GVR Report cover Healthcare Cyber Security Market Size, Share & Trends Report

Healthcare Cyber Security Market Size, Share & Trends Analysis Report By Type Of Solution, By Type Of Threat, By End Use, By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Oct, 2021
  • Base Year for Estimate: 2020
  • Report ID: 978-1-68038-635-6
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 150

Report Overview

The global healthcare cyber security market size was valued at USD 10.7 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 18.0% from 2021 to 2028. Some of the factors driving the market growth are increasing cyberattacks and rising privacy and security concerns, and higher adoption of advanced cyber security solutions. Moreover, the growing adoption of cloud-based solutions in the healthcare sector, rise in adoption of connected devices and smartphones, and adoption of 5G technology are estimated to further contribute to the growth of the market over the forecast period.

U.S. healthcare cyber security market size, by types of solution, 2018 - 2028 (USD Million)

Furthermore, the increasing data breach in the industry adds fuel to the market for healthcare cyber security. For instance, according to the Cost of a Data Breach Report published by IBM in 2021, the average cost of a data breach in the healthcare sector was $9.23 million in 2021. Also, the Secretary of U.S. Department of Health and Human Services (HHS) Breach of Unsecured Protected Health Information listed approximately 592 breaches of unsecured protected patient data that affected more than 500 individuals from the past two years that are under investigation by the Office for Civil Rights.

Healthcare is an attractive target for cybercriminals as medical data is between ten and twenty times more lucrative than credit card or banking details. Also, the digital transformation of healthcare over recent years has increased the incidence of cyberattacks. For instance, the recent cyberattacks on Ireland's Department of Health and Health Service Executive (HSE) were impacted by a human-operated ‘Conti’ ransomware attack which severely disabled many HSE systems and necessitated the shutdown of the majority of its other systems. These above-mentioned factors are accelerating the growth of the healthcare cyber security market.

COVID-19 Healthcare Cyber Security Market Impact: 15.6% increase in revenue growth

Pandemic Impact

Post COVID Outlook

The healthcare cyber security market increased by remote healthcare market increased by 15.6 % from 2019 to 2020,

In 2021, the market will witness an increase by 17.5% from 2020.

Spread of COVID-19 pandemic increased the adoption of cyber security services and solutions as a result of increased threats of data breach as well as the rising incidence of cyberattacks in the healthcare system.

Increasing penetration of the internet and adoption of digital platforms by the healthcare industry is increasing the need for cyber security. Also, the adoption of advance cyber security solutions will add fuel to the market

The phishing incidences in the healthcare industry exploded during the pandemic thereby increasing demand for cyber security.

Increasing investments in healthcare cyber security by various healthcare organizations and government initiatives is estimated to upsurge the market

 

The market is anticipated to grow aggressively due to the COVID-19 as there was an increase in cyberattacks on virtual care platforms, clinical trial databases, remote patient monitoring devices, diagnostic systems. Also, the increased data breach activity aroused the concern and need for cyber security. Moreover, the COVID-19 phishing exploded, which upsurged the demand for cyber security in the healthcare industry.

Type of Solutions Insights

The antivirus and antimalware segment dominated the market for healthcare cyber security and accounted for a revenue share of 24.7% in 2020. 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), and Intrusion Detection System (IDS)/Intrusion Prevention System (IPS), data encryption software, firewalls, antivirus, antimalware software, and others. In 2020, 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.

Type of Threat Insights

The malware segment dominated the market for healthcare cyber security and accounted for the largest revenue share of 26.5% in 2020. 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. In 2020, the malware segment dominated the market. The ransomware attack is the extensively used malware type due to the awareness and preferences of the hackers for ransomware.

A minimum of 92 healthcare organizations in the U.S. suffered ransomware attacks in 2020, which resulted in an average ransom demand of USD 169,446 and netting criminals approximately USD 15.6 million in ransoms demanded from the healthcare industry in the U.S. Also, according to Emsisoft, 560 healthcare facilities fell victim to ransomware attacks by the malware variant in 2020. Moreover, the advanced persistence threat segment is witnessing lucrative growth and is anticipated to witness a higher CAGR over the forecast period.

End-use Insights

As of 2020, the hospital segment held the largest revenue share of 14.7%. Hospitals are extremely vulnerable to the cyberattack as it stores an incredible amount of patient’s data. In addition, these attacks are spiked during the pandemic threatening private data and patient care. It will be increasing the use of cyber security. For instance, a security breach at Blackbaud, a cloud computing company, resulted in the exposure of patient data from more than 46 health systems and hospitals.

Global healthcare cyber security market share, by end use, 2020 (%)

According to a report published in 2018 in the American Journal of Managed Care, annual spending on advertising increases by 64% for the next two years after a security breach in hospitals. It is estimated to drive cyber security spend in hospitals.

Regional Insights

As of 2020, North America dominated the market for healthcare cyber security and accounted for the largest revenue share of 41.0%. The key attributing factors for the market growth are the presence of key players and the increased application of cyber security in healthcare organizations. The increasing investment in cyber security and technological advancement is adding fuel to the market. Furthermore, the advanced healthcare infrastructure is attributing to market growth. Also, the launch of innovative products to safeguard the data in the healthcare industry is contributing to market growth. For instance, in 2018, Cisco released the latest version of the “Cisco Umbrella”. It was deployed in the University of Kansas Hospital to protect medical devices and financial information from ransomware.

In Asia Pacific, the market for healthcare cyber security is anticipated to witness lucrative growth over the forecast period due to the increased adoption and penetration of the internet in the healthcare industry. Moreover, the increase in digitalization and adoption of Electronic Health Records (EHRs), wireless medical devices, and telemedicine is fueling the market growth. Also, the increasing cyberattacks in the region would propel market growth over the forecast period.

Key Companies & 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. 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

Healthcare Cyber Security Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 12.6 billion

Revenue forecast in 2028

USD 39. 9 billion

Growth Rate

CAGR of 18.0% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Report coverage

Revenue, company ranking, competitive landscape, growth factors, and trends

Segments covered

Type of solution, type of threat, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; Germany; U.K.; Spain; France; Germany; Italy; Japan; China; India; South Korea; Australia; Brazil; Mexico; Argentina; South Africa; Israel

Key companies profiled

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

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional, and segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research, Inc. has segmented the global healthcare cyber security market report on the basis of type of solution, type of threat, end-use, and region:

  • Type of Solution Outlook (Revenue, USD Million, 2016 - 2028)

    • Identity and Access Management

    • Risk and Compliance Management

    • Antivirus and Antimalware

    • DDoS Mitigation

    • Security Information and Event Management

    • Intrusion Detection System/ Intrusion Prevention System

    • Others

  • Type of Threat Outlook (Revenue, USD Million, 2016 - 2028)

    • Malware

    • DDoS

    • Advanced Persistent Threat

    • Spyware

    • Lost or Stolen Devices

    • Others

  • End-use Outlook (Revenue, USD Million, 2016 - 2028)

    • Pharma & Chemicals

    • Medical Devices

    • Health Insurance

    • Hospitals

    • Others

  • Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

      • Italy

      • Spain

      • France

    • Asia Pacific

      • Japan

      • China

      • India

      • South Korea

      • Australia

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • MEA

      • South Africa

      • Israel

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