Global Healthcare Cybersecurity Market Size Spend Expected to Surpass USD 51.40 Billion by 2030, Growing at 17.5% CAGR: Polaris Market Research

NEW YORK, Dec. 14, 2022 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "Marketing Automation Market Share, Size, Trends, Industry Analysis Report, By Component (Software, Services); By Deployment Type; By Organization Size; By Application; By End-Use; By Region; Segment Forecast, 2022 - 2030".  It is published in Polaris Market Research under the Healthcare Research Category.

According to the research report, the global healthcare cybersecurity market size was valued at USD 12.66 billion in 2021 and is expected to reach USD 51.40 Billion by 2030, growing at a CAGR of 17.5% during the forecast period.

What is Healthcare Cybersecurity? How Much Does Healthcare Cybersecurity Market Size Spend Costs?

• Overview

Healthcare cybersecurity is an essential component of the medical industry, involving the protection of valuable insights, patients' personal information, and healthcare information. Healthcare cybersecurity prevents external and internal cyber-attacks and ensures the preservation of confidentiality, integrity, and availability of information. With the rising development of sophisticated tools and techniques by cybercriminals to attack healthcare organizations, the need for preventive measures deployment has increased.

For instance, in September 2021, as per the Center for Strategic & International Studies, the U.S. Cybersecurity and Infrastructure Security Agency (CISA) issued a warning about the increasing utilization of Conti ransomware in over 400 attacks against U.S. and international organizations. However, some of the key factors driving the healthcare cybersecurity market demand include the increasing number of cyber-attacks and the rise in the adoption of mobile device applications and platforms.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Highlights of The Report

• All-inclusive information on the product portfolios of the top players in the market.
• An in-depth assessment of the geographic and business segments of the market.
• Market segmentation on the basis of the type of product, application, and region.
• It offers a forward-looking perspective on the developing elements driving or controlling the business area's development.
• The recent research and development projects performed by each key player.
• A thorough analysis of the market's value chain and assess the effect of Porter's five forces.

Some for the Top Market Players Are:

• Broadcom Inc.
• Checkpoint Software Technologies Ltd.
• Cisco Systems Inc.
• Crowdstrike Holdings Inc
• FireEye Inc.
• Fortified Health Security
• Fortinet Inc.
• IBM Corp.
• Imperva
• Intel Corporation
• Juniper Networks Inc.
• Kaspersky Lab
• Lockheed Martin Corp
• LogRhythm Inc.
• McAfee LLC
• Medigate
• Northrop Grumman Corporation
• NortonLifeLock Inc.
• Palo Alto Networks
• Sensato Cybersecurity Solutions
• Sophos Ltd.
• Symantec Corporation
• Trend Micro Inc

For Additional Information on Market Players and Detail List, Download a Report PDF Brochure

Growth Driving Factors

• The increasing privacy and security concerns are pushing the market growth

An increasing number of various cyber-attacks in the medical field worldwide has fueled the market demand for cybersecurity in the healthcare sector. An increased budget for the medical field and a rise in knowledge about cybersecurity in the healthcare sector support the healthcare cybersecurity market size. Further, an increasing number of government initiatives to secure personal information are boosting market expansion. Also, other factors, including increasing adoption of cloud-based solutions in the healthcare field, and increased adoption of smartphones and 5G technology, are anticipated to propel the healthcare cybersecurity industry growth during the forecast period.

Moreover, the healthcare cybersecurity market sales are expected to grow due to the growing privacy and security concerns along with the rising adoption of advanced cybersecurity solutions. For instance, American Optometric Association projects that the medical business will suffer 2 to 3 times more cyberattacks than the average amount for other industries between 2017 and 2020. Also, ransomware cyberattacks on the medical sector are anticipated to quadruple and quintuple by 2021.

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Recent Developments

• In 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.

Segmental Analysis

• Malware segment held the major market share in 2021

On the basis of the type of threat, the malware category witnessed the largest healthcare cybersecurity market share in 2021 and is predicted to maintain its dominance over the forecast period. The Healthcare sector has different types of cyber-security issues, including malware, ransomware, and Distributed Denial of Service (DDoS) attacks. Ransomware is the extensively used malware type that harms computers and encrypts data until a ransom is paid. Malware that deals with system integrity and patient privacy and distributed denial of service (DDoS) attacks that disrupt healthcare providers' ability to provide effective patient care are among the threats.

• Hospital segment accounted for the highest market share

In terms of end-user, the hospital segment witnessed the largest revenue share because hospitals are more at risk of facing cyber-attack as it stores a huge amount of patient data. For instance, a security violation at Blackbaud, a cloud computing firm, attacked patient data from more than 46 health systems and hospitals.

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Global Report Scope of Healthcare Cybersecurity Market

Geographic Overview

• North America led the market for healthcare cybersecurity

Based on geography, in 2021, the healthcare cybersecurity market demand in North America dominated the market and is expected to show significant growth owing to the presence of various major participants, which are emphasizing the delivery of advanced solutions for all industries in the region. The growing investment in cyber security and technological developments are further fostering market growth in the region. Also, the introduction of new products to protect the data in the healthcare industry is propelling market growth.

In June 2021, Medical Director, an Australian software business, launched its latest cybersecurity solution for healthcare organizations. The solution has the ability to determine a system's vulnerability to internet hacking and to prevent expected attacks and 24/7 cybersecurity operations center monitoring.

Moreover, Asia-Pacific is anticipated to grow with a high CAGR in 2021 due to the rise in adoption and penetration of the internet in the healthcare industry. In addition, the growing digitalization and adoption of Electronic Health Records (EHRs), wireless medical devices, and telemedicine is anticipated to bolster the regional market growth.

Browse the Detail Report "Healthcare Cybersecurity Market Share, Size, Trends, Industry Analysis Report, By Type of Solution; By Type of Threat (Malware, DDoS, Advanced Persistent Threat, Spyware, Lost or Stolen Devices, Others), By End-Use (Pharma & Chemicals, Medical Devices, Health Insurance, Hospitals, Others), By Region; Segment Forecast, 2022 - 2030" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/healthcare-cybersecurity-market 

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Key Highlights of the Research Report:

• The increasing data breach in the industry and their high cost for the market are being driven rapidly.
• According to the IBM report 2021, the cost of data breaches has risen from US$ 3.86 mn to US$ 4.24 mn, the greatest total cost in the last 17 years.
• The introduction of Internet of Medical Things (IoMT) devices, among other recent innovations in the medical sector, has opened the way to improved patient care while also increasing potential threats.
• North America had the highest market share in 2021. The market for the North American region is anticipated to grow significantly as a result of the presence of several prominent players in the area, which are focusing on the delivery of advanced solutions for all the industries in the region.

Polaris Market Research has segmented the healthcare cybersecurity market report on the basis of type of solution, type of threat, end-use, and region:

By Type of Solution Outlook

• 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 Threat Outlook

• Malware
• DDoS
• Advanced Persistent Threat
• Spyware
• Lost or Stolen Devices
• Others

By End-use Outlook

• Pharma & Chemicals
• Medical Devices
• Health Insurance
• Hospitals
• Others

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research

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