Healthcare Cyber Security Market Study By Type, Trends, Applications & Regional Demand

San Francisco, Calif., USA, Sept. 25, 2020 — /EPR Network/ —

Healthcare Cyber Security Industry Overview

The global healthcare cyber security market size was valued at USD 12.6 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 18.3% from 2022 to 2030.

Some of the factors driving the market are increasing cyber-attacks 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 factors estimated to further contribute to the growth of the market over the forecast period.

Gather more insights about the market drivers, restrains and growth of the Global Healthcare Cyber Security Market

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 cyber security solutions.

U.S. healthcare cyber security market size, by type of solution, 2020 - 2030 (USD Billion)

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 USD 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 cyber-attacks. For instance, the recent cyber attacks 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.

Browse through Grand View Research’s Healthcare IT Industry Related Reports

  • Electronic Health Records MarketThe global electronic health records market size was estimated at USD 27.2 billion in 2021 and it is anticipated to expand at a CAGR of 4.0% from 2022 to 2030. Government initiatives to encourage healthcare IT usage is the key driver to this market.
  • Telemedicine MarketThe telemedicine market size was valued at USD 70.4 billion in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 19.5% from 2022 to 2030. The growing need to reduce the cost of care, consolidation across the industry, and other strategic initiatives by key companies are some of the main drivers of this market.

Market Share Insights

November 2021: IBM announced it would extend its cyber security and response capabilities by acquiring ReaQta, a Dutch cyber security threat detection and response company.

February 2021: Trend Micro a Japanese multinational cyber security software company launched its Trend Micro Vision One extended detection and response platform.

Key Companies profiled:

Some prominent players in the global Healthcare Cyber Security market include

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

Order a free sample PDF of the Healthcare Cyber Security Market Intelligence Study, published by Grand View Research.

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