Healthcare Cyber Security Market Overview:
Cyber security is a process of protecting networks, systems, programs that are related to the healthcare industry from digital attacks. With the help of different software, healthcare cyber security helps to keep the data of patients, treatments, and health organizations safe and secure from cyberattacks and breaches. In the past few years, the number of breaches has increased in healthcare organizations. So, the cybersecurity system is growing rapidly with advanced technology.
Healthcare Cyber Security Market is expected to register a CAGR of 11.82% to reach USD 16,393.15 Million till 2025. Some of the responsible factors for the growth in the forecast period are the demand for upgraded and advanced cyber security solutions, disruptive technologies across the healthcare digital sectors, frequent breaches and threats. Some cloud-based security solutions are also expected to increase the growth of this market in the forecast period.
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Covid 19 Analysis:
The COVID 19 pandemic has affected the healthcare cyber security market by making the global economy unstable. It has created some serious issues and challenges for the healthcare sector. During the time of COVID 19, healthcare services also relied more on telehealth services instead of face to face interactions to reduce the spread. With the increased usage of remote access devices, privacy concerns increased as the usage of the internet increased worldwide.
Some of the common cyber security threats like mails spams, email schemes, data theft, data breaches in healthcare institutes, and ransomware attacks. For example, Brno University Hospital faced a major cyberattack in 2020 that caused immediate sundown of computers during the outbreak.
Market Dynamics:
- Drivers
The increased cyber breaches and attracts on the healthcare organizations have changed the healthcare cyber security market. It is expected to grow a lot more in the forecast period with the major driving factors like demand for healthcare cyber security, cybercrime rise, increase in the budget of the healthcare sector, cyber security awareness in healthcare sectors, and others. Also, there are many government initiatives around the world to protect the data that will make a significant impact on the market growth.
All healthcare organizations around the world such as clinics, hospitals, and pharmaceutical companies are in demand of technological advancement in security. Another key driving factor of this market is the increasing use of the internet and devices in the healthcare industry. With COVID 19 pandemic, the use of remote access devices increased a lot.
- Opportunities
In recent years, the use of the internet and remote devices has increased very much. Due to COVID, the healthcare industry demand has increased sky-high. Most of the patients are using remote devices to stay in touch. It has opened a lot of opportunities for this market to introduce new technologies and keep the medical data and information safe. With more use of the internet in the medical sector, the risk of internet breaches, data theft has also increased. As it is expected to grow more in the forthcoming years, healthcare cyber security will get more advanced to reduce the overall healthcare threats.
- Restraints
Although the healthcare cyber security market is expected to grow very much in the forecast period, there are some restraints that will affect the growth rate. The lack of security software adaptation and less awareness about the use of cyber security in the healthcare industry, and others. The healthcare organizations are still now aware of the threat and the value of medical records. These records include bank information, social security number, and much other personal information that is used in the black market. So, awareness about these attacks and adapting to the technology advancements are very important.
- Challenges
Cyber security is evolving and introducing new technologies to prevent data theft and other cyber threats in the healthcare industry. However, with technological advancement, the threats are becoming more damaging and smarter. With the incensed use of devices in healthcare industries, the awareness among healthcare professionals and organizations. The cyber threat can only be reduced with the help of organizations along with technological advancement.
- Cumulative Growth Analysis:
The growth of the healthcare cyber security market is expected to increase a lot in the forecast period. With around 16% CAGR, the industry is expected to reach more than $26.1 million by 2027. The COVID 19 pandemic has affected this growth rate very much and increased the demand for more cyber security in the healthcare sector. All the healthcare organizations are now using different remote devices to stop the spread, which is increasing the use of cyber security to stay safe from threats.
Value Chain Analysis:
The healthcare cyber security market is one of the growing markets and is expected to be very good in the forecast period. In recent times, the use of the internet and medical-related devices increased a lot. Now, the cyber security market for healthcare has expanded a lot with different technologies. It has become more affordable with the increased number of competitors and technological advancements. In the upcoming years, the use of healthcare cyber security is very valuable and an effective way to keep medical information safe.
Segment Overview:
The healthcare cyber security market is segmented on the basis of 4 different factors.
- By threat
Based on the threat, the market is segmented into DDOS (distributed denial-of-service, ransomware, advanced persistent threat (APT), ransomware, spear phishing, and malware & spyware. Among all of these, ransomware is estimated to be the largest threat and expected to grow more in the forecast period. Some of the factors that attribute to make it the largest segment are increased cloud-based service uses, demand for advanced data protection, and many more.
- By offering
The market of healthcare cyber security is segmented into services and solutions based on offering. Among these, solutions are estimated to have the largest share in the healthcare cyber security market. Due to privacy concerns, growing demand for cost-effective and robust security solutions, regulatory enforcement, and others are the main factors that make it the largest segment. The solution segment is divided into antivirus & anti-malware, instruction detection system, identity and access management, distributed denial of service, firewall or unified threat management, and others.
- By end-user
The healthcare cyber security market is segmented into healthcare payers and healthcare providers based on end-users. Owing to the rising cyberattacks on healthcare organizations, supportive initiatives by the government, electronic health record awareness, eHealth implementing solutions on mandates, the healthcare provided segment is estimated to have the largest share. Some of the other factors that are supporting the growth of this segment are cloud services demand, healthcare infrastructure development investments, adoption of IoT devices, and others.
- By security
In this segment, there are a total of 4 sub-segments such as endpoint security, application security, network security, and cloud security. For the APT numbers, ransomware, phishing attacks, DDOS, and other increasing attacks, the network security is estimated to have the highest share of the healthcare cyber security market. The increased adoption of BYOD (Bring Your Own Device) and other trends are expected to increase the growth of this segment in the forecast years.
Regional Analysis:
Based on regional analysis, the market of healthcare cyber security is divided into Europe, America, Middle East & Africa, and Asia-Pacific. The growth in America is higher than any other region with high cases of data breaches, advanced information technology solutions based on healthcare, and others. Every year, cyber threats are increasing rapidly with more use of remote devices in the medical industry.
Europe is the second largest with a highly developed health sector and high use of medical devices. With the technological advancement, Asia Pacific is estimated to drive the growth of the market too in the forecast period. Factors like rising healthcare infrastructure, more healthcare funding, and capita income in the Middle East & Africa are also growing in this market.
Competitive Landscape:
There are many companies in the market that are improving their technology to provide better security. New product launches, growth strategies, and others are very common activities by the companies. Some of the best players in this market include IBM, Cisco, McAfee, and others based on the financial information, technological development in the last few years.
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