Healthcare Cybersecurity
The global Healthcare Cybersecurity Market is on a rapid growth trajectory, with its market size valued at USD 14.30 billion in 2022 and projected to achieve a robust compound annual growth rate (CAGR) of 17.9% over the next few years. This growth is being driven by several key factors, including the increased adoption of electronic health records (EHRs), the integration of Artificial Intelligence (AI) and Machine Learning (ML) in cybersecurity, and the rising demand for advanced protection solutions.
The healthcare sector is increasingly becoming a target for cybercriminals due to the wealth of sensitive data it manages, such as patient medical histories, financial information, and even genetic data. The shift towards digital platforms, such as EHRs and telehealth services, has created new vulnerabilities, prompting healthcare organizations to prioritize cybersecurity.
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AI & ML Revolutionizing Healthcare Cybersecurity
One of the most transformative developments in healthcare cybersecurity is the use of AI and ML. These technologies significantly improve the ability to detect and respond to threats in real time, analyzing network activity and user behavior to quickly identify potential risks. This reduces the chances of successful attacks and helps to secure sensitive data.
Rising Adoption of Electronic Health Records
With the increasing use of EHRs, healthcare organizations are handling a large amount of personal data that is highly valuable to cybercriminals. This makes the need for robust cybersecurity solutions more critical than ever, as breaches could expose financial, social, and medical information. EHRs’ integration with other systems, such as medical devices, further increases the risk of cyberattacks.
New Partnerships and Technological Advancements
Technological advancements are further improving cybersecurity in healthcare. For instance, Forescout and First Health Advisory announced a partnership in September 2022, which aims to address cybersecurity challenges by automating the management of connected devices in healthcare systems. This collaboration allows organizations to streamline their risk management processes, making cybersecurity efforts more efficient.
Challenges in Data Privacy
Despite the strong market growth, concerns over data privacy regulations such as HIPAA and GDPR pose significant challenges. Complying with these regulations can be costly and complex, making it difficult for some organizations to invest in advanced cybersecurity measures. Additionally, many healthcare providers lack the expertise to navigate these regulations, leaving them vulnerable to breaches.
Market Segmentation Highlights
The healthcare cybersecurity market is segmented by the type of solution, threat, security, and deployment, with each category seeing unique trends.
Solutions: Anti-virus and antimalware solutions led the market in 2022, as they remain critical in defending against malware and viruses. These tools are widely used for their ease of deployment and ability to comply with regulatory requirements. The Distributed Denial of Service (DDoS) mitigation segment is also growing, particularly as healthcare organizations increase their digital presence through online platforms and telehealth services.
Threats: Malware remains the most significant threat to healthcare cybersecurity. Cybercriminals continue to develop sophisticated malware that targets vulnerabilities in healthcare systems, compromising sensitive data and leading to costly breaches.
Security Types: Network security is expected to dominate the market during the forecast period, as it serves as the first line of defense against external threats. As sensitive data is constantly transmitted across healthcare networks, securing these systems is essential.
Deployment: Cloud-based cybersecurity solutions are anticipated to see the fastest growth, as they offer scalability and advanced features without requiring significant upfront investments in hardware. This makes them an attractive option for smaller healthcare organizations with limited IT resources.
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Pharmaceutical and Biotech Companies Drive Market Growth
Pharmaceutical and biotech companies are expected to lead the market due to the highly valuable data they manage, including research findings and clinical trial data. These companies are prime targets for cyberattacks, as intellectual property theft can have serious financial and operational impacts. Protecting their systems is essential to ensuring compliance with strict regulations, such as HIPAA and GDPR, as well as maintaining the integrity of critical research.
Healthcare Cybersecurity Top Companies and Competitive Landscape
The global healthcare cybersecurity market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective healthcare cybersecurity solutions.
Some major players included in the global healthcare cybersecurity market report is:
Cisco Systems, Inc.
IBM
Trend Micro Incorporated
McAfee, LLC
Intel Corporation
AO Kaspersky Lab
Northrop Grumman
Imperva
Fortinet, Inc.
Claroty
Healthcare Cybersecurity Latest Industry Updates
On 7 November 2023, Fujitsu announced its partnership with the Andalusian Regional Government to make Malaga a healthcare cybersecurity hub. This partnership aims to turn Malaga, Spain, into a leading center for healthcare cybersecurity expertise, with a focus on protecting the growing network of medical devices. This collaboration addresses the urgent need for stronger security measures in healthcare, as cyber threats evolve and reliance on connected medical devices increases.
On 20 February 2022, GE Healthcare launched a new cybersecurity service called Skeye. This understands the unique vulnerabilities of medical equipment, giving hospitals an edge in protecting patient data and critical systems. AI tools automate tasks such as device inventory and risk assessment, freeing up valuable time for hospital staff. Skeye provides clear action plans and execution strategies to address identified vulnerabilities, streamlining the response to potential threats.
Healthcare Cybersecurity Market Segmentation Analysis
For the purpose of this report, Emergen Research has segmented the global healthcare cyber security market on the basis of type of solution, type of threat, type of security, deployment, end-use, and region:
Type of Solution Outlook (Revenue, USD Billion; 2019-2032)
Identity and Access Management
Risk and Compliance Management
Antivirus and Antimalware
DDoS Mitigation
Security Information and Event Management
Intrusion Detection System
Others
Type of Threat Outlook (Revenue, USD Billion; 2019-2032)
Malware
DDoS
Advanced Persistent Threat
Spyware
Lost or Stolen Devices
Others
Type of Security Outlook (Revenue, USD Billion; 2019-2032)
Network Security
Endpoint Security
Application Security
Content Security
Deployment Outlook (Revenue, USD Billion; 2019-2032)
On Premises
Cloud Based
End-Use Outlook (Revenue, USD Billion; 2019-2032)
Pharma and Biotech Companies
Hospital
Health Insurance
Medical Device
Others
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Regional Outlook (Revenue, USD Billion; 2019-2032)
North America
U.S.
Canada
Europe
Germany
France
UK
Italy
Spain
Benelux
Russia
Rest of Europe
Asia Pacific
China
Japan
South Korea
India
ASEAN Countries
Oceania
Rest of APAC
Latin America
Brazil
Mexico
Rest of LATAM
Middle East & Africa
GCC Countries
Israel
Turkey
South Africa
Rest of Middle East & Africa
Healthcare Cybersecurity Market Snapshots
Healthcare Cybersecurity Market Size: https://www.emergenresearch.com/industry-report/healthcare-cybersecurity-market/market-size
Healthcare Cybersecurity Market Share: https://www.emergenresearch.com/industry-report/healthcare-cybersecurity-market/market-share
Healthcare Cybersecurity Market Trends: https://www.emergenresearch.com/industry-report/healthcare-cybersecurity-market/market-trends
Healthcare Cybersecurity Regional Market Demand: https://www.emergenresearch.com/industry-report/healthcare-cybersecurity-market/regional-market-demand
Healthcare Cybersecurity Market Analysis: https://www.emergenresearch.com/industry-report/healthcare-cybersecurity-market/market-analysis
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