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Healthcare Cybersecurity Market

Healthcare Cybersecurity Market

Global Industry Analysis (2018 - 2021) - Growth Trends and Market Forecast (2022 - 2029)

Published Date: Upcoming | Format:

Industry: Healthcare IT | Author Name: Sayali

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Technology Penetration in Healthcare Systems Necessitates Healthcare Cybersecurity, COVID-19 Offered a Push

Growing adoption of remote healthcare monitoring systems, automation, and Internet of Things (IoT) for effective maintenance of electronic health records (HER) across medical facilities has made hospital administration highly vulnerable to data thefts. In addition, the COVID-19 pandemic has triggered the use of various mobile healthcare services, further raining the risk of patients being highly susceptible to a broad range of medical scams. Since the healthcare IT sector gets overloaded, cybersecurity has become the key concern for healthcare systems.

The healthcare cybersecurity market was estimated to be valued at US$13 Bn in 2022, further reaching the valuation of US$48 Bn by 2027. Between 2022 and 2027, healthcare cybersecurity market is projected to thrive at a CAGR of 15.2%. Low allocation of budgets, approximately 4-7% for healthcare IT as compared to 15% for other sectors such as finance and banking, has led to a rise in healthcare cyber thefts. Moreover, the inadequacy of trained staff to mitigate hospital cyber thefts are expected to negatively impact cybersecurity services, thereby influencing the growth of healthcare cybersecurity market.

Ransomware Cyberattacks Underscore Critical Need for Effective Cybersecurity Solutions for Healthcare Systems

Ransomware that supports malicious activities, and causes a threat to the data systems, or computer systems by encrypting it and demanding victims to pay fees to attackers. The ransom demand has a timeline which if not followed, all the data gets destroyed. According to a report by the Healthcare Sector Cybersecurity Coordination Center (HC3), healthcare industry is among those that are primarily victimised by ransomware.

The global ransomware attacks reported by HC3 accounted to be 41% in non-US Healthcare and Public Health (HPH), while 59% accounted to be in the US alone. Abaddon and Conti were the most frequently observed ransomware-as-a-service (RaaS) groups impacting the healthcare sector globally until 2021. These groups targeted health and medical clinics, healthcare service industries, hospitals, elderly care homes, and pharmaceutical firms. According to Emisoft (a device firm that protects against malware and ransomware), the US paid a minimum of US$1 Bn ransom costs which might have been as much as US$3.7 Bn in 2020.

Ransomware cyberattacks mainly lead to data leaks of patients’ social insurance information, birth dates, security numbers, and financial information. In 2021, Florida Healthy Kids Corporation was targeted, which affected nearly 3,500,00 patients, leading to the exposure of their personal information such as social security numbers, dates of birth, names, addresses, and financial information.

In 2020, Eye Care Network, Inc. discovered suspicious activities on its Amazon Web Services platform and brought up the possibility of personal data getting completely removed. Recently, in January 2021, an Indiana-based health system named Eskenazi Health declined a ransom payment, and the criminals released some stolen data on the dark web. More recently, in April 2022, The American Dental Association was hit by a new Black Basta ransomware causing shut of all the networks across the country, and disruption in online services.

Demand Surges as Organisations Seek Effective Solutions to Mitigate Cyberattacks

Healthcare organisations continue to strive for effective, and efficient security solutions for applications in penetration testing, prevention of malware infection, and protection of medical devices. Efficient, and trained staff will be the first step in prevention of cybercrime. As many of the attacks can be carried out through emails received by the employees. Threats like phishing, and texting need to be understood by the employees. For instance, if an employee opens, or clicks a link through any social engineering scheme may compromise the security of the IT systems of the entire healthcare setup. Many times, resentful employees can carry out the cyber threats as they may be forced or willing to pass out the information to third parties, and then leak crucial patient data on public websites.

However, the most important risk assessment can be conducted through regular penetration testing. Penetration testing is an important cybersecurity assessment exercise, aimed at finding security weaknesses in a company’s external and internal networks, various web applications, and cloud security. Sometimes, a denial of service attack is performed by the cyber attackers by overloading the network with large volumes of traffic, and then compelling legitimate users to make payments to gain access to prevent such attacks. More number of healthcare and public health systems considering online Web Application Fireball (WAF), coaching services, and Content Delivery Network (CDN) will further fuel the growth of healthcare cybersecurity market.

Asia Pacific to Exhibit a Phenomenal Growth Rate in Global Healthcare Cybersecurity Market

The North American market accounted for the largest share in healthcare cybersecurity market and the trend will continue throughout the forecast period. Europe ranks second as it also remains at the forefront of combating the cybersecurity threats and will follow the US market in terms of adopting cybersecurity services. Growing technological advances, and surging adoption of healthcare IT solutions across the flourishing healthcare IT markets across the Asian subcontinent are expected to boost the overall performance of healthcare cybersecurity market, exhibiting the highest growth rate during the forecast period.

Key Companies in Global Healthcare Cybersecurity Market

Some of the most prominent players driving competition in healthcare cybersecurity market include AO Kaspersky Lab, Cisco Systems, Inc., FireEye, IBM Corporation, Lockheed Martin Corporation, McAfee Corporation, Northrop Grumman, Palo Alto Networks, Sensato Cybersecurity Solutions, and Symantec Corporation.

Global Healthcare Cybersecurity Market Is Segmented As Below:

By Component

  • Solution
  • Service

By Security Type

  • Network Security
  • Application Security
  • Device Security
  • Others

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Russia
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Rest of Asia Pacific
    • Latin America
    • The Middle East
    • Africa

Key Elements Included In The Study: Global Healthcare Cybersecurity Market

  • Healthcare Cybersecurity Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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