The Global Healthcare Cyber Security Market size is expected to reach $28.4 billion by 2027, rising at a market growth of 16.3% CAGR during the forecast period. Cyber security technologies and solutions are constantly getting advanced because of the ever-changing threat landscape, where threats are becoming more sophisticated and damaging. In the present connected health environment, cyber security has become a necessity for healthcare organizations as it is a crucial strategic asset that is being deployed by all companies.
In the last couple of years, the healthcare sector has deployed a healthcare information technology (healthcare IT) infrastructure to access, forward, and receive electronic health data. As medical records have a big volume of data that can be utilized for identity theft and fraud (like social security numbers, claims data, or addresses), personal health information has a superior value on the black market as compared to other industries.
The growth of healthcare cyber security is expected to witness bright prospects due to the surge in the number of cyberattacks in the healthcare sector, increase in the number of threats, and growing concerns regarding privacy and security. The growing cases of data breaches and cyberattacks around the world have increased the concerns, hence boosting the demand for cyber security solutions in the global market. For example, the Secretary of U.S. Department of Health and Human Services (HHS) Breach of Unsecured Protected Health Information reported 592 breaches of unsecured protected health data impacting above 500 individuals in the past two years that are presently being investigated by the Office for Civil Rights.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic fueled the deployment of cyber security services and solutions due to the rise in the number of threats of data breaches and increase cases of cyberattacks in the healthcare system. The demand for cyber security solutions is expected to be driven by the increasing phishing cases in the healthcare industry during the global pandemic.
The requirement and adoption of cyber security are anticipated to be boosted by the rise in penetration of the internet and the adoption of digital platforms by the healthcare sector. Moreover, the high adoption rate of advanced cyber security solutions is expected to contribute to the growth & demand of healthcare cyber security solutions during the forecasting period. In addition, the rise in investments in healthcare cyber security by several healthcare companies and government initiatives is expected to create new growth avenues for the overall healthcare cyber security market during the forecasting period.
Market Growth Factors:
The growing number of government regulations and rising adoption of mobile device applications and platforms
The emergence of favorable government norms and acts to safeguard patient information from the rising number of data breaches is motivating healthcare vendors to adopt sophisticated cyber security solutions to secure their healthcare information. For example, The Government of the US passed “The Health Insurance Portability and Accountability Act (HIPPA)” to motivate healthcare institutions to maintain safety and confidentially for their healthcare information.
High requirement for a robust authentication mechanism
Healthcare institutions need robust and reliable authentication capabilities to ensure that only real workers access internal networks or particular applications. Companies are aggressively shifting to multi-factor authentication to prevent the threats of password-based authentication. Multi-factor authentication is majorly carried out by including another component to the conventional user-name and password. This may be the hardware and software token, a biometric check, or a device authentication step.
Market Restraining Factor:
Absence of trained professionals
The management of cybersecurity solutions needs many proficient employees and staff. However, the absence of proficient experts and staff has been a significant barrier to the adoption of healthcare cyber security solutions in the market. Moreover, the cybersecurity software and solutions must be regularly updated due to technological developments. In addition, data security is expected to become difficult as the software required for a clean security system and the amplification of cloud services, big data, and artificial intelligence.
Threat Type Outlook
Based on Threat Type, the market is segmented into Malware, DDoS, Advanced Persistent Threat, Spyware, Lost or Stolen Devices and Others. In 2020, the malware segment acquired the highest revenue share of the healthcare cyber security market. In addition, the healthcare sector is currently facing various types of cybersecurity-related issues. It involves malware that compromises system integrity and patient privacy, distributed denial of service (DDoS) attacks that hamper the capability of vendors to offer effective patient care.
End Use Outlook
Based on End Use, the market is segmented into Hospitals, Health Insurance, Pharma & Chemicals, Medical Devices and Other End uses. The Hospitals market dominated the Global Healthcare Cyber Security Market by End Use 2020, and is expected to continue to be a dominant market till 2027. The Pharma & Chemicals market is expected to witness highest CAGR during the forecast period.
Solution Outlook
Based on Solution, the market is segmented into Antivirus and Antimalware, Intrusion Detection System/ Intrusion Prevention System, Security Information and Event Management, Identity and Access Management, Risk and Compliance Management, DDoS Mitigation and Other Solutions. Factor such as massive utilization of these solutions is responsible for the growth of this segment. Moreover, the growth of the segment is driven by the increasing number of malware attacks in the healthcare sector which is hampering the networks and affecting patient care.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America emerged as the leading region in the overall healthcare cyber security market by acquiring the maximum revenue share. Factors such as the existence of major market players and the potential application of cyber security in healthcare companies is expected to act as catalysts for the growth of the regional market. Moreover, the growth of the regional market is expected to witness lucrative opportunities with the rise in investments in cyber security and technological advancements happening in the region.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Cisco Systems, Inc., IBM Corporation, Lockheed Martin Corporation, are the forerunners in the Healthcare Cyber Security Market. Companies such as Symantec Corporation, Fortified Health Security, Palo Alto Networks, Inc., Sensato AND Kaspersky Lab are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Cisco Systems, Inc., FireEye, Inc., IBM Corporation, Kaspersky Lab, Lockheed Martin Corporation, Fortified Health Security, Palo Alto Networks, Inc., Sensato, and Symantec Corporation (Broadcom, Inc.).
Recent Strategies Deployed in Healthcare Cyber Security Market
Partnerships, Collaborations and Agreements:
- Jul-2021: Fortified Health Security formed a partnership with Armis, the leading unified asset visibility, and security platform vendor. The partnership aimed to improve the overall risk posture of healthcare companies. Following the partnership, Fortified is expected to use the Armis Agentless Device Security Platform to accelerate Fortified’s Managed Connected Medical Device Security Program across their joint network and is expected to work together to safeguard healthcare companies from cyber threats.
- Mar-2021: FireEye formed a partnership with NormCyber, a leading provider of managed cyber security and data protection services. The partnership aimed to provide sophisticated threat detection and response services under its Cyber Security as a Service offering.
- Mar-2021: Sensato formed a partnership with Lyniate, a company that delivers secure, proven, and flexible interoperability solutions. The partnership aimed to improve collaboration between interoperability & cybersecurity, which is expected to make healthcare companies more effective and safe.
- Feb-2021: IBM partnered with Palantir Technologies, a public American software company. The partnership aimed to leverage the capabilities of IBM's hybrid cloud data platform for offering AI for business, and Palantir's advanced operations platform for developing applications. Through this partnership, the two companies is expected to support enterprises that are willing to optimize the value of massive amounts of data including in retail, manufacturing, financial services, healthcare, and telecommunications.
- Dec-2020: IBM formed a partnership with Siemens Healthineers, a leading global healthcare company. Through this partnership, the two companies launched an open digital platform that is expected to enhance the networking of the German healthcare system and expand the infrastructure for the provision of digital services. The partnership aimed to leverage the capabilities of two companies in digital networking, process optimization in healthcare, and the secure operation of data centers.
- Dec-2020: Kaspersky came into a partnership with Alias Robotics, a leading robot cybersecurity firm. The partnership aimed to accelerate cyber-protection for robots that are utilized in operational technology (OT) infrastructure. The integration of Industrial CyberSecurity of Kaspersky and robot Immune System solutions of Alias Robotics is expected to effectively prevent attacks on OT networks with robots, harden control stations and protect robot endpoints from being compromised.
- Apr-2020: Fortified Health Security teamed up with Cerner, an American supplier of health information technology services, devices, and hardware. The collaboration aimed to secure health systems from cyber risks.
- Mar-2020: Kaspersky came into a partnership with Renaissance Numérique, a think tank focusing on the challenges of the digital transformation of society. The partnership aimed to bring together healthcare professionals, technology providers, and legal experts, to tackle certain challenges of a sector, which managed their most sensitive data.
- Feb-2020: Palo Alto Networks came into a partnership with NTT, a world-leading global technology services vendor. The partnership aimed to provide a suite of intelligence-driven security products that is expected to assist clients to reduce risk by minimizing time to predict, detect, and respond to attacks.
Acquisitions and Mergers:
- Oct-2021: Symphony Technology Group acquired FireEye, a privately held cybersecurity company. Following the acquisition, McAfee Enterprise merged with FireEye to help their customer to combat attackers, while creating an integrated security platform powered by artificial intelligence and automation.
- Jun-2021: Cisco took over Kenna Security, a cybersecurity leader that offers a risk-based vulnerability management platform that prioritizes vulnerability risks. Through this acquisition, Cisco is expected to leverage the risk-based vulnerability management technology of Kenna that is expected to allow companies to work cross-functionally to rapidly identify, prioritize and remediate cyber risks.
- Mar-2021: Palo Alto Networks took over Bridgecrew, a developer-first cloud security company. The acquisition aimed to allow shift-left security, with Prisma Cloud becoming the first cloud security platform to offer security across the whole application lifecycle.
- Dec-2020: Palo Alto Networks acquired Expanse, a leader in attack surface management. The acquisition aimed to integrate the capabilities of Expanse into Cortex by Palo Alto Network which is expected to provide the first holistic solution for attack surface management, threat detection, and response. Following the acquisition, the companies aimed to assist CISOs and operations teams in proactively addressing all security threats.
- Jun-2020: IBM signed a definitive agreement to acquire Spanugo, a US-based vendor of cloud cybersecurity posture management solutions. Under this agreement, IBM is expected to combine Spanugo software into its public cloud to fulfill the security demands of its customers in highly regulated industries.
Product Launches and Product Expansions:
- Aug-2021: Kaspersky introduced Kaspersky Cybersecurity on a Budget, a free platform with tips and tricks for small companies to assist them in rapidly enhancing their security. The new platform offers a set of short but actionable recommendations necessary for any company, and particular, but still simple to follow tips for various verticals and business requirements. This involves data and communication protection, safe usage of several digital platforms, website security, and much more.
- May-2021: Cisco introduced innovations to its SecureX platform. These innovations is expected to enhance Extended Detection and Response (XDR) capabilities with higher visibility across the network, endpoint, and cloud.
- Mar-2021: FireEye rolled out two latest threat security services from Mandiant. Through this launch, the company aimed to assist companies to set up or scale up insider threat programs and are developed to offer ongoing protection against quickly evolving and dynamic malicious activities within companies.
- Jan-2021: Palo Alto Networks unveiled a complete range of Internet of Things (IoT) security solutions for healthcare. The new solution streamlines the challenge of safeguarding the Internet of Medical Things (IoMT) via ML-powered visibility, prevention, and enforcement while providing in-depth insights on healthcare-specific devices and vulnerabilities. This is expected to assist in enhancing data security and patient safety while fulfilling the requirements of IT as well as clinical engineering teams.
- Oct-2020: IBM Watson Health introduced IBM Digital Health Pass to assist companies to allow people to return to work or school. The new tool is based on IBM blockchain technology aimed at enabling users to share their verified health pass which is established on criteria like COVID-19 test results, without exposing the data utilized to generate it.
- Mar-2020: Kaspersky introduced free availability of its main endpoint security products for medical companies. Through this launch, Kaspersky aimed to assist medical companies to stay protected from cyber threats during the pandemic. The complete list of B2B products available for free for six months includes Kaspersky Endpoint Security Cloud Plus, Kaspersky Security for Microsoft Office 365, Kaspersky Endpoint Security for Business Advanced, and Kaspersky Hybrid Cloud Security.
Scope of the Study
Market Segments Covered in the Report:
By Threat Type
- Malware
- DDoS
- Advanced Persistent Threat
- Spyware
- Lost or Stolen Devices
- Others
By End Use
- Hospitals
- Health Insurance
- Pharma & Chemicals
- Medical Devices
- Other End uses
By Solution
- Antivirus and Antimalware
- Intrusion Detection System/ Intrusion Prevention System
- Security Information and Event Management
- Identity and Access Management
- Risk and Compliance Management
- DDoS Mitigation
- Other Solutions
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Cisco Systems, Inc.
- FireEye, Inc.
- IBM Corporation
- Kaspersky Lab
- Lockheed Martin Corporation
- Fortified Health Security
- Palo Alto Networks, Inc.
- Sensato
- Symantec Corporation (Broadcom, Inc.)
Unique Offerings from the Publisher
- Exhaustive coverage
- The highest number of market tables and figures
- Subscription-based model available
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Table of Contents
Companies Mentioned
- Cisco Systems, Inc.
- FireEye, Inc.
- IBM Corporation
- Kaspersky Lab
- Lockheed Martin Corporation
- Fortified Health Security
- Palo Alto Networks, Inc.
- Sensato
- Symantec Corporation (Broadcom, Inc.)
Methodology
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