Global Healthcare Cybersecurity Services Market Size, Share, Growth & Trends Analysis Report By Type of Services (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), By Type of Security (Network Security, Endpoint Security, Application Security, Content Security), By End Use (Pharma & Chemicals, Medical Devices, Health Insurance, Hospitals, Others): Regional Outlook, Growth Potential and Segments Forecast 2024-2030

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Description

The Global Healthcare Cybersecurity Services Market size was USD 15.64 billion in 2022 and it is expected to grow to USD 40.42 billion in 2030 with a CAGR of 11.12% in the 2023-2030 period.

Global Healthcare Cybersecurity Services Market: Overview

The global healthcare cybersecurity services market was experiencing significant growth due to the increasing frequency and sophistication of cyber threats targeting the healthcare sector. The market aimed to provide comprehensive cybersecurity solutions and services tailored to meet the unique challenges faced by healthcare organizations.  Some of the factors driving the market are increasing cyber-attacks rising privacy and security concerns and higher adoption of advanced cybersecurity solutions. Moreover, the growing adoption of cloud-based solutions in the healthcare sector, the rise in the adoption of connected devices and smartphones, and the adoption of 5G technology are factors estimated to further contribute to the growth of the market over the forecast period.

The use of Internet of Medical Things devices for better patient care raises potential threats in the healthcare sector, driving up demand for advanced healthcare cyber security solutions. Healthcare cyber security firms provide healthcare institutions with cyber security services and solutions to secure their hospitals and patient information from data breaches and cyber-attacks. The practice of preserving the confidentiality, integrity, and availability of data is known as cyber security or information security. Cyber security is a risk management method, software, and technology aimed at preventing digital attacks, data theft, and unauthorized access to networks, devices, healthcare data, and programs. The market has a large number of advanced healthcare cybersecurity solutions.

Global Healthcare Cybersecurity Services Market: Covid-19 Impact

COVID-19 had a positive impact on the market for healthcare cybersecurity services. As a result of the COVID-19 outbreak, cyber-attacks on clinical testing databases, digital healthcare platforms and apps, medical diagnostic systems, and advanced healthcare devices have increased. But as technology is becoming more rooted in the healthcare industry, cyber security threat has also increased. As the healthcare industry adopts remote modes, users using personal equipment and home internet connections without cyber security may be subject to hostile attacks. Furthermore, the growing number of incidents of data breaching has raised concerns about the relevance of cyber security. Moreover, COVID-19 phishing exploded, which contributed to the demand for cyber security in the healthcare industry.

The spread of the COVID-19 pandemic increased the adoption of cyber security services and solutions as a result of increased threats of data breaches as well as the rising incidence of cyber-attacks in the healthcare system. The phishing incidences in the healthcare industry exploded during the pandemic thereby increasing the demand for cyber security. 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 advanced cybersecurity solutions will add fuel to the market. Increasing investments in healthcare cyber security by various healthcare organizations and government initiatives is estimated to upsurge the market.

Global Healthcare Cybersecurity Services Market: Growth Drivers

  • Rising Cybersecurity Threats in Healthcare:

The healthcare sector has become a prime target for cybercriminals due to the sensitive and valuable data it holds, including patient records, medical history, and financial information. The increasing frequency and sophistication of cyber threats, such as ransomware attacks, data breaches, and phishing scams, have fuelled the demand for robust cybersecurity services.

  • Digital Transformation in Healthcare:

 The adoption of digital technologies, electronic health records (EHRs), telemedicine, and connected medical devices has improved healthcare efficiency and patient care. However, it has also expanded the attack surface for cyber threats. Cybersecurity services are essential to secure these digital assets and safeguard patient information.

  • Increasing Awareness of Cybersecurity Importance:

 High-profile cyber-attacks on healthcare organizations have raised awareness about the critical need for cybersecurity measures. Healthcare executives and decision-makers now recognize that cybersecurity is a vital component of their overall risk management strategy.

Global Healthcare Cybersecurity Services Market: Restraining Factors

  • Budget Constraints in Healthcare Organizations:

Many healthcare organizations, especially smaller ones and those in developing regions may have limited budgets allocated for cybersecurity. Investing in robust cybersecurity services can be financially challenging for some healthcare providers, leading to delayed or limited adoption of comprehensive cybersecurity measures.

  • Shortage of Skilled Cybersecurity Professionals:

The cybersecurity industry, in general, faces a global shortage of skilled professionals. The healthcare sector, with its unique requirements and regulations, demands cybersecurity experts with domain-specific knowledge. The shortage of such specialized talent can hinder the effective implementation of cybersecurity services in healthcare organizations.

  • Rapidly Evolving Cyber Threat Landscape:

Cyber threats are continuously evolving, and new attack vectors and techniques emerge frequently. Healthcare cybersecurity services need to keep up with these ever-changing threats and adapt their strategies accordingly. Failure to address emerging threats effectively can leave healthcare organizations vulnerable to cyber-attacks.

  • The Complexity of Healthcare IT Infrastructure:

 Healthcare organizations often have complex IT environments with legacy systems, multiple applications, and diverse network setups. Securing such a complex infrastructure can be challenging and may require tailored cybersecurity solutions, which can be costly and time-consuming to implement.

Global Healthcare Cybersecurity Services Market:  Opportunity Factors

  • Growing Demand for Cybersecurity Services:

The increasing frequency and sophistication of cyber threats in the healthcare sector have led to rising demand for cybersecurity services. Healthcare organizations are recognizing the importance of investing in robust cybersecurity measures to protect sensitive patient data and maintain regulatory compliance.

  • Rapid Technological Advancements:

Advancements in technology, such as the adoption of artificial intelligence (AI), machine learning (ML), and automation, present opportunities to enhance cybersecurity services. AI and ML can be leveraged for advanced threat detection, while automation can streamline security operations and response.

  • Cloud Security Services:

The adoption of cloud-based solutions in the healthcare industry provides opportunities for cybersecurity service providers to offer specialized cloud security services. Securing cloud infrastructure, data, and applications is critical to maintaining data integrity and privacy.

  • IoT Security Solutions:

With the increasing use of Internet of Things (IoT) devices in healthcare, there is a growing need for IoT-specific cybersecurity solutions. Healthcare organizations can benefit from services that secure connected medical devices and ensure patient safety.

Global Healthcare Cybersecurity Services Market: Challenges

  • Sophisticated Cyber Threats:

The healthcare industry is targeted by highly sophisticated and persistent cyber threats, including ransomware attacks, data breaches, and phishing scams. Keeping up with these rapidly evolving threats and developing effective countermeasures can be challenging for cybersecurity service providers.

  • Budget Constraints:

Many healthcare organizations, especially smaller ones and those in developing regions may have limited budgets allocated for cybersecurity. Balancing the need for comprehensive cybersecurity services with budgetary constraints can be a significant challenge for service providers and healthcare organizations alike.

  • Compliance and Regulatory Complexity:

Healthcare organizations must comply with various data protection and privacy regulations, such as HIPAA, GDPR, and country-specific laws. Achieving and maintaining compliance with these complex regulations can be resource-intensive and challenging.

  • Third-Party Risk Management:

Healthcare organizations work with various third-party vendors and service providers, introducing supply chain and vendor-related cyber risks. Assessing and managing third-party cybersecurity risk can be challenging.

Global Healthcare Cybersecurity Services Market: Segmentation

Based on Type of Services: Based on Type of Services Identity and Access Management, Risk and Compliance Management, Antivirus and Antimalware, DDoS Mitigation, Security Information and Event Management, Intrusion Detection System/ Intrusion Prevention System, and Others.

Based on Type of Security: Based on application segmentation, the market is further divided into Network Security and Endpoint Security. Application Security, Content Security. Among these Network Security contributes significant revenue to the market.

Based on End Use: Based on End Use segmentation, the market is further divided into Pharma & Chemicals, Medical Devices, Health Insurance, Hospitals, and Others. Among this, the hospital segment contributes significant revenue to the market.

Based on Region: Based on Region, the market is segmented into five key geographical regions namely – North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Global Healthcare Cybersecurity Services Market: Regional Insights

The global Healthcare Cybersecurity Services market is geographically segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Each region has its own market dynamics and demand drivers, which can influence the revenue contribution and growth opportunities in the Healthcare Cybersecurity Services market.

North America dominated the market for healthcare cyber security and accounted for the largest revenue share in the market. 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 attributed 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 at the University of Kansas Hospital to protect medical devices and financial information from ransomware.

Asia Pacific, the market for healthcare cyber security is anticipated to witness a lucrative CAGR 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 cyber-attacks in the region would propel market growth over the forecast period. In February 2021, Trend Micro a Japanese multinational cyber security software company launched its Trend Micro Vision One extended detection and response platform.

Global Healthcare Cybersecurity Services Market: Competitive Analysis

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

Global Healthcare Cybersecurity Services Market: Recent Developments

  • 2022– Cisco Systems, Inc. announced the Cisco Cloud Controls Framework release.
  • 2022– Cisco Systems and General Motors collaborated to modernize and automate the development process for vehicle development data performance testing.
  • 2022– Harman International and its Digital Transformation Solutions business unit became a member of the Global Semiconductor Alliance

Table of Content

1. Introduction
1.1. Market Definition
1.2. Market Scope
2. Research Methodology
2.1. Primary Research
2.2. Secondary Sources
2.3. Assumptions & Exclusions
3. Market Overview
3.1. Market Overview
3.2. Research Report Segmentation & Scope
3.3. Value Chain Analysis
3.4. Key Market Trend Analysis
3.4.1. Market Drivers
3.4.2. Market Restraint/Challenges
3.4.3. Market Opportunities
3.5. Porter’s Five Forces Analysis
3.6. Potential Venture Avenues
3.7. Market Share Analysis
3.8. Regulatory Framework
3.9. Marketing Strategy
3.10. Key Winning Strategy
3.11. Consumer Behavior Analysis
4. Product Overview
4.1. Introduction
4.2. Market Size & Forecast, 2020 to 2029
4.3. By Service Type
4.3.1. Managed Security Services (MSS)
4.3.2. Consulting and Risk Assessment
4.3.3. Security Training and Education
4.3.4. Implementation and Integration Services
4.3.5. Support and Maintenance Services
5. Application Overview
5.1. Introduction
5.2. Market Size & Forecast, 2020 to 2029
5.2.1. Key Applications
5.2.1.1. Electronic Health Records (EHR) Security
5.2.1.2. Medical Device Security
5.2.1.3. Hospital Information System (HIS) Security
5.2.1.4. Telehealth and Telemedicine Security
5.2.1.5. Pharmaceutical Research and Development Security
5.2.1.6. Healthcare Analytics and Big Data Security
5.2.1.7. Mobile Health (mHealth) Security
6. End Users Overview
6.1. Introduction
6.2. Market Size & Forecast, 2020 to 2029
6.2.1. Hospitals and Clinics
6.2.2. Healthcare Payers
6.2.3. Pharmaceutical and Biotechnology Companies
6.2.4. Medical Device Manufacturers
7. Regional Overview
7.1. Introduction
7.2. Market Size & Forecast, 2020 to 2029
7.2.1. Americas
7.2.1.1. North America
7.2.1.1.1. U.S.
7.2.1.1.2. Canada
7.2.1.2. South America
7.2.2. Europe
7.2.2.1. Western Europe
7.2.2.1.1. Germany
7.2.2.1.2. France
7.2.2.1.3. U.K.
7.2.2.1.4. Italy
7.2.2.1.5. Spain
7.2.2.1.6. Rest Of Western Europe
7.2.2.2. Eastern Europe
7.2.3. Asia Pacific
7.2.3.1. China
7.2.3.2. Australia
7.2.3.3. Japan
7.2.3.4. India
7.2.3.5. Republic of Korea
7.2.3.6. Rest of Asia Pacific
7.2.4. The Middle East & Africa
7.2.4.1. The Middle East
7.2.4.1.1. UAE
7.2.4.1.2. Saudi Arabia
7.2.4.1.3. Kuwait
7.2.4.1.4. Qatar
7.2.4.1.5. Rest of the Middle East
7.2.4.2. Africa
8. Manufacturer/ Vendor Profile
8.1. The following attributes will be considered while profiling key manufacturers in this industry:
8.1.1. Company Overview
8.1.2. Financial Synopsis
8.1.3. Recent Developments
8.1.4. R&D Investments (if any)
8.1.5. Strategy Overview (Analyst Perspective)
8.1.6. Product Portfolio
8.2. Companies Profiled
8.2.1. Symantec Corporation
8.2.2. Cisco Systems, Inc.
8.2.3. IBM Security
8.2.4. McAfee, LLC
8.2.5. Palo Alto Networks, Inc.
8.2.6. FireEye, Inc.
8.2.7. Fortinet, Inc.
8.2.8. Check Point Software Technologies Ltd.
8.2.9. Trend Micro, Inc.
8.2.10. Sophos Ltd.
8.2.11. Proofpoint, Inc.
8.2.12. CrowdStrike Holdings, Inc.

Frequently Asked Questions (FAQ):

  • 1. Which is the leading segment in the Healthcare Cybersecurity Services Market?

    - Among Types of services, Antivirus and Antimalware segment contribute a Major share of the Global Healthcare Cybersecurity Services Market
  • 2. What are the key factors driving the Healthcare Cybersecurity Services Market?

    - Rising Cybersecurity Threats in Healthcare, the healthcare sector has become a prime target for cybercriminals due to the sensitive and valuable data it holds, including patient records, medical history, and financial information. The increasing frequency and sophistication of cyber threats, such as ransomware attacks, data breaches, and phishing scams, have fueled the demand for robust cybersecurity services.
  • 3. Which region will contribute notably towards the Healthcare Cybersecurity Services Market growth?

    - North America region to contribute the major share towards the market growth because it is the fastest growing region.
  • 4. What are the key players in Global Healthcare Cybersecurity Services Market?

    - Cisco, IBM, FireEye, Symantec, Trend Micro, MacAfee, Intel,Kaspersky, Lockheed Martin, Northrop Grumman.

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