Healthcare Cyber Security Market: US$ 615Bn Value by 2032 | CAGR 15%

February 4, 2024
1 min read

In 2023, the global healthcare cybersecurity market was valued at US$17.1 billion. IMARC Group predicts that this market will reach US$61.5 billion by 2032, with a compound annual growth rate (CAGR) of 15% during 2024-2032.

Key Points:

  • The healthcare industry’s increasing digitalization is driving the growth of the cybersecurity sector. As healthcare organizations adopt electronic health records, telemedicine, and IoT devices, there is a greater need for robust cybersecurity measures.
  • Stringent regulatory compliance surrounding patient data protection, such as the Health Insurance Portability and Accountability Act (HIPAA) in the United States, is fueling the expansion of the healthcare cybersecurity industry. Healthcare organizations are investing in comprehensive cybersecurity solutions to comply with legal requirements and protect patient information.
  • Increasing awareness about cyber threats and their potential impact on healthcare operations is driving the growth of the healthcare cybersecurity industry. As cyberattacks become more sophisticated, healthcare organizations are realizing the importance of investing in cybersecurity to protect data and ensure operational continuity and patient safety.

The healthcare cybersecurity market is highly competitive, with key players including AO Kaspersky Lab, Broadcom Inc., Cisco Systems Inc., Claroty Ltd., CyberMDX Technologies Inc., Cynerio Israel Ltd., FireEye, Inc., Forcepoint LLC, International Business Machines Corporation, McAfee LLC, Palo Alto Networks Inc., and Trend Micro Inc.

The market is segmented 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 (North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa). The largest market shares are held by malware, antivirus and antimalware solutions, and hospitals.

In conclusion, the global healthcare cybersecurity market is driven by factors such as the increasing digitalization of the healthcare industry, stringent regulations, and growing awareness about cyber threats. The market is highly competitive, with key players offering various solutions to protect healthcare organizations from cyber risks.

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