Global Healthcare Cyber Security Market Size Is Expected To Reach USD 56.3 Billion By 2030

 Healthcare Cyber Security Industry Overview

The global healthcare cyber security market size is expected to reach USD 56.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 18.3% from 2022 to 2030. An increasing number of cyber-attacks in the healthcare industry, a raise in threats, and concern for privacy and security are contributing to the growth of the market. The increase in cases of cyber-attacks 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 Healthcare sector is prone to various cyber-attacks. The increasing digitalization and adoption of the internet are increasing the chances of the cyber-attacks on the healthcare industry as it is the most vulnerable to such attacks due to the sensitive nature of the data. In 2021, a phishing assault at Monongalia Health System in West Virginia resulted in a data breach, allowing hackers access to multiple email accounts at the institution. Following an examination, it was discovered that unauthorized persons had entered a contractor's email account and sent emails seeking to gain payments from Mon Health through fraudulent wire transfers. Such events may be indicative of a lax cyber security policy. To prevent the spread of COVID-19, healthcare practitioners enhanced their telehealth services and began depending on remote access technologies for public health emergencies during the pandemic.

 

Healthcare Cyber Security Market Segmentation

Grand View Research, Inc. has segmented the global healthcare cyber security market on the basis of type of solutions, type of threats, end use, and region:

Based on the Types of Solution Insights, the market is segmented into Identity and Access Management, Risk and Compliance Management, Antivirus and Antimalware, DDoS Mitigation, Security Information and Event Management, Intrusion Detection System/ Intrusion Prevention System, and Others.

• The antivirus and antimalware segment dominated the market for healthcare cyber security and accounted for a revenue share of around 25.0% in 2021. Various solutions have been developed to tackle the different threats. Some of the key solutions include identity and access management, risk and compliance management, Security Information and Event Management (SIEM), Intrusion Detection System (IDS)/Intrusion Prevention System (IPS), and data encryption software, firewalls, antivirus, antimalware software, and others.
• The antivirus and antimalware segment held the largest market share due to the increase in the usage of such solutions. It is attributed to a surge in the number of malware attacks in the healthcare industry, which is shutting down the networks and affecting patient care.

 

Based on the Type of Threat Insights, the market is segmented into Malware, DDoS, Advanced Persistent Threat, Spyware, Lost or Stolen Devices, and Others.

• The malware segment dominated the market for healthcare cyber security and accounted for the largest revenue share of 25.1% in 2021. The healthcare industry has multiple cyber security-related issues. It includes malware that compromises system integrity and patient privacy, Distributed Denial of Service (DDoS) attacks that disrupt providers' ability to provide effective patient care.
• The advanced persistence threat segment is witnessing lucrative growth and is anticipated to witness a higher CAGR over the forecast period.

 

Based on the End-use Insights, the market is segmented into Pharma & Chemicals, Medical Devices, Health Insurance, Hospitals, and Others.

• The hospital segment held the largest revenue share of around 63.0%. Hospitals are extremely vulnerable to cyber-attack as it stores an incredible amount of patient data. In addition, these attacks are spiked during the pandemic threatening private data and patient care.
• This additional expense allows hospitals to rebuild their age and retain their patients against their competitors in the market. Such costs to the healthcare system can be avoided by implementing a better data security system, which is estimated to drive cyber security spending in hospitals.

 

Healthcare Cyber Security Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

Key market players are continuously investing in the development of products with advanced technologies to gain a competitive edge over others in the market, which is expected to drive the growth of the market for healthcare cyber security. For instance, in November 2021 IBM announced it would extend its cyber security and response capabilities by acquiring ReaQta, a Dutch cyber security threat detection and response company. Some of the prominent players in the healthcare cyber security market include:

• Cisco
• IBM
• FireEye
• Symantec
• Trend Micro
• MacAfee
• Intel
• Kaspersky
• Lockheed Martin
• Northrop Grumman

 

Order a free sample PDF of the Healthcare Cyber Security Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com