Categories: Healthcare

Healthcare Cyber Security Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Healthcare Cyber Security Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Healthcare Cyber Security Global Market Report 2024, The healthcare cyber security market size has grown rapidly in recent years. It will grow from $19.24 billion in 2023 to $22.99 billion in 2024 at a compound annual growth rate (CAGR) of 19.5%. The growth in the historic period can be attributed to rising cyber threats, regulatory compliance, increased interconnectivity, data monetization concerns, awareness and education, legacy system vulnerabilities.

The healthcare cyber security market size is expected to see exponential growth in the next few years. It will grow to $47.8 billion in 2028 at a compound annual growth rate (CAGR) of 20.1%. The growth in the forecast period can be attributed to iota security challenges, remote healthcare challenges, supply chain security, quantum computing threats, behavioral analytics adoption. Major trends in the forecast period include AI and machine learning integration, digitization of health records, rise in ransomware attacks, cloud security solutions, zero trust security models.

The increase in cases of healthcare cyber-attacks is expected to drive the growth of the healthcare cyber-security market going forward. The rise of digitalization in healthcare has increased the number of cyber-attacks in healthcare, which are protected by using various healthcare cyber security software, which leads to an increase in the demand for healthcare cyber security. For instance, in February 2023, according to the United States Department of Health and Human Services, a US-based federal government created to provide essential human services, healthcare providers in the United States witnessed a staggering 104% surge in data breaches from mid-2022 to mid-2023, jumping from 160 to 327 incidents. This alarming increase exposed the data of over 40 million patients, reflecting a 60% YoY rise in the first half of 2023. Therefore, the increasing cases of healthcare cyberattacks are driving the growth of the healthcare cyber security market over the coming years.

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The healthcare cyber security market covered in this report is segmented –

1) By Threat Type: Malware, Distributed Denial of Service (DDoS), Advanced Persistent Threats (APT), Spyware, Other Treat Types

2) By Solution: Identity and Access Management, Risk and Compliance Management, Antivirus and Antimalware, DDoS Mitigation, Security Information and Event Management, Intrusion Detection System and Intrusion Prevention System, Others Solutions

3) By Security Measures: Application security, Network security, Device security, Other Security Measures

4) By Deployment: On-Premises, Cloud-Based

5) By End User: Pharmaceutical Industries, Biotechnology Industries, Hospital, Medical Device Companies, Health Insurance Companies, Other End Users

Major companies operating in the healthcare cybersecurity market are focusing on product launches, such as Medical IoT Security, designed to protect connected devices critical to patient care. Medical IoT security refers to the implementation of protective measures and protocols to safeguard the integrity, confidentiality, and availability of data and devices within the Internet of Things (IoT) ecosystem in the medical and healthcare domains. For instance, in December 2022, Palo Alto Networks, a US-based global cybersecurity company that provides platforms and services, launched Medical IoT Security. This product offers a comprehensive Zero Trust security solution for medical IoT, featuring accurate device discovery, rapid Zero Trust security implementation, and the capability to thwart highly evasive zero-day attacks. This innovative product addresses healthcare cybersecurity needs by eliminating medical device blind spots, utilizing machine learning for threat prevention, and enabling acute situational awareness, ultimately enhancing patient care and safety in the healthcare cybersecurity market.

The healthcare cyber security market report table of contents includes: