Healthcare Cyber Security Market to Hit $70.55 Bn by 2030,
Newark, Nov. 17, 2022 (GLOBE NEWSWIRE) — The brainy Insights estimates that the USD 15.99 billion in 2022 healthcare cyber security market will reach USD 70.55 billion by 2030. In just eight years, healthcare cyber security has moved from an uncertain, standalone niche use case to a fast-growing, high return on investment (ROI) application that delivers user value. These developments indicate the power of the Internet of Things (IoT) and artificial intelligence (AI), and the market is still in its infancy.
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Key Insight of the Healthcare Cyber Security Market
Asia Pacific to account for the fastest CAGR of 23.47% during the forecast period
Asia Pacific is expected to have the fastest CAGR of 23.47% in the healthcare cyber security market. Key factors favoring the growth of the healthcare cyber security market in Asia Pacific are the healthcare sector’s rising adoption and penetration of the internet. Additionally, the market expansion is fueled by the increased digitalization and acceptance of Electronic Health Records (EHRs), wireless medical devices, and telemedicine. Further, throughout the projected period, the market expansion would be aided by the rising number of cyberattacks in the area. The enhanced detection and response platform for Trend Micro Vision One was released in
February 2021 by the Japanese multinational cyber security software company Trend Micro.
However, in 2022, the healthcare cyber security market was dominated by North America. The main drivers of the market’s expansion are the existence of large corporations and the increased use of cyber security by healthcare organizations. The industry is supported by increased spending on technical development and cyber security. The advanced healthcare infrastructure is also attributed to market expansion. Another factor propelling market expansion is the advent of unique devices to protect patient data in the healthcare industry. For instance, Cisco produced its most recent “Cisco Umbrella” in 2018. It was applied at the University of Kansas Hospital to protect medical equipment and financial data from ransomware.
The malware segment accounted for the largest market share of 23.81% in 2022.
In 2022, the malware segment held a 23.81% market share, dominating the market. Healthcare institutions in the United States experienced ransomware attacks, leading to an average ransom demand of USD 169,446 and that helped criminals earn USD 15.6 million in ransom from the country’s healthcare sector in 2022. Additionally, 560 healthcare establishments were the targets of ransomware attacks by the malware strain.
The hospitals’ segment accounted for the largest market share of 27.94% in 2022.
With about 27.94% of the total revenue in 2022, the hospitals segment dominated the market. Hospitals are particularly vulnerable to cyberattacks because of the vast amounts of patient data they store. Additionally, these attacks rise when a pandemic endangers patient care and personal information. As a result, cybersecurity use will increase.
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Advancement in market
Clinical and general Internet of Things (IoT) medical devices were expanded by Mediagate. The release of an announcement that would enable accurate and thorough medical device management for cyberattack defense was seen in 2019.
Identity management is required for the management of security services. As well as cloud security in the healthcare industry, Atos unveiled its first all-inclusive cybersecurity solution. The release of this comprehensive cybersecurity solution was seen in 2019. The company asked about 300 healthcare organizations to use this cyberattack tactic.
To identify, assess, and respond to cyber security threats in both private and public hospitals, Skeye is a cybersecurity solution that GE Healthcare had previously revealed. The cyber security program was introduced in 2020. The solution offers visibility and threat resolution while assisting in preventing vulnerabilities.
Driver: Increasing demand for cyber security in the healthcare sector
Due to cyberattacks and data breaches in the healthcare industry, there has been a shift in the market for healthcare cyber security. As a consequence of significant factors such as an increase in cybercrime, a growth in healthcare spending, and a more considerable significance of cyber security in the healthcare sector, it is predicted that the market for healthcare cyber security will grow throughout the forecast period. The many global government measures to protect personal information would significantly enhance the market growth for healthcare cyber security. Security must be a top priority for all healthcare organizations, including hospitals, clinics, and pharmaceutical companies. The rise in internet and device usage in the industry is a key element driving the healthcare cyber security market. Remote access devices were used more often because of the COVID-19 pandemic.
Restraint: Lack of awareness
Although it is projected that the healthcare cyber security market will grow significantly throughout the forecast period, several limitations will eventually hamper growth. Healthcare workers and others do not understand the significance of cyber security, especially regarding security software. Medical records continue to be a resource and a risk for healthcare organizations. Numerous personal information, such as social security numbers, bank account numbers, and others, are used on the black market. It is essential to stay alert to these hazards and change with technological changes.
Opportunity: Increasing phishing incidents in the healthcare sector
The pandemic increased the number of phishing instances in the healthcare industry, and the market has grown. As more industries, including the healthcare industry, use the internet and numerous digital platforms, the demand for cybersecurity is increasing. The availability of cutting-edge cybersecurity solutions is also projected to support the market’s growth. Governments and other health organizations are making healthcare cybersecurity system investments and new initiatives. Healthcare cybersecurity is a growing market due to the increase in data breaches.
Challenge: High cost of cybersecurity solutions
The cash available to healthcare organizations is limited, and only a tiny fraction of the IT budget is designated for cybersecurity. Hospitals and other healthcare facilities prioritize operational effectiveness over cybersecurity, which leaves few safeguards for digital assets. Even when practical and effective solutions are considered, the cost of cybersecurity solutions remains a significant obstacle to expanding the healthcare cybersecurity market.
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Some of the major players operating in the healthcare cyber security market are:
• Northrop Grumman
• Fortinet Inc.
• Trend Micro
• Imperva Inc.
• Lockheed Martin
• Medigate Ltd.
Key Segments cover in the market:
By Type of Threat:
• Lost or Stolen Devices
• Advanced Persistent Threat
By End Use:
• Medical Devices
• Pharma & Chemicals
• Health Insurance
• North America (US, Canada, Mexico)
• Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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