Global Healthcare Cyber Security Market Analysis & Forecast to 2024-2034

The global healthcare cyber security market size was estimated to be USD 17.55 billion in 2023 and is expected to reach at USD 113.44 billion by 2034 with a CAGR of 18.49% during the forecast period 2024-2034. A rise in cyber-attacks, escalating concerns about privacy and security, increased acceptance of advanced cybersecurity solutions, a growing incorporation of cloud-based solutions in the healthcare industry, an upsurge in the utilization of connected devices and smartphones, a notable adoption of 5G technology, a higher occurrence of data breaches within the sector, an upward trend in the digital transformation of healthcare, an increased application of Internet of Medical Things devices to enhance patient care, and a heightened commitment by major market players towards healthcare cybersecurity initiatives are some of the key factors boosting the market growth.

A heightened commitment by major market players towards healthcare cybersecurity initiatives is predicted to boost the market growth during the forecast period. Firms specializing in healthcare cybersecurity offer services and solutions to healthcare institutions, safeguarding their hospitals and patient data against cyber-attacks and data breaches. Cybersecurity, or information security, involves the protection of data confidentiality, integrity, and availability. It is a risk management approach, utilizing software and technology to prevent digital attacks, data theft, and unauthorized access to networks, devices, healthcare data, and applications. The market boasts a multitude of sophisticated healthcare cybersecurity solutions. For instance, in April 2023, C3iHub, a Technology Innovation Hub focused on cybersecurity at IIT Kanpur, and supported by the Department of Science and Technology, Government of India under NM-ICPS Mission, has officially introduced its Cybersecurity Skilling Program. This initiative, in collaboration with its incubated start-ups Threat Guardians Pvt Ltd and Worker Union Support, is designed to offer participants a comprehensive grasp of the fundamental technical aspects of cyberspace and cyber-related challenges. The program includes practical insights into cybersecurity techniques, real-time methods, and emphasizes models, tools, and techniques for implementing security measures.

By threat, malware was the highest revenue-grossing segment in the global healthcare cyber security market in 2023 owing to the healthcare sector faces numerous cybersecurity challenges, encompassing malware jeopardizing both system integrity and patient confidentiality. Distributed Denial of Service (DDoS) attacks hinder providers' capacity to deliver efficient patient care. Ransomware attacks are widely employed among various types of malware, primarily because hackers are knowledgeable about and prefer ransomware. Additionally, advanced persistence threat is predicted to grow at fastest CAGR during the forecast period owing to a swift surge in cybercrimes, an escalation in incidents involving ransomware, rising incidence of security breaches, and growing introduction of AI-based systems by market players. For instance, in May 2022, Fortinet, Inc., a provider of cybersecurity solutions and services, has unveiled a new series of FortiGate network firewalls featuring integration with AI-powered security services and leveraging custom ASIC-based performance acceleration. The FortiGate 600F is designed to provide a Campus edge network and security solution, facilitating the implementation of a Zero Trust strategy. Additionally, the FortiGate 3700F offers high-speed connectivity between multi-cloud environments and data centers, while the FortiGate 70F supports WAN Edge Transformation.

By security, network security was the highest revenue-grossing segment in the global healthcare cyber security market in 2023 owing to the existing condition of network architecture is marked by its complex structure and the continual evolution of the threat landscape, numerous network security management tools & applications are currently employed addressing individual threats & regulatory non-compliance, increasing frequency & complexity of cyberattacks necessitate organizations to enhance the security of their healthcare networks, and growing collaborations within market players. For instance, in March 2023, IBM, based in the United States, has partnered with Cohesity, also based in the United States, to enhance data security and reliability in hybrid cloud environments. The collaborative effort involves the IBM Storage Defender solution, which integrates data protection, cyber resilience, and data management capabilities to safeguard enterprise data layers from threats such as ransomware, human error, and sabotage. This solution incorporates a cyber vault and clean room functionalities, along with automated recovery operations, enabling the rapid retrieval of business-critical data within hours or minutes rather than days or weeks. Additionally, endpoint security is predicted to grow at fastest CAGR during the forecast period owing to the escalating utilization of technologies, including cloud services and the Internet of Things (IoT), along with an increasing demand for sophisticated software solutions.

By deployment, on-premises was the highest revenue-grossing segment in the global healthcare cyber security market in 2023 owing to the surge in healthcare data transformation is generating a need for storage solutions in healthcare that balance data security, accessibility, and innovation. Regarding on-premises security, data and servers are physically situated within the office premises. In the event of a network failure, users utilize disaster recovery and backup software to recover the required data. Market players are focusing on strategic initiatives such as partnerships & collaborations is anticipated to boost the market growth. For instance, in July 2022, Google Cloud has become an ambassador partner of the Health Information Sharing and Analysis Center (Health-ISAC) with the intention of utilizing its extensive resources and experts to collaborate with industry leaders in safeguarding and securing the healthcare sector. Subsequently, Google introduced the Google Cybersecurity Action Team (GCAT), an initiative focused on aligning security resources and other capabilities to assist the healthcare sector in enhancing cybersecurity efforts. Additionally, cloud-based is predicted to grow at fastest CAGR during he forecast period owing to the rising uptake of cutting-edge technologies and an expanding recognition of the significance of cloud security.

By solution, risk & compliance management was the highest revenue-grossing segment in the global healthcare cyber security market in 2023 owing to the growing advancements in medical technologies, increasing concerns about patient data privacy, underscores the critical importance of healthcare risk management, and surge in mergers & acquisitions within market players. For instance, in February 2023, Accenture has completed the acquisition of Morphus, a privately held cyber defense, risk management, and cyber threat intelligence services provider based in Brazil. This move is part of Accenture's strategy to enhance its practice capabilities in Brazil and the broader Latin America region. Additionally, antivirus & antimalware is predicted to grow at fastest CAGR during the forecast period owing to the adoption of such solutions is on the rise, accompanied by an increase in the frequency of malware attacks targeting the healthcare sector. These attacks are disrupting networks and impacting patient care. There is a heightened emphasis on creating diverse solutions to address various threats.

By end-user, hospital was the highest revenue-grossing segment in the global healthcare cyber security market in 2023 owing to the rising investment by hospitals on cyber security and increasing launch of advanced systems. Hospitals, due to the vast amount of patient data they store, are highly susceptible to cyber attacks. Consequently, there is a growing need for increased implementation of cybersecurity measures in healthcare institutions to ensure the protection of sensitive information. For instance, in December 2022, Palo Alto Networks, based in the United States, has introduced Medical IoT Security, a Zero Trust security solution designed for medical devices. This solution aims to eliminate implicit trust by consistently verifying every user and device, providing healthcare organizations with the capability to swiftly and securely deploy and manage new connected technologies. Additionally, health insurance companies is predicted to grow at fastest CAGR during the forecast period owing to the increasing embrace of digital technologies for storing patients' health data and the escalating investment in the creation of applications featuring advanced technologies.

North America region is anticipated for the highest revenue share during the forecast period owing to the heightened adoption of cybersecurity measures in healthcare institutions, a rising investment in cybersecurity, continuous technological advancements, an increase in sophisticated healthcare infrastructure, and the introduction of cutting-edge products to ensure data protection within the healthcare sector. For instance, in June 2022, At the RSA Conference, Cisco, a leader in enterprise networking and security, revealed its strategy for a worldwide, cloud-based, integrated platform designed to secure and connect organizations of various sizes and structures. The Cisco Security Cloud is being developed as the most inclusive platform in the industry, ensuring the integrity of the entire IT ecosystem without being restricted to a specific public cloud provider. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the growing integration & prevalence of the internet within the healthcare sector, a rise in digitalization with the adoption of Electronic Health Records (EHRs), wireless medical devices, & telemedicine, accompanied by an uptick in cyber-attacks in the region, and increasing launch of innovative solutions by market players. For instance, in August 2023, Schneider Electric, a prominent global player in Energy Management and NextGen Automation digital transformation, has introduced EcoStruxure for Healthcare, an IoT-driven solution designed to support the establishment of a resilient healthcare ecosystem in India.

Segmentation: Healthcare Cyber Security Market Report 2023 - 2034

Healthcare Cyber Security Market Analysis & Forecast by Threat 2023 - 2034 (Revenue USD Bn)

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

Healthcare Cyber Security Market Analysis & Forecast by Security 2023 - 2034 (Revenue USD Bn)

• Endpoint Security
• Network Security
• Content Security
• Application Security

Healthcare Cyber Security Market Analysis & Forecast by Deployment 2023 - 2034 (Revenue USD Bn)

• Cloud-based
• On-premises

Healthcare Cyber Security Market Analysis & Forecast by Solution 2023 - 2034 (Revenue USD Bn)

• Intrusion Detection System/ Intrusion Prevention System
• Security Information and Event Management
• Risk and Compliance Management
• Identity and Access Management
• Antivirus and Antimalware
• DDoS Mitigation
• Others

Healthcare Cyber Security Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)

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

Healthcare Cyber Security Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• UK
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Mexico
• Argentina
• Rest of LATAM
• Middle East & Africa
• South Africa
• GCC
• Rest of MEA