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 Impressive Historical Growth

• Market Size: Increased from $20.59 billion in 2023 to $23.86 billion in 2024.
• CAGR: 15.9%.
• Key Drivers:
  • Increased cyberattacks.
  • Growing concerns about security and privacy.
  • Collaboration between public and private sectors to strengthen cybersecurity.
  • Highly developed medical and healthcare infrastructure.
  • Emergence of digital technologies.

Strong Future Outlook

• Expected Growth: Projected to reach $42.59 billion by 2028.
• CAGR: 15.6%.
• Key Drivers:
  • Increasing investments in cybersecurity by healthcare organizations and government initiatives.
  • Rising demand for advanced cybersecurity solutions and privacy.
  • Increased frequency and complexity of cyber threats.
  • Rising security and regulatory compliance-related issues.
  • Increasing network vulnerabilities.

View More On The Healthcare Cybersecurity Market Report 2024 – https://www.thebusinessresearchcompany.com/report/healthcare-cybersecurity-global-market-report

Key Trends Shaping the Future

• Trends:
  • Growth in adoption of IoT and connected devices.
  • Increased usage of cloud-based healthcare solutions.
  • Growing use of healthcare IT solutions in outpatient care facilities.
  • Rise in adoption of connected devices and smartphones.
  • Adoption of 5G technology.
  • Increased digitalization and adoption of Electronic Health Records (EHRs).
  • Use of wireless medical devices and telemedicine.

Rise of Cybersecurity Needs Due to Increasing Cyber Threats

• Increasing Cyberattacks:
  • Cyberattacks are malicious attempts to disrupt, damage, or gain unauthorized access to computer systems, networks, or devices.
  • Motivated by financial incentives, cybercriminals seek to steal sensitive financial information, conduct ransom attacks, or engage in other activities to monetize their attacks.
• Importance of Healthcare Cybersecurity:
  • Essential for protecting sensitive patient data, ensuring continuity of care, and safeguarding healthcare systems.
  • Protects against data breaches, financial loss, and compromised patient safety.
• Statistics: According to Check Point Software Technologies Ltd., in the first nine months of 2023, there was a 3% increase in the global average of weekly cyberattacks compared to 2022, with the healthcare sector experiencing an 11% rise, averaging 1,613 incidents weekly.

Major Players in the Healthcare Cybersecurity Market

• Key Companies:
  • Microsoft Corporation
  • Intel Corporation
  • International Business Machines Corporation
  • Cisco Systems Inc.
  • Broadcom Inc.
  • Thales Group
  • Palo Alto Networks Inc.
  • Juniper Networks Inc.
  • Fortinet Inc.
  • Gen Digital Inc.
  • Splunk Inc.
  • Check Point Software Technologies Ltd.
  • Trend Micro Inc.
  • CrowdStrike Holdings Inc.

Advancements in Healthcare Cybersecurity with Medical IoT Security Solutions

• IoT Security Solutions:
  • Strategies and technologies designed to protect connected medical devices and systems from cyber threats and unauthorized access.
• Example: In December 2022, Palo Alto Networks Inc. launched Medical IoT Security, a zero-trust security system for healthcare devices featuring automatic discovery, segmentation, policy enforcement, and advanced threat protection. The solution leverages machine learning to identify threats, secure interactions, and integrate seamlessly with healthcare systems, ensuring rapid deployment and flexible architecture compatibility.

Strategic Acquisitions to Strengthen Cybersecurity Offerings

• Forescout Technologies: Acquired CyberMDX in October 2022 to enhance its cybersecurity offerings in healthcare.
  • Objective: Integrate CyberMDX’s expertise in the Internet of Medical Things (IoMT) to provide a holistic security solution across IT, IoT, OT, and IoMT domains against evolving threats.
  • CyberMDX: US-based healthcare cybersecurity provider.

Market Segmentation

• By Solution:
  • Identity and Access Management
  • Risk and Compliance Management
  • Antivirus and Antimalware
  • Distributed Denial of Service (DDoS) Mitigation
  • Security Information and Event Management
  • Intrusion Detection System/Intrusion Prevention System
  • Other Solutions.
• By Security:
  • Network Security
  • Endpoint Security
  • Application Security
  • Content Security.
• By Threat:
  • Malware
  • Distributed Denial of Service (DDoS) Threats
  • Advanced Persistent Threat
  • Spyware
  • Lost or Stolen Devices
  • Other Threats.
• By End User:
  • Pharma and Chemicals
  • Medical Devices
  • Health Insurance
  • Hospitals
  • Other End Users.

Regional Insights

• Largest Region (2023): North America.
• Fastest-Growing Region (Forecast Period): Asia-Pacific.

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