Healthcare Cybersecurity Market Worth $26.1 billion by 2027- Exclusive Report Covering Pre and Post COVID-19 Market Analysis by Meticulous Research®

Healthcare Cybersecurity Market Worth $26.1 billion by 2027- Exclusive Report Covering Pre and Post COVID-19 Market Analysis by Meticulous Research®

PR Newswire

LONDON, Aug. 24, 2020

LONDON, Aug. 24, 2020 /PRNewswire/ -- According to new market research report titled, "Healthcare Cybersecurity Market by Threat (Ransomware, Malware & Spyware, DDoS, APT, Phishing), Offering, Security Type (Cloud, Application, Endpoint, Network), End-User (Healthcare Providers & Payers), and Geography– Global Forecast to 2027". The healthcare cybersecurity market is expected to grow at a CAGR of 19.8% from 2020 to 2027 to reach $26.1 billion by 2027.


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Increasing demand for advanced cybersecurity solutions & privacy, increase in frequency & complexity of cyber threats, emergence of disruptive digital technologies across the healthcare sector, and consistent technological developments are the key factors driving the growth of the healthcare cybersecurity market. Moreover, the factors such as increasing need of cloud-based security solutions among healthcare sector, exponential rise in healthcare data breaches, and rising adoption of 5G technology are also encouraging the growth of the healthcare cybersecurity market during the forecast period. However, lack of skilled & trained professionals and the global impact of COVID-19 pandemic may restrict the growth of this market in the coming years to some extent.

Impact of COVID-19 on the healthcare cybersecurity market

As the novel coronavirus continues to spread, the world is facing a very difficult and unpredicted situation. The outbreak is also hampering the world's economy and creating serious challenges to healthcare industries. The COVID-19 has started showing its distressing collision on most of the profitable businesses across the globe. During the COVID-19, healthcare providers have increased their telehealth services and started relying on remote access systems for public health emergency in an effort to help prevent the spread of COVID-19. This encouraged excess internet usage and exposed several loopholes for privacy concerns about EHR snooping, sophisticated phishing email schemes, mail spams, data theft, ransomware attacks, and data breaches in healthcare organizations. For instance, in 2020, Brno University Hospital in the Czech Republic was hit by a major cyberattack, causing an immediate computer shutdown in the midst of the coronavirus outbreak.

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The situation has been evolving in unpredictable ways, and the companies operating in this market are doing tremendous work by adapting to a new reality, anticipating and planning for various scenarios. Several leading cybersecurity players are also eying this crisis as a new opportunity for restructuring and revisiting their existing strategies along with advancing their product portfolio. In July, 2020, Medigate partnered with TRIMEDX, an industry-leading provider of clinical asset management solutions for health systems clinical engineering services. This partnership will deliver an integrated solution that offers real-time visibility into connected medical devices. Apart from this, the factors such as favourable government policies & initiatives including financial packages and ease in the taxes; increase in frequency of cyber threats in healthcare organizations; increasing digitization; increasing use of smartphones as an attack vector; and increasing demand for advanced cybersecurity solutions coupled with increasing investment in advanced technologies are further expected to contribute to the growth of the healthcare cybersecurity market.

The global healthcare cybersecurity market study present historical market data (2018 & 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of threat, offering, security type, end-user, and geography. The study also evaluates industry competitors and analyzes the market at a country level.

Based on threat, the healthcare cybersecurity market is segmented into ransomware, malware & spyware, distributed denial-of-service (ddos), advanced persistent threat (APT), and phishing & spear phishing. Among these, the ransomware threats segment is estimated to account for the largest share of the overall healthcare cybersecurity market in 2020, as well as projected to grow with the fastest CAGR during the forecast period. The large share of this segment is mainly attributed to the factors such as increase in demand for advanced solutions for data protection, advent of crypto-currencies for ransom payment due to its untraceable nature, rise in volume of targeted security breaches & attacks,  and increasing use of cloud based services for storage.

Based on offering, the solutions segment is estimated to account for the largest share of the overall healthcare cybersecurity market in 2020. The large share of this segment is mainly attributed to the factors such as increase in demand for advanced solutions for security operation, growing number of data security & privacy concerns, increasing demand for robust and cost-effective security solutions to strengthen cybersecurity infrastructure, and growing regulatory enforcement and protection concerns. Further, the solutions segment is further segmented into identity & access management, intrusion detection system (IDS)/intrusion prevention system (IPS), antivirus & antimalware, risk & compliance management, distributed denial of service (DDoS) mitigation, security information & event management (SIEM), firewall, and unified threat management. In the solutions segment, unified threat management solution is slated to grow at the fastest CAGR during the forecast period, due to the increasing dependency on web applications, low cost & deployment of UTM solutions, increasing number of data security breaches, and increasing regulatory compliance.

Based on security type, the network security segment is estimated to account for the largest share of the overall healthcare cybersecurity market in 2020, owing to the factors such as growing demand for network security solutions and privacy concerns; and increasing number of APTs, malware, ransomware, DDoS, and phishing attacks. Moreover, the growing awareness, spending by organizations on advanced network security solutions, and increase in the adoption of the bring your own device (BYOD) trend are expected to drive the growth of the network security segment over the coming years. However, the cloud security segment is slated to grow at the fastest CAGR during the forecast period in the overall healthcare cybersecurity market. The growth of this segment is primarily driven by the rise in volume of sensitive data in healthcare and increase in adoption of Internet of Things (IoT) devices. In addition, the rise in adoption of cloud-based security technologies and services and increasing use of cloud services for storage are also expected contribute to the growth of the cloud security segment.

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Based on end-user, the healthcare providers segment is estimated to account for the largest share of the overall healthcare cybersecurity market in 2020. The large share of this segment is primarily driven by the growing number of data security concerns, rising awareness about electronic health records (EHRs), and supportive government initiatives and mandates on implementing eHealth solutions and protect patient information from cyber threats. Moreover, the increasing adoption and total volume of connected IoT devices; rising demand for cloud services; rising investments in development of healthcare infrastructure; and emergence of digital technologies such as IoT and cloud computing will further contribute to the growth of this segment.

Geographically, the North America region is estimated to account for the largest share of the global healthcare cybersecurity market in 2020. The large share of this region is primarily attributed to the factors such as presence of major players along with several emerging startups in the region, presence of highly developed medical and healthcare infrastructure, high spending on the healthcare information technology, proliferation of cloud-based solutions, increasing sophistication & frequency of cyberattacks, and emergence of disruptive digital technologies. However, Asia-Pacific region is expected to witness rapid growth during the forecast period, driven by the factors such as increasing cyberattacks in hospitals, rising consumption of connected devices, and growing regulatory requirements for patient care and safety. In addition, the growing awareness regarding cybersecurity among healthcare organizations; high adoption of advanced technologies, such as IoT, 5G technology, and cloud computing; and rising privacy & security concerns in the region are also some of the major factors driving the growth of the healthcare cybersecurity market in APAC.

The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past 4 years (2017–2020). The healthcare cybersecurity market have witnessed partnerships & agreements in recent years that enabled companies to broaden their product portfolios, advance the capabilities of existing products, and gain the cost leadership in the cybersecurity market. For instance, in March 2020, LogRhythm, Inc. partnered with Keeper Security, provider of the leading cybersecurity platform. This partnership will integrate Keeper's extensive password event data into LogRhythm SIEM to create a holistic view of a threat environment. In 2020, Juniper Networks, Inc. launched Juniper Connected Security to secure their networks on-premises and provide security policy enforcement to all points of connection across the network. In 2019, Cisco Systems, Inc. collaborated with Telenor Group on cybersecurity, cloud and the digital workplace, and Open vRAN for 5G technology.

The global healthcare cybersecurity market is fragmented in nature. The major players operating in this market are FireEye, Inc. (U.S.), Palo Alto Networks, Inc. (U.S.), Sophos Ltd. (U.S.), Juniper Networks, Inc. (U.S.), Fortinet, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Checkpoint Software Technologies Ltd. (U.S.), Imperva (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), McAfee LLC (U.S.), LogRhythm, Inc. (U.S.), NortonLifeLock Inc. (U.S.), Crowdstrike Holdings, Inc. (U.S.) Fortified Health Security (U.S.), Sensato Cybersecurity Solutions (U.S.), Kaspersky Lab (Russia), Northrop Grumman Corporation (U.S.), and Medigate (U.S.), among others.

To gain more insights into the market with a detailed table of content and figures, click here:

Scope of the Report:

Healthcare Cybersecurity Market by Threats

Healthcare Cybersecurity Market by Offering

Healthcare Cybersecurity Market by Security

Healthcare Cybersecurity Market by End-User

Healthcare Cybersecurity Market by Geography:  

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