Healthcare Cybersecurity Market to be Worth $58.9 Billion by 2031

Healthcare Cybersecurity Market by Offering (Solutions, Services), Security Type (Network Security, Cloud Security), Deployment Mode, End User (Hospitals and Healthcare Facilities, Telehealth and Digital Health Providers) - Global Forecast to 2031

Meticulous Research^®—leading global market research company, published a research report titled ‘Healthcare Cybersecurity Market by Offering (Solutions, Services), Security Type (Network Security, Cloud Security), Deployment Mode, End User (Hospitals and Healthcare Facilities, Telehealth and Digital Health Providers) - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the healthcare cybersecurity market is projected to reach $58.9 billion by 2031, at a CAGR of 17.4% from 2024 to 2031. The growth of the healthcare cybersecurity market is driven by the growing demand for advanced cybersecurity solutions, rising privacy concerns, increasing cyber-attacks and data breaches, and the growing adoption of IoT and connected devices. However, the lack of a cyber security policy framework in healthcare organizations restrains the growth of the healthcare cybersecurity market. Furthermore, the rising adoption of cloud-based security solutions in the healthcare industry and rising government initiatives aimed at encouraging the adoption of cybersecurity solutions are expected to create growth opportunities for the stakeholders in this market. However, the lack of awareness and misconceptions regarding healthcare cybersecurity solutions is a major challenge impacting market growth.

The healthcare cybersecurity market is segmented by offering (solutions [antivirus & antimalware, security information and event management, distributed denial of service mitigation, risk and compliance management, identity and access management, firewall, unified threat management, intrusion detection system/intrusion prevention system, data loss prevention, and other solutions], services [professional services, managed services]), security type (network security, cloud security, application security, endpoint security, and other security types), deployment mode (on-premise deployment, cloud-based deployment), end user (hospitals and healthcare facilities, pharmaceuticals, health insurance providers and payers, government healthcare agencies, and telehealth and digital health providers), and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on offering, the healthcare cybersecurity market is segmented into solutions and services. In 2024, the solutions segment is expected to account for the larger share of the healthcare cybersecurity market. The segment’s large market share is attributed to the rising demand for advanced cybersecurity solutions, the growing number of data security & privacy concerns, and increasing R&D investments to improve cybersecurity solutions. In addition, factors such as rising sophistication levels of cyberattacks, rising awareness about electronic health records (EHRs), and growing regulatory enforcement and protection concerns are also expected to contribute to the growth of the solutions segment in the healthcare cybersecurity market. Also, this segment is expected to register the highest CAGR during the forecast period.

Based on security type, the healthcare cybersecurity market is segmented into network security, cloud security, application security, endpoint security, and other security types. In 2024, the network security segment is expected to account for the largest share of the market. The segment’s large market share is attributed to the growing demand for filtering and monitoring network traffic, the growing number of malware attacks on hospital networks, rising data and security breaches, and the increasing need to protect connected network infrastructure.

However, the cloud security segment is expected to register the highest CAGR during the forecast period. The rising need to secure workload on the cloud, the increasing demand for advanced threat detection solutions, and the growing sophistication of cybercrimes are expected to support the growth of this segment.

Based on deployment mode, the healthcare cybersecurity market is segmented into on-premise deployment and cloud-based deployment. In 2024, the on-premise deployment segment is expected to account for the largest share of the healthcare cybersecurity market. The segment’s large market share is attributed to the greater control cybersecurity infrastructure offered by on-premise solutions, the high preference for on-premise deployments among large enterprises, and the availability of trained IT professionals and supportive infrastructure.

However, the cloud-based deployment segment is expected to register the highest CAGR during the forecast period. The rapid evolution of new avenues for cloud-based deployments, the superior flexibility offered by cloud-based deployments, and the increasing incorporation of cloud-based solutions are expected to support the growth of this segment.

Based on end user, the healthcare cybersecurity market is segmented into hospitals and healthcare facilities, pharmaceuticals, health insurance providers and payers, government healthcare agencies, and telehealth and digital health providers. In 2024, the hospitals and healthcare facilities segment is expected to account for the largest share of the healthcare cybersecurity market. The segment’s large market share is attributed to 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 protecting patient information from cyber threats. Moreover, the increasing adoption and total volume of connected IoT devices; rising demand for cloud services; rising investments in the development of healthcare infrastructure; and emergence of digital technologies such as IoT and cloud computing will further contribute to the growth of this segment.

However, the telehealth and digital health providers segment is expected to register the highest CAGR during the forecast period. The rising adoption of telemedicine devices and remote healthcare services, the rising number of cyberattacks, and the increasing need for securing connected medical devices and effective cloud security measures are expected to support the growth of this segment.

Based on geography, the healthcare cybersecurity market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the healthcare cybersecurity market. North America’s large market share is attributed to the presence of prominent players offering healthcare cybersecurity solutions. Furthermore, the growing adoption of advanced technologies, rising demand for cloud-based security solutions, supportive government initiatives and mandates, and increasing demand for advanced threat detection solutions are also contributing to the growth of the healthcare cybersecurity market in North America.

However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The rapid growth of this region is mainly driven by factors such as surging demand for cybersecurity solutions due to the increasing number of connected devices in the region, the growing need to deploy advanced cybersecurity solutions to ensure data, network, and device security, and government initiatives to ensure the highest level of cybersecurity for the region’s healthcare infrastructure. Furthermore, increasing ransomware attacks on connected devices and market players’ efforts to launch advanced cybersecurity solutions are also supporting the growth of this regional market.

Key Players:

The key players operating in the healthcare cybersecurity market are Palo Alto Networks, Inc. (U.S.), Fortinet, Inc. (U.S.), Cisco Systems, Inc. (U.S.), IBM Corporation (U.S.), Check Point Software Technologies Ltd. (Israel), Imperva, Inc. (U.S.), Crowdstrike Holdings, Inc. (U.S.), LogRhythm Inc. (U.S.), Sophos Ltd. (U.K.), Trend Micro Incorporated. (Japan), McAfee, LLC. (U.S.), Radware Ltd. (Israel), F5, Inc. (U.S.), Claroty Ltd. (U.S.), and Proofpoint, Inc. (U.S.).

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Key Questions Answered in the Report:

Which are the high-growth market segments in terms of the offering, security type, deployment mode, and end user?
What is the historical market size for healthcare cybersecurity across the globe?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the global healthcare cybersecurity market?
Who are the major players in the global healthcare cybersecurity market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global healthcare cybersecurity market?
What are the various strategies adopted by major market players?
What are the geographic trends and high-growth countries?
Who are the local emerging players in the global healthcare cybersecurity market? How do they compete with the other players?

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