Healthcare Cyber Security Market is Expected to Surpass US$ 23,411.3 Mn by The End of 2028

Cybersecurity has become essential in the healthcare sector, in order to safeguard vital information regarding hospital and patient. Healthcare organizations such as hospitals, clinics, and pharmaceuticals have started adopting IT solutions to store confidential information, which also has increased the threat of hacking, unauthorized access, 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.

Market Statistics:

The global healthcare cyber security market is expected to surpass US$ 23,411.3 Mn in terms of value by the end of 2028.

Global Healthcare Cyber Security Market: Drivers

Rising cyber-attacks is expected to support growth of the global healthcare cyber security market during the forecast period. Cyber-attacks have increased in healthcare institutions in the recent past. This is typically due to limited security measures and a lack of awareness among healthcare organizations. For instance, in 2015, Beacon Health Systems was targeted in a cyber-attack, wherein a patient’s personal and protected health information was hacked.

Global Healthcare Cyber Security Market: Opportunity

Constant research and development activities can provide lucrative growth opportunities for market players. Major companies in the market are focused on research and development activities, in order to expand product portfolio and gain a competitive edge in the market. For instance, in 2015, IBM Corporation Research launched a cloud-based technology to enable consumers to better protect online personal data. Moreover, in 2015, Cisco Launched Advanced Malware Protection Capabilities and Incident Response Services, giving customers faster time to detection and remediation. In 2015, Cisco Systems Inc. introduced new models of Cisco ASA with FirePOWER Services, the industry’s first threat-focused next-generation firewall, providing midsize companies, branch offices, and industrial environments with the same advanced malware protection.

Global Healthcare Cyber Security Market: Recent Developments

Key Developments

1. Key players in the market are involved in partnerships and collaborations, in order to gain a competitive edge in the market. For instance, in October 2019, Cisco Systems Inc. partnered with Value Point to open a cyber-security experience center (CSEC) in Bangalore, India.
2. In February 2020, Cisco Country Digital Acceleration with Flinders University inaugurated a new US$ 1.5 million digital health design lab examine hospital cybersecurity.
3. In February 2020, Sensato Cybersecurity Solutions has been awarded Premier Inc. Group Purchasing Agreement for Cybersecurity Software and Solutions. This agreement provide Premier Inc. Group member hospitals and institutions with access to Sensato’s healthcare-specific cyber security solutions.
4. In July 2021, Trend Micro Incorporated announced a collaboration with Microsoft that aims to deliver greater impact to cyber security for joint customers. The collaboration outlines a new cooperation on developing cloud-based cyber security solutions on Microsoft Azure and generating co-selling opportunities.
5. In July 2021, Trend Micro Incorporated announced its partnership with Scamadviser, the leading free-to-use online tool that enables users to check websites for potential risk or fraudulent activity.

Global Healthcare Cyber Security Market: Restraint

Lack of skilled personnel is expected to restrain growth of the global healthcare cyber security market during the forecast period. Constant dearth of skilled professionals is the major factor restraining growth of the market. Security service firms are creating alliances with universities to offer accreditation programs to recruit and train security personnel. Furthermore, companies are offering flexible career paths and high salaries to retain talent.

Global Healthcare Cyber Security Market - Impact of Coronavirus (Covid-19) Pandemic

The global healthcare cyber security market witnessed significant decline due to the COVID-19 pandemic outbreak. Following the outbreak, numerous countries decided to suspend international travel and halt economic trade. However, the importance of cyber security has increased during the pandemic. With sudden rise in patients due to the novel coronavirus, the adoption of healthcare cyber security solutions has increased among hospitals and healthcare providers. The cyber security in healthcare sector deals with protecting electronic information and assets from unauthorized access, disclosure, and use. Besides, many hospitals have taken patient safety initiatives with adoption of adequate cyber security solutions, in order to provide high-quality care.

Key Takeaways:

• The global healthcare cyber security market was valued at US$ 8,259.1 Mn in 2020 and is forecast to reach a value of US$ 23,411.3 Mn by 2028 at a CAGR of 14.2% between 2021 and 2028. This is owing to Increasing per capita healthcare expenditure and increased development of cloud-based solutions in healthcare sector.
• The network security segment dominated the market in 2020, owing to increase in awareness and end-user spending on advanced network security solutions such as DDoS mitigation solutions and access control solutions to ensure protection. The network security segment is expected to witness a CAGR of 6% over the forecast period.

Market Trends

Rising adoption of mobile device security solutions is the major factor driving growth of the regional market. Furthermore, increasing utilization of m-Health applications in hospitals and household sectors. For instance, in 2014, number of healthcare apps published by leading pharmaceutical companies increased to 63% and the number of downloads of these apps increased by 197% as compared to 2013.

Increased development of cloud-based solutions in healthcare sector has facilitated people to interact with healthcare organizations. A number of healthcare providers are focused on digitization in-hospital data, in order to enhance patient care and gain rapid access to medical data. For instance, in 2012, the Clinic of Novosibirsk Institute of Blood Circulation Pathology in Siberia, Hospital of Murom Railway Station, and the Emergency Hospital of Petrozavodsk deployed IBM’s information management systems. Furthermore, governments of various countries are focused on enhancing cybersecurity measures.

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 Incorporated.