Global Health Cybersecurity Market, By Threat (Ransomware, Malware and Spyware, DDoS, APT, Phishing), Security Type (Cloud, Application, Endpoint, Network), End-User (Healthcare Providers, Payers) - Industry Trends and Forecast to 2031.
Health Cybersecurity Market Analysis and Size
While cyber-attacks are the principal factor among the drivers of growth in the healthcare cybersecurity market, data breaches might be in the run. An increasing number of healthcare institutions are expected to use these cybersecurity solutions to protect patient data. Due to digital transformation, the healthcare industry is witnessing a shift in the operational process of information security.
Data Bridge Market Research analyses that the global health cybersecurity market, which was USD 19.67 billion in 2023, up to USD 68.99 billion by 2031 and is expected to undergo a CAGR of 15.79% during the forecast period. “Malware” dominates the threat segment of the market owing to the growing advancements and adoption of cyber security in the healthcare industry. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Threat (Ransomware, Malware and Spyware, DDoS, APT, Phishing), Security Type (Cloud, Application, Endpoint, Network), End-User (Healthcare Providers, Payers)
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Countries Covered
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U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Netherlands, Russia, Switzerland, Turkey, Belgium, Sweden, Denmark, Poland, Rest of Europe, Japan, China, Australia, New Zealand, India, South Korea, Singapore, Indonesia, Thailand, Malaysia, Philippines, Vietnam, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, Saudi Arabia, South Africa, U.A.E., Israel, Egypt, Ethiopia and Rest of the Middle East and Africa
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Market Players Covered
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FireEye, Inc. (U.S.), Palo Alto Networks (U.S.), Sophos Ltd. (U.S.), Juniper Networks, Inc. (U.S.), Fortinet, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Checkpoint Software Technologies Ltd. (U.S.), Imperva (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), McAfee LLC (U.S.), LogRhythm, Inc. (U.S.), NortonLifeLock Inc. (U.S.), Crowdstrike Holdings, Inc. (U.S.), FORTIFIED HEALTH SECURITY (U.S.), CLOUDWAVE SENSATO CYBERSECURITY (U.S.), Kaspersky Lab (Russia), Northrop Grumman (U.S.), Medigate (U.S.)
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Market Opportunity
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Market Definition
Health cybersecurity refers to the protection of sensitive healthcare data, systems, and networks from unauthorized access, cyberattacks, and breaches. It involves implementing strategies, technologies, and practices to safeguard electronic health records (EHRs), medical devices, patient information, and other healthcare-related assets from malicious actors who seek to exploit vulnerabilities for various purposes such as identity theft, financial fraud, espionage, or disruption of healthcare services.
Global Health Cybersecurity Market Dynamics
Drivers
- Increasing Incidences of Data Leaks in Developing Countries
Healthcare systems in developing countries often face challenges such as inadequate infrastructure, limited resources, and insufficient cybersecurity measures. These vulnerabilities make them attractive targets for cybercriminals seeking to exploit weaknesses and gain unauthorized access to sensitive patient data. Healthcare professionals in developing countries may have limited awareness of cybersecurity best practices and insufficient training to recognize and respond to security threats effectively. This lack of awareness increases the likelihood of data breaches resulting from human error, such as falling victim to phishing attacks or inadvertently disclosing sensitive information.
- Growing Cases of Healthcare Cyber-Attacks in Developed and Developing Countries
Cyberattacks targeting healthcare organizations have become more sophisticated and diverse, ranging from ransomware and phishing attacks to supply chain compromises and insider threats. These attacks exploit vulnerabilities in healthcare systems to steal patient data, disrupt operations, and extort money from organizations. Healthcare cyberattacks are not limited to developed countries but are also prevalent in developing countries where healthcare infrastructure may be less secure and resources for cybersecurity are limited. Developing countries are often targeted due to the perceived weaker security measures and the potential for financial gain.
Opportunity
- Rising Security and Regulatory Compliance - Related Issues
Healthcare organizations are prime targets for cybercriminals due to the vast amount of sensitive data they possess, including personal health information (PHI), financial records, and intellectual property. Data breaches can result in significant financial losses, damage to reputation, and legal liabilities. Healthcare organizations must comply with stringent regulations such as the Health Insurance Portability and Accountability Act (HIPAA) in the U.S. and the General Data Protection Regulation (GDPR) in the European Union. Non-compliance can result in severe penalties and fines.
Restraints
- High Cost of Healthcare Cyber Security Solutions
Healthcare cybersecurity solutions often require customization to meet the unique needs and regulatory requirements of healthcare organizations. The complexity of healthcare IT environments, including electronic health records (EHRs), medical devices, and interconnected systems, adds to the cost of implementing and maintaining cybersecurity measures. Healthcare organizations must comply with stringent regulatory requirements such as HIPAA (in the U.S.) or GDPR (in the European Union), which mandate specific cybersecurity safeguards for protecting patient data. Achieving and maintaining compliance with these regulations entails additional costs for implementing security controls, conducting audits, and training staff.
- Lack of Trained Professionals for Operating the Cyber Security Solutions
Healthcare organizations face heightened cybersecurity risks when they lack trained professionals to effectively operate and manage cybersecurity solutions. Without skilled personnel, organizations may struggle to implement best practices, detect emerging threats, and respond to security incidents in a timely manner, leaving them vulnerable to cyberattacks and data breaches. The shortage of trained cybersecurity professionals places a strain on healthcare organizations' resources as they may need to allocate additional time and budget to recruit, train, and retain qualified staff. This can be particularly challenging for smaller organizations or those with limited IT budgets.
Challenge
- Vendor Fragmentation and Integration Challenges
The global health cybersecurity market is characterized by a plethora of vendors offering a wide range of solutions and services. However, integrating disparate cybersecurity products into existing healthcare IT environments can be challenging and may result in compatibility issues and increased complexity.
This global health cybersecurity market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global health cybersecurity market contact Data Bridge Market Research for an analyst brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In May 2022, Clearwater acquired CynergisTek, which provides cybersecurity, compliance, and IT services to help highly regulated industries tackle security and privacy issues, for USD 17.7 million. This partnership strengthens CynergisTek's people-centric approach to cybersecurity, privacy, and audit and its essential role in serving the healthcare industry and its clients
- In November 2021, With its plan to purchase ReaQta, a Dutch cybersecurity threat detection and response company, IBM Security announced an extension of its cybersecurity threat detection and response capabilities. Endpoint security solutions from ReaQta use artificial intelligence (AI) to automatically identify and control threats while staying invisible to attackers. This deal will strengthen IBM's position in the extended detection and response (XDR) industry, consistent with the company's aim of providing security through an open approach that spans diverse technologies, data, and hybrid cloud settings
Global Health Cybersecurity Market Scope
The global health cybersecurity market is segmented on the basis of threat, security type, and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Threat
- Ransomware
- Malware
- Spyware
- DDoS
- APT
- Phishing
Security type
- Cloud
- Application
- Endpoint
- Network
End User
- Healthcare Providers
- Payers
Global Health Cybersecurity Market Regional Analysis/Insights
The global health cybersecurity market is analyzed and market size insights and trends are provided by country, threat, security type, and end user as referenced above.
The countries covered in the global health cybersecurity market report are U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Netherlands, Russia, Switzerland, Turkey, Belgium, Sweden, Denmark, Poland, Rest of Europe, Japan, China, Australia, New Zealand, India, South Korea, Singapore, Indonesia, Thailand, Malaysia, Philippines, Vietnam, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, Saudi Arabia, South Africa, U.A.E., Israel, Egypt, Ethiopia and Rest of the Middle East and Africa.
North America is the region which dominate the global health cybersecurity market due to the factors such as the presence of major players along with several emerging startups in the region, presence of highly developed medical and healthcare infrastructure, high spending on healthcare information technology, the proliferation of cloud-based solutions, increasing sophistication and frequency of cyberattacks, and emergence of disruptive digital technologies.
Asia-Pacific region is the fastest growing region in the global health cybersecurity market due to rising demand and adoption of digital health and rising government initiatives.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed Base and New Technology Penetration
The global health cybersecurity market also provides you with a detailed market analysis for every country's growth in healthcare expenditure for capital equipment, installed base of different kinds of products for the global health cybersecurity market, the impact of technology using lifeline curves and changes in healthcare regulatory scenarios and their impact on global health cybersecurity market.
Competitive Landscape and Global Health Cybersecurity Market Share Analysis
The global health cybersecurity market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width, and breadth, application dominance. The above data points provided are only related to the companies' focus related to the global health cybersecurity market.
Some of the major players operating in the global health cybersecurity market are:
- FireEye, Inc. (U.S.)
- Palo Alto Networks (U.S.)
- Sophos Ltd. (U.S.)
- Juniper Networks, Inc. (U.S.)
- Fortinet, Inc. (U.S.)
- Cisco Systems, Inc. (U.S.)
- Checkpoint Software Technologies Ltd. (U.S.)
- Imperva (U.S.)
- IBM Corporation (U.S.)
- Intel Corporation (U.S.)
- McAfee LLC (U.S.)
- LogRhythm, Inc. (U.S.)
- NortonLifeLock Inc. (U.S.),
- Crowdstrike Holdings, Inc. (U.S.)
- FORTIFIED HEALTH SECURITY (U.S.)
- CLOUDWAVE SENSATO CYBERSECURITY (U.S.)
- Kaspersky Lab (Russia)
- Northrop Grumman (U.S.)
- Medigate (U.S.)
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