
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Content Security
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Wireless Security
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
  6. Global Healthcare Cyber Security Market, By Region, 2017-2028 (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2020 and 2028 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Type, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Security Type, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Type, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Security Type, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Poland
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By Type, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Security Type, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028 (%)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By Type, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Security Type, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028 (%)
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • Middle East and Africa
      • Regional Trends
      • Market Size and Forecast, By Type, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Security Type, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028 (%)
        • GCC Countries
        • Israel
        • South Africa
        • North Africa
        • Central Africa
        • Rest of the Middle East and Africa
  7. Competitive Landscape
    • Company Profiles
      • IBM Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Lockheed Martin Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Cisco Systems, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Northrop Grumman Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Intel Security Group (McAfee)
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • CA, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Booz Allen Hamilton Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Computer Sciences Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Symantec Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Trend Micro Incorporated
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  8. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse XX market data tables and XX figures on “Global Healthcare Cyber Security Market-forecast to 2028”.

FAQgrowicon

Frequently Asked Questions

The global healthcare cyber security market is estimated to be valued at US$ 9,258.5 million in 2021 and is expected to exhibit a CAGR of 14.2% over the forecast period (2021-2028).
Stringent government regulations are expected to hinder the market growth over the forecast period.
Cloud data security solutions are emerging trends in Latin America healthcare cyber security market. This is owing to increased digitization initiatives across hospitals and pharmacies.
Increasing per capita healthcare expenditure is expected to drive growth of the market during the forecast.
Enhancing network security can provide lucrative growth opportunities in the market.
Key players operating in the market are IBM Corporation, Lockheed Martin Corporation, Cisco Systems, Inc., Northrop Grumman Corporation, Intel Security Group (McAfee), CA, Inc., Booz Allen Hamilton Inc., Computer Sciences Corporation, Symantec Corporation, and Trend Micro Inc.
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