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Healthcare Cybersecurity Market Growth, Size, Drivers, Opportunities, Statistics | Industry Report [2023-2028]

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Healthcare Cybersecurity Market Growth, Size, Drivers, Opportunities, Statistics | Industry Report [2023-2028]

April 25
19:52 2023
Healthcare Cybersecurity Market Growth, Size, Drivers, Opportunities, Statistics | Industry Report [2023-2028]
IBM (US), Cisco (US), Palo Alto Networks (US), Check Point (Israel), Fortinet (US), Trend Micro (Japan), Dell EMC (US), CrowdStrike (US), Kudelski Security (Switzerland), CloudWave (US), Claroty (US), Imperva (US), LogRhythm (US), Kaspersky (Russia), Sophos (UK), Juniper (US), Forcepoint (US), Verimatrix (US), Forescout (US), and Sternum (Israel)
Healthcare Cybersecurity Market by Offering (Solutions and Services), Solution Type, Threat Type, Security Type, End Use Industry (Hospitals and Healthcare Facilities, Medical Device Manufacturers) and Region – Global Forecast to 2028

The global healthcare cybersecurity market size is projected to grow from USD 18.2 billion in 2023 to USD 35.3 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 14.2% during the forecast period. The primary reasons driving the market expansion are growing cyberattacks and concerns related to security and privacy, rising acceptance of IoT and connected devices, and increasing adoption of cloud-based solutions in the healthcare sector.

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Based on the threat type, the ransomware segment is to grow at the highest CAGR during the forecasted period

Ransomware attacks continue to be a significant threat to healthcare organizations. These types of attacks are a major threat that can disrupt patient care, compromise sensitive patient data, and cause significant financial damage According to a report, the healthcare sector accounted for 79% of all ransomware attacks in the United States in 2022. The impact of ransomware attacks on healthcare organizations has been highlighted by some of the high-profile incidents such as the WannaCry attack on the UK’s National Health Service and the NotPetya attack on Merck pharmaceuticals. These incidents demonstrated the potential for ransomware attacks to cause widespread disruption and underscored the importance of strong cybersecurity measures in healthcare. Thus, the ransomware segment accounts for the highest CAGR during the forecasted period.

By solution type, Antivirus/Antimalware segment to hold a larger market size during the forecast period

Antimalware helps protect healthcare organizations against malware threats such as viruses, trojans, worms, and other malicious software that can compromise the security of patient data and systems, therefore becoming an important aspect of healthcare cybersecurity. Additionally, antimalware solutions help healthcare organizations detect and prevent malware attacks by scanning for known malware signatures, analyzing behavior patterns, and using advanced technologies such as machine learning and artificial intelligence algorithms to detect and respond to emerging threats. Thus, the segment holds a larger market size during the forecast period.

What is Healthcare Cybersecurity?

Healthcare cybersecurity is a strategic requirement for every firm in the medical industry, from healthcare providers to insurance to pharmaceutical, biotechnology, and medical device corporations. It entails a number of steps to protect companies from external and internal cyberattacks and to assure the availability of medical services, the proper operation of medical systems and equipment, the confidentiality and integrity of patient data, and compliance with industry rules.

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Competitive overview:

The healthcare cybersecurity market is led by some of the globally established players, such as IBM (US), Cisco (US), Palo Alto Networks (US), Check Point (Israel), Fortinet (US), Trend Micro (Japan), Dell EMC (US), CrowdStrike (US), Kudelski Security (Switzerland), CloudWave (US), Claroty (US), Imperva (US), and LogRhythm (US). Partnerships, agreements, collaborations, acquisitions, and product developments are some of the various growth strategies by these players to increase their market presence.

Cisco (US) Cisco is a major networking equipment company that has been creating, producing, testing, and distributing integrated products and services since 1984. It offers IP-based networking, security, and cybersecurity products and services. Cisco’s zero-trust security guarantees comprehensive network, application, and environment security across enterprises. The firm provides advice, implementation, and managed services, and has strategic alliances with Apple, A10 Networks, Alien Vault, AWS, Centrify, Fortinet, Google, and IBM Security. It has a significant presence in the Middle East, North America, Latin America, Asia Pacific, and Europe.

Through collaborations and acquisitions, the firm has grown its portfolio and presence in the healthcare cybersecurity market with companies, such as Cylera (US), Gigamon (US), and AT&T (US).

IBM (US) is a computer, technology, and information technology consulting organisation. It invented, developed, and produced some of the most cutting-edge technology available today. It is one of the greatest technical businesses in the world and the second-most valuable enterprise. The range of products offered by IBM includes microelectronics, networking systems, storage devices, computer systems, and software. In addition, it offers infrastructure, hosting, and consulting services in various industries, from nanotechnology to mainframe computers. IBM’s primary business sectors include global financing, global business services, global technology services, systems, cloud, and cognitive software. IBM offers cybersecurity solutions in healthcare, including IBM Spectrum Sentinel, IBM QRadar SIEM, IBM Guardium, IBM Trusteer, IBM Verify, and IBM Storage Defender. Apart from these solutions, it also offers cybersecurity services including data security, security intelligence and operations, consultancy, secure engineering and application security, and security strategy risk and compliance. IBM’s security division offers next-generation security threat intelligence solutions and services in the cybersecurity market.

IBM caters to several industries, including supply chain, financial services, automotive, real estate, food safety, identification, international trade, IT, healthcare, life sciences, government, telecom, automobile, manufacturing, FMCG, chemicals and petroleum, electronics, energy and electricity specializes in data encryption, tokenization, data masking, Hardware Security Module (HSM) management, key management, and digital signature.

Apart from large vendors, some other players, such as Kaspersky, Sophos, Juniper, Forcepoint, Verimatrix,  Forescout, Imprivata, SailPoint Technologies, Saviynt, JFrog, Fortified, ClearDATA, Cynerio, MedCrypt, Armis, Cylera, Zeguro, Virta Laboratories, Protenus, Censinet, and Sternum are also evolving in the healthcare cybersecurity market. Kaspersky (Russia) Kaspersky is a cybersecurity company that aims to build a safer world by developing software and solutions to protect users from malware, viruses, and other online threats. It offers cybersecurity solutions to individuals, small and medium businesses, and large enterprises, such as Kaspersky Endpoint Security for Business, Kaspersky Hybrid Cloud Security, Kaspersky Endpoint Detection and Response Expert, Kaspersky Anti Targeted Attack Platform, Kaspersky Endpoint Detection and Response Optimum, Kaspersky Industrial CyberSecurity, Kaspersky Security for Microsoft Office 365, Kaspersky Embedded Systems Security, and Kaspersky Security for Internet Gateway. Kaspersky has offices and partners in more than 200 countries and collaborates with global IT security vendors, international organizations, and national and regional law enforcement agencies to fight cybercrime. In the healthcare vertical, Kaspersky offers multilayered security for endpoints, secures patients’ health records, ensures healthcare service availability, keeps intellectual property safe, maintains reputation, and mitigates risk.

According to MnM’s approach to evaluating the market, most businesses use inorganic growth tactics to hold onto their market share. In 2020–2021, the number of transactions rose by 50–60%. These agreements cover alliances, acquisitions, collaborations, and partnerships together. Product launches and corporate growth activities abruptly decreased as a result of the COVID-19 pandemic. On the other hand, organizations are anticipated to embrace organic growth strategies starting in 2021 to provide end consumers with healthcare cybersecurity solutions and services, which would assist businesses in boosting market revenue.

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