Healthcare Cybersecurity Market Size to Reach Revenues of USD 24.1 Billion by 2026 - Arizton

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Dec 07, 2021, 15:00 ET

CHICAGO, Dec. 7, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global healthcare cybersecurity market report.

The healthcare cybersecurity market is expected to grow at a CAGR of over 16.70% during the period 2020−2026.

Key Highlights Offered in the Report:

COVID-19 pandemic acted as a catalyst for the market as the healthcare industry moved online during that period, there has been an increase in healthcare data which led to data privacy issues and thus, accelerated the demand for cybersecurity products.
North America region dominated the geography segment with the highest incremental growth of USD 5.4 billion. However, the APAC region will grow with the highest growing CAGR of 17.36% during the forecast period because of the rapidly increasing connectivity and accelerating pace of digital transformation in the region.
Malware segment dominated the threat type segment in the market. Most of the hospitals and other healthcare facilities were affected by the malware threat as this can be installed in the systems of the user easily.
Network security is the widely implemented type of security in the market. The network security type segment witnessed the highest incremental growth of nearly USD 5.5 billion.
Healthcare facilities are preferring on-premises deployment of the cybersecurity solutions over cloud-based because of the various advantages offered by on-premises deployment. However, cloud-based deployment segment witnessed the highest absolute growth of 158.74% due to the high adoption of cloud for storage of data.
Pharma & biotech companies are widely using the cybersecurity solutions because of the utmost requirement for the privacy of generated medical data. This segment is expected to grow at an incremental growth rate of USD 5.3 billion.
The key players in the global healthcare cybersecurity such as Intel and Cisco Systems are focusing on delivering innovative products as well as are strategizing to invest more in the R&D of certain product areas such as cloud security, analytics etc. Other key players such as McAfee are strengthening their global presence through mergers and acquisitions.

Key Offerings:

Market Size & Forecast by Revenue | 2020−2026
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by threat type, security type, deployment type, end-user, and geography
Competitive Landscape – 5 key vendors and 23 other vendors

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Healthcare Cybersecurity Market – Segmentation

Malware accounted for a share of 43.02% in the global healthcare cybersecurity market in 2020. The collective name for several malicious software variants, including spyware, viruses, and ransomware, is known as malware. Malware usually comprises code built by cyberattacks that is specially designed to cause huge damage to data and systems or to obtain illegal access to a network.
The increasing number and complexity of cyberattacks prompt organizations to strengthen their healthcare network security. In 2018, healthcare network data breaches reached an all-time high as cybercriminals targeted patient records. The entities are required to gain more control and visibility over their networks and safeguard patient data by upgrading their healthcare network security.
On-premises storage gives the healthcare organization complete control of how their data is stored, accessed, and secured. On-premises servers are not available to those who are outside the network, as they are not storing the data online.

Healthcare Cybersecurity Market by Threat Type

Malware

Ransomware
Virus
Others

Phishing
Others
Denial of Service

Healthcare Cybersecurity Market by Security Type

Network Security
Application Security
Others
Cloud Security
Critical Infrastructure Security

Healthcare Cybersecurity Market by Deployment Type

On-Premises
Cloud-Based

Healthcare Cybersecurity Market by End-user

Pharma & Biotech Companies
Payers
Healthcare Facilities
Others

Healthcare Cybersecurity Market – Dynamics

The growing application of remote technology in healthcare, including telemedicine and telehealth, has been complemented by a significant increase in coverage and connectivity. According to a recent analysis by DarkOwl and SecurityScorecard, the rapid onboarding and implementation of telehealth vendors have led to a considerably improved digital footprint and attack surface, leaving both patient and provider data at risk. Therefore, criminal groups and hackers can manipulate these vulnerabilities and easily penetrate a network for their financial gain or operational disruption. For instance, in 2020, according to the study, telehealth providers have undergone a nearly exponential surge in focused attacks as popularity increased rapidly. The telehealth companies saw a 117% surge in IP reputation security alerts, which was triggered by malware infections from phishing attempts or other cyberattacks. In the meantime, the healthcare industry overall saw a 77% decline in these same incidents, indicating steps have been taken to reduce the risk. Presently, healthcare organizations are scaling telehealth and their operations due to the circumstances created by COVID-19.

Key Drivers and Trends fueling Market Growth:

Significant Investments by Public & Private Players
Increasing Partnerships & Collaborations
Rising Data Privacy Issues Due to the Shift Toward Digitalization
Growing Acceptance & Technological Advancements

Healthcare Cybersecurity Market – Geography

North America accounted for a share of 38.28% in the global healthcare cybersecurity market in 2020. The healthcare industry continues to explore how technology can benefit patients through app-based services, which comprise self-monitoring and telehealth – a trend that has picked up speed during the COVID-19 pandemic. Additional privacy concerns arise because the data harvested through connected devices and healthcare apps could possibly be used to power ads or user analytics. In the meantime, the need to protect healthcare data is also growing as this information is valuable to cybercriminals and scammers. In response, regulators at the US Federal Trade Commission (FTC) have extended the existing Health Breach Notification Rule to cover healthcare app providers, makers of wearable fitness tracking devices, and related software.

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Healthcare Cybersecurity Market by Geography

North America

US
Canada

Europe

UK
Germany
France
Italy
Spain

APAC

Japan
China
South Korea
India
Australia

Latin America

Brazil
Mexico
Argentina

Middle East & Africa

Turkey
South Africa
Saudi Arabia

Major Vendors

Cisco Systems Inc.
Intel Corporation
International Business Machines Corporation (IBM)
McAfee Associates, Inc
Palo Alto Networks

Other Prominent Vendors

Armis
Bitglass Inc
Check Point Software Technologies Ltd
ClearDATA
CrowdStrike
CybelAngel
CyberMDX
Cylera
Cynerio
FireEye
Fortified Health Security
Imperva
Irdeto
Juniper Networks Inc
Kaspersky
LogRhythm
MedCrypt
Medigate
Meditology Services
Ostendio
Protenus
Sensato Cybersecurity Solution
Trend Micro Inc

Explore our healthcare & lifesciences profile to know more about the industry.

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About Arizton:

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

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SOURCE Arizton Advisory & Intelligence