Global Healthcare Cyber Security Market to Reach US$ 61.5 Billion by 2032, Propelled by Rising Security Concerns

The latest report by IMARC Group, titled "Healthcare Cyber Security Market Report by Type of Threat (Malware, Distributed Denial of Service (DDoS), Advanced Persistent Threats (APT), Spyware, and Others), Type of Solution (Identity and Access Management, Risk and Compliance Management, Antivirus and Antimalware, DDoS Mitigation, Security Information and Event Management, Intrusion Detection System and Intrusion Prevention System, and Others), End User (Hospitals, Pharmaceutical Companies, Medical Device Companies, Health Insurance Companies, and Others), and Region 2024-2032," finds that the global healthcare cyber security market reached a value of US$ 17.1 Billion in 2023. Healthcare cyber security refers to various tools and solutions designed to protect electronic information and assets vulnerable to security threats and attacks. It aids in safeguarding networks, computers, programs, and data related to healthcare against unauthorized access, data breach, damage, or attack. It also helps healthcare providers secure sensitive patient and hospital information, minimize the risks of medical errors, improve patient care, enhance patient privacy protection, and maintain accurate health records. As a result, healthcare cybersecurity solutions have gained traction across hospitals, surgical centers, clinics, and ambulatory services.

Global Healthcare Cyber Security Market Trends: 

Healthcare cyber security solutions assist in protecting confidential data and legacy systems against malicious software, hacking attempts, data thefts, and manipulation. Owing to this, the rising security concerns and the increasing incidences of cyberattacks represent the primary factors driving the market growth. Besides this, the growing usage of cloud-based solutions in the healthcare sector to enhance efficiency and reduce data management costs has catalyzed the product demand. Additionally, there has been widespread adoption of connected medical devices and digital health record systems for automated data collection and better patient care and health outcomes. Along with this, the integration of healthcare systems with innovative technologies, such as artificial intelligence (AI) and the Internet of Things (IoT), has strengthened the need for healthcare cyber security solutions. Furthermore, the increasing utilization of remote patient monitoring devices, diagnostic systems, and virtual care platforms amid the recent outbreak of coronavirus disease (COVID-19) has accelerated the product adoption rate. Other factors, including the growing adoption of 5G technology, improving healthcare infrastructure, product innovations, technological advancements, and supportive government policies, are also creating a favorable market outlook. Looking forward, the market value is expected to reach US$ 61.5 Billion by 2032, expanding at a CAGR of 15% during the forecast period (2024-2032).

Market Summary:

• Based on the type of threat, the market has been classified into malware, distributed denial of service (DDoS), advanced persistent threats (APT), spyware, and others.
• The market has been divided based on the type of solution into identity and access management, risk and compliance management, antivirus and antimalware, DDoS mitigation, security information and event management, intrusion detection system and intrusion prevention system, and others.
• Based on the end user, the market has been categorized into pharma and chemicals, medical devices, health insurance, hospitals, and others.
• On a geographical front, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
• The competitive landscape of the market has also been analyzed with some of the key players being AO Kaspersky Lab, Broadcom Inc., Cisco Systems Inc., Claroty Ltd., CyberMDX Technologies Inc. (Forescout Technologies Inc.), Cynerio Israel Ltd., FireEye, Inc. (Trellix), Forcepoint LLC, International Business Machines Corporation, McAfee LLC, Palo Alto Networks Inc., and Trend Micro Inc.

Report Scope:

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