Healthcare Cybersecurity Market

I believe cybersecurity services are very important for healthcare organizations. No cybersecurity product / platform tells how to tackle the situation of a data breach or how to respond to cyberattacks. The cybersecurity services market is going to grow as soon as people realize that the actual threat is already out there, and they are not capable to deal with that

-Chief Executive Officer

Healthcare Cybersecurity Market Overview

The global healthcare cybersecurity market size is estimated to reach $12.6 billion by 2030, growing at CAGR of 14% during the forecast period. The digital revolution has transformed the way businesses operate across the globe. However, digitally stored information is prone to hacking and manipulation by cyber criminals. The concern is validated by the fact that more than 5.1 million records are compromised due to data breaches every day. In 2016, close to 1,800 incidents of data breaches were reported across all the industries; in total, almost 1.4 billion data records were lost or stolen. The year 2017 also witnessed several cyberattacks; notable examples include WannaCry and NotPetya ransomware attacks, Equifax data breach, MongoDB databases leak, Elasticsearch server hack, Cloudbleed security bug, Zomato hack, HBO hack / Game of Thrones leaks, Uber data breach, and Ethereum hack.

The healthcare industry has been amongst the prime targets for hackers over the last several years. The Ponemon Institute’s Fifth Annual Study reported that cyberattacks in healthcare have increased by a factor of 125% since 2010. In the first half of 2017, the healthcare industry had been compromised a number of times, having experienced a total of 228 data breaches, representing 25% of the total number of breaches worldwide. Across these instances, around 31 million records were compromised, stolen or lost, representing an increase of 423% as compared to the first six months of 2016. In addition, according to a report published in May 2016, it is estimated that, with each electronic health record (EHR) costing around USD 355 in the black market, healthcare data breaches have resulted in losses worth USD 6.2 billion per year to the US healthcare industry. Examples of organizations that have recently been the victims of cyberattacks / security incidents include (in alphabetical order) Abbott / St. Jude Medical, Anthem BlueCross BlueShield, Bayer, Bupa Global Health Insurance, Bronx Lebanon Hospital Center, HealthNow Networks, Johnson & Johnson, Med Center Health, Merck, National Health System (NHS), Pacific Alliance Medical Center, Patient Home Monitoring, and Smiths Medical.

In order to overcome these challenges, various cybersecurity solution providers have started to specifically focus on healthcare. Along with the presence of big companies, the entry of several start-ups is driving the innovation in healthcare cybersecurity market. Contrary to the expectation, capital spending on cybersecurity in the healthcare industry is far less compared to some other industries. In addition, the scarcity of skilled cybersecurity professionals capable of catering to the complex regulatory demands in the healthcare industry is making it even more difficult for the successful implementation of cybersecurity policies across global healthcare cybersecurity market.

Key Companies in Healthcare Cybersecurity Market 

Examples of key companies engaged in healthcare cybersecurity market (which have also been profiled in this market report; the complete list of companies is available in the full report) include Attivo Networks, CensorNet, Exabeam, iCyber-Security, Threat Stack, TraceSecurity, Zenedge, Anomali, Centripetal Networks, Flashpoint, ProtectWise, Sqrrl, Shape Security, Vectra Networks, Agio, CyberSurance, Delta Risk, ITEGRITI, Security Risk Advisors, Sera-Brynn and VigiTrust. This market report includes an easily searchable excel database of all the companies providing cybersecurity products / solutions / services to healthcare industry, worldwide.

Scope of the Report

The ‘Healthcare Cybersecurity Market, 2018-2030’ market report features an extensive study of the current market landscape, market size, market share, market growth, market trends, market value, market forecast, market outlook, statistics and future opportunities of the healthcare cybersecurity market. The focus of this market research report is on the cybersecurity products / solutions and services that are currently available for protecting internet connected devices against cybercriminals, and the likely evolution of novel technologies / platforms in the mid to long term. Backed by funding from several venture capital firms and strategic investors, this evolving market has its hopes pinned on the efforts of multiple start-ups. Amongst other elements, the market research report features:

• A detailed assessment of the current market landscape of cybersecurity within the healthcare domain, providing information on cybersecurity core products / solutions, threat intelligence solutions, information on different threat types, security elements and modes of deployment.
• Detailed profiles of some of the emerging players in the industry, highlighting the current focus of the companies, capital raised, and details on their specific cybersecurity products / solutions and services. The profiles also have a section on recent developments, highlighting the achievements, partnerships / collaborations, and the likely strategies that may be adopted by these players to fuel growth in the foreseen future.
• A comprehensive benchmark analysis, highlighting key focus areas of mid to large sized companies, thereby, providing a means to compare the existing capabilities within respective peer groups and help industry stakeholders identify ways to achieve a competitive edge over contemporary players. In addition, we have provided detailed profiles of some of the established players within each peer group.
• An analysis of investments made at various stages of product development; these include seed financing, venture capital financing, debt financing and grants / awards received by the companies that are focused in this area.
• An elaborate valuation analysis of companies that are involved in providing cybersecurity products / solutions / services to the healthcare industry; for the purpose of this analysis, we focused on companies that have been established over the last 5-6 years.
• An overview of how artificial intelligence (AI), machine learning and deep learning techniques can augment cybersecurity, once integrated. In addition, we have outlined a detailed assessment of the current market landscape of AI-based cybersecurity, and provided high-level insights on the market competitiveness within healthcare cybersecurity market.
• A case study on cybersecurity use cases within the healthcare industry, highlighting some of the notable healthcare data breaches and security incidents that have happened in 2017. In addition, we have briefly outlined some of the recently reported medical device hacks / security vulnerabilities that led to the recalling of these devices.

The key objective of healthcare cybersecurity market report is to provide a detailed market analysis in order to estimate the existing market size, market share, market growth, market trends, market value, market forecast, market outlook, statistics and future opportunity for healthcare cybersecurity market during the forecast period. Based on various parameters, such as number of healthcare data breaches, number of records compromised, expected pricing of the stolen medical records and spending trends on cybersecurity in the healthcare industry, we have provided an informed estimate on the likely evolution of the market in the long term, for the forecast period 2018-2030. To account for the uncertainties associated with the number of data breaches, and to add robustness to our model, we have provided three market forecast scenarios, portraying the conservative, base and optimistic tracks of the market’s evolution.

The opinions and insights presented in the market research report were also influenced by discussions held with senior stakeholders in healthcare cybersecurity market. These include Garrett Silver (CEO, Critical Informatics), John Gomez (CEO, Sensato), Matan Kubovsky (VP, R&D, illusive networks), Mike Kijewski (CEO, MedCrypt), Mike Meikle (CEO, secureHIM), Robert Dobson (Director, Device Authority) and Rosa Lenders (Marketing Executive, Device Authority), Rod Schultz (CPO, Rubicon Labs) and Julia Cline (Senior Director, Product and Marketing, Rubicon Labs), Saïd Kenj (Account Executive, Cyberlytic) and Rebecca Bourke (Marketing Manager, Cyberlytic), Steve Leatherman (IT Consultant, BlackRidge Technology), and Yoni Shohet (CEO, SCADAfence). All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this market research report are in USD, unless otherwise specified.

Frequently Asked Questions

Question 1: What is cybersecurity in healthcare?

Answer: Cybersecurity in healthcare includes the protection of electronic data and assets of patients, healthcare professionals and other individuals from unauthorized access and use for malpractices.

Question 2: How big is the healthcare cybersecurity market?

Answer: The healthcare cybersecurity market size is estimated to be worth $12.6 billion in 2030.

Question 3: What is the projected market growth of cybersecurity in healthcare market?

Answer: The healthcare cybersecurity market is expected to grow at compounded annual growth rate (CAGR) of 14% during the forecast period 2018 - 2030.

Question 4: Who are the leading companies in healthcare cybersecurity industry?

Answer: Attivo Networks, CensorNet, Exabeam, iCyber-Security, Threat Stack, TraceSecurity, Zenedge, Anomali, Centripetal Networks, Flashpoint, ProtectWise, Sqrrl, Shape Security, Vectra Networks, Agio, CyberSurance, Delta Risk, ITEGRITI, Security Risk Advisors, Sera-Brynn and VigiTrust.

Question 5: How much money has been invested by stakeholders in the healthcare cybersecurity market?

Answer: Since 2012, around USD 2.5 billion has been invested by stakeholders in the cybersecurity in healthcare market, highlighting the growing opportunities in the industry.

Question 6: How many players are currently engaged in the healthcare cybersecurity market?

Answer: Presently, close to 400 players are engaged in the healthcare cybersecurity market.