The healthcare sector is expected to spend more than $125 billion on cybersecurity from 2020 through 2025.
In this article you will learn:
- How is the healthcare cyber security market structured?
- Healthcare cyber security market by threat
- Healthcare cyber security market by offering
- Healthcare cyber security market by security type
- Healthcare cyber security market by end-user
- Healthcare cybersecurity market by geography
- To be successful you need to know your competitors.
Who are the main competitors in healthcare cybersecurity services?
Cybersecurity and managed security services provider’s marketing strategy for healthcare and medical devices industry
The demand for cybersecurity services in the healthcare industry has been rising rapidly. This has been largely fueled by the dramatic increase in healthcare cyberthreats in the last several years brought about by advancements in data analytics, automation, and interoperability. As these cyber-attacks become increasingly sophisticated, the demand for cybersecurity intervention is bound to soar.
The healthcare sector is a major target for these malicious cyber-attacks because when the systems are hit, the patients are hit as well. Cybercriminals, therefore, are busy exploiting this particular loophole in advancing their attacks and reaping big from it.
Healthcare Cybersecurity Market
As healthcare cybersecurity becomes fundamental in securing important medical records and patients’ information, healthcare cybersecurity marketing is increasingly becoming a necessity. As a result, any penetration testing company, MSP, MSSP and Managed Detection and Response (MDR) companies will need a cybersecurity marketing strategy that promotes trust and confidence if it wishes to win the players in the medical industry.
What is the extent of medical industry cybersecurity demand?
The expanding security threat in the healthcare industry in form of healthcare data breaches is proving way too costly for the vast industry. According to a recent IBM report on the cost of data breach, it was well established that the healthcare sector expended the most resources toward data breach costs as compared to other industries. For every data breach incident, the average money spent amounted to $ 7.13 million, which represent a 10% rise from the 2019 study.
That said, the healthcare sector is expected to spend more than $125 billion on cybersecurity from 2020 through 2025. This is a sure sign of growth in medical industry cyber security and calls for cybersecurity service providers to up their marketing game in order to rake in some of these funds.
How is the healthcare cyber security market structured?
Successful healthcare cybersecurity marketing will demand a better understanding of the healthcare cyber security market. Without the right market blueprint, you may not be able to stay on top of the cyber-criminals’ game that targets medical records by data collection companies.
According to the Healthcare Cybersecurity Market by Threat, Offering, Security Type, End-user, and Geography Report of 2020, it is evident that there are five classifications of this growing market. The report further projects the growth of the healthcare cyber security market to hit $ 26.1 billion by 2027 at a CAGR of 19.8%. This exponential growth will be propelled by:
- Increasing demand for ultra-modern cybersecurity solutions and privacy
- Emerging disruptive digital technologies
- Rise in the frequency of cyber threats
- Growing complexity of cyber threats
- Urgency for cloud-based security solutions in healthcare
- Increase in healthcare data breaches
All these growth prospects present perfect opportunities to a medical records data company to grow its portfolio by reinventing more data solutions. To get a clearer picture of all these opportunities, let’s delve into the healthcare market segmentation. This will help you understand and narrow down the niche that you are most capable of handling given the many players in the healthcare cyber security industry.
The report further projects the growth of the healthcare cyber security market to hit $ 26.1 billion by 2027 at a CAGR of 19.8%.
1. Healthcare cyber security market by threat
The medical industry has so far reported the highest number of data breaches in 2021. Even though data breaches declined globally by 24% over the first half of 2021, breaches within the United States went up by 1.5% over the same period. Within this first half alone, healthcare data breaches topped the list with 238 incidents, the finance and insurance sector followed closely by 194 incidents, while the information sector closed the list at 180 incidents.
This goes to show just how much the healthcare sector is targeted by cybercriminals. This has been the trend over the past four years, and there are no signs of it reversing any time soon. The main threats propagated by these malicious cybercriminals include:
- Ransomware attacks
- Malware and spyware
- Distributed Denial-of-Service (DDoS)
- Advanced Persistent Threat (APT)
- Phishing and Spear Phishing
2. Healthcare cyber security market by offering
This segment will largely be driven by the solution offerings to cyberattacks. As the demand for enhanced solutions for security operations, number of data security and privacy woes, demand for cutting edge and affordable security solutions, and growing regulatory enforcement and data protection concerns increase, more innovative service offerings will be demanded.
Some of the service offerings to consider include cyber-solutions such as:
- Identity and Access Management
- Intrusion Detection System or Intrusion Prevention System
- Antivirus and Anti-malware
- Risk and Compliance Management
- Distributed Denial-of-Service Mitigation
- Security Information and Event Management (SIEM)
- Unified Threat Management
Moreover, cyberservices offerings may take the form of:
- Managed Security Services (MSP)
- Deployment and Integration
- Support and Maintenance
3. Healthcare cyber security market by security type
The expansion of this market segment will largely be fueled by network security and cloud security. This will be caused by the increase in sensitive healthcare data as well as increased use of Internet of Things devices. Furthermore, the rise in the use of cloud storage and cloud-based services will also contribute to the growth.
The key opportunities here include:
- Network Security
- Endpoint Security
- Cloud Security
- Application Security
4. Healthcare cyber security market by end-user
In this segment, healthcare providers will be the biggest drivers of growth. This is due to the growing complexity of healthcare cyberattacks, increased adoption of Electronic Health Records, and more government interventions in promoting secure patient records.Some of the end-users to target with your cybersecurity services are:
- Healthcare providers
- Physician Practices
- Healthcare Players
5. Healthcare cyber security market by geography
The broader geographic segments of the healthcare sector are North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. The North American market is expected to be the major driver of this segment. Additionally, the Asia-Pacific region is expected to witness rapid growth as a result of rising rates of cyberattacks in hospitals and the adoption of 5G technology in the region.
6. Who are the key players and your competitors in the healthcare cybersecurity industry?
Some of the key players and your competitors in the healthcare cyber security industry include:
- Juniper Networks,
- Palo Alto Networks,
- FireEye Inc.
- Kaspersky Lab
- Symantec Corporation
- and others
To cope with all these giant competitors effectively, you need a powerful marketing strategy that will paint you as a trusted cybersecurity partner.
Get in touch with 911CyberSecurity.com today for reliable marketing and advertising advice in the healthcare cyber security landscape that will help you formulate the best marketing strategy. We can help you scale your influence!
Are you Worried About Ransomware, Data-breaches, BEC and Malware?
🔥 12 Hot Anti Ransomware Companies List by Cybersecurity Ventures.
🔥 If you are healthcare provider or medical devices manufacture.
Who can help you to protect your medical data from ransomware?
🔥 If your #business prefer #proactive cybersecurity approach – top penetration testing companies list.
🔥 Gartner’s 2020 #Market Guide for Managed Detection and Response Services points to 40 companies that offer credible MDR capabilities.
🔥 A DATA BƦEACH PUTS YOUƦ BUSꞮNESS ƦEPUTATꞮON AT STAKE!
Learn Why and How to Protect Your Company Reputation and Customers Data
Sources & Keep Learning:
- Cybersecurity marketing strategy for healthcare providers
- Effective Marketing for Cybersecurity and MSP Companies
- Advertising and marketing services for businesses in any industry;
- How to Boost Qualified Leads Generation?
- Security, SEO and Site Optimizations Tools for Web Developers
- ROI of Your Cybersecurity Investment – Measuring the return of the investment in cybersecurity
- What is Your Unique Selling Proposition?