Healthcare Cybersecurity Market

Healthcare Cybersecurity Market Size, Share and Demand Analysis

The size of the global healthcare cybersecurity market is expected to increase from USD 18.2 billion in 2023 to USD 35.3 billion by 2028. With a Compound Annual Growth Rate (CAGR) of 14.2% over the course of 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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The growth of the healthcare cybersecurity market is driven by several key factors:

  • Increase in Cyberattacks
  • Regulatory Requirements
  • Digital Transformation
  • Technological Advancements
  • Rising Awareness and Investments

Increase in Cyberattacks: The healthcare sector is a prime target for cybercriminals due to the high value of medical data, which can be ten to twenty times more valuable than financial information. The frequency and sophistication of attacks, such as ransomware and data breaches, have surged, pushing healthcare organizations to adopt more robust cybersecurity measures?

Regulatory Requirements: Regulations like the Health Insurance Portability and Accountability Act (HIPAA) and the Health Information Technology for Economic and Clinical Health (HITECH) Act in the U.S. mandate stringent data privacy and security measures. Compliance with these regulations drives the adoption of advanced cybersecurity solutions?.

Digital Transformation: The growing adoption of electronic health records (EHRs), telehealth services, and Internet of Medical Things (IoMT) devices increases the vulnerability to cyber threats. As healthcare organizations digitize their operations, the need for comprehensive cybersecurity solutions becomes critical to protect sensitive data and ensure patient safety.

Technological Advancements: Innovations in cybersecurity technologies, such as artificial intelligence, machine learning, and blockchain, are enhancing the capabilities of security solutions. These technologies help in identifying and mitigating threats more effectively, thus encouraging their adoption in the healthcare sector?.

Rising Awareness and Investments: There is a growing awareness among healthcare providers about the importance of cybersecurity. This is coupled with increasing investments in cybersecurity infrastructure and solutions to safeguard against potential threats and ensure compliance with regulatory standards?.

Here's a brief overview of the market share and key offerings of the specified companies in the healthcare cybersecurity market:

  • IBM
  • Cisco
  • Palo Alto Networks
  • Check Point
  • Fortinet 
  • Trend Micro
  • Dell EMC

IBM (US):

  • Market Share: IBM is a major player in the healthcare cybersecurity market, leveraging its expertise in AI and cloud computing.
  • Key Offerings: IBM offers solutions like IBM Security Guardium for data security, IBM QRadar for threat detection, and IBM Resilient for incident response. They also provide comprehensive services for security management and compliance?

Cisco (US):

  • Market Share: Cisco is a leading provider with a significant market share due to its robust network security solutions.
  • Key Offerings: Cisco offers a range of cybersecurity solutions such as Cisco Umbrella for cloud security, Cisco Secure Access by Duo for access control, and Cisco Tetration for workload protection. They also have extensive security services and consulting?

Palo Alto Networks (US):

  • Market Share: Palo Alto Networks is a key player known for its advanced cybersecurity technologies.
  • Key Offerings: They provide solutions like Prisma Cloud for cloud security, Cortex XDR for extended detection and response, and Medical IoT Security for safeguarding medical devices. Their focus on zero trust security and innovative threat prevention is notable?

Check Point (Israel):

  • Market Share: Check Point holds a strong position in the market, especially in endpoint protection.
  • Key Offerings: Check Point's offerings include Check Point Infinity for comprehensive security architecture, Harmony for secure user access, and Quantum for network security. Their acquisition of Avanan has enhanced their email security solutions?

Fortinet (US):

  • Market Share: Fortinet is recognized for its broad portfolio of cybersecurity solutions.
  • Key Offerings: They offer FortiGate for firewall protection, FortiSIEM for security information and event management, and FortiClient for endpoint security. Fortinet's focus on integrated security solutions across networks, endpoints, and clouds is a major advantage?

Trend Micro (Japan):

  • Market Share: Trend Micro has a significant market presence due to its advanced threat defense capabilities.
  • Key Offerings: Their key solutions include Apex One for endpoint security, Cloud One for cloud security, and Vision One for extended detection and response. Trend Micro's collaboration with healthcare providers enhances their threat detection and response services?

Dell EMC (US):

  • Market Share: Dell EMC is a prominent player, particularly known for its data protection and storage solutions.
  • Key Offerings: Dell EMC provides solutions like Dell Data Protection for data encryption and security, SecureWorks for managed security services, and VMware Carbon Black for endpoint protection. Their focus on secure data management and comprehensive security services is pivotal?

Related Reports:

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

 

Healthcare Cybersecurity Market Size,  Share & Growth Report
Report Code
TC 8616
RI Published ON
6/18/2023
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