Global Medical Cyber Security Market Research Report 2024(Status and Outlook)
Report Overview
The global Medical Cyber Security market was valued at US$ 5.15 billion in 2023 and is projected to reach US$ 15.64 billion by 2029, exhibiting a Compound Annual Growth Rate (CAGR) of 19.8% during the forecast period (2023-2029).
The market is driven by factors like the growing incidence of cyberattacks in the healthcare industry and increasing adoption of connected medical devices.
This report provides a deep insight into the global Medical Cyber Security market covering all its essential aspects. This ranges from a macro overview of the market to micro details of the market size, competitive landscape, development trend, niche market, key market drivers and challenges, SWOT analysis, value chain analysis, etc.
The analysis helps the reader to shape the competition within the industries and strategies for the competitive environment to enhance the potential profit. Furthermore, it provides a simple framework for evaluating and accessing the position of the business organization. The report structure also focuses on the competitive landscape of the Global Medical Cyber Security Market, this report introduces in detail the market share, market performance, product situation, operation situation, etc. of the main players, which helps the readers in the industry to identify the main competitors and deeply understand the competition pattern of the market.
In a word, this report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Medical Cyber Security market in any manner.
Global Medical Cyber Security Market: Market Segmentation Analysis
Medical cyber security is a critical concern as healthcare organizations increasingly rely on digital systems.
Rising Cyber Attacks: In 2023, healthcare was the most targeted industry, with over 23 million patient records breached in the United States alone. This represents a 22% increase from the previous year.
Financial Impact: The average cost of a healthcare data breach reached $10.93 million in 2023, the highest across all industries. This is more than double the global average cost of a data breach across all sectors, which stands at $4.45 million.
Frequency of Attacks: On average, a healthcare organization experiences around 1,100 cyber attacks per week, making it one of the most vulnerable sectors. These attacks include phishing, ransomware, and other forms of malware.
Ransomware Threats: Approximately 34% of healthcare organizations reported being affected by ransomware in 2023. Of those, 65% had their data encrypted by attackers, and only 29% managed to recover their data without paying a ransom.
Time to Detect and Contain: It takes healthcare organizations an average of 287 days to identify and contain a data breach. This extended timeline increases the likelihood of significant damage, both in terms of financial costs and patient trust.
Human Error: Human error remains a leading cause of security breaches in healthcare, accounting for nearly 24% of all incidents. This includes mishandling of sensitive information, poor password management, and falling victim to phishing scams.
Investment in Cybersecurity: Despite the risks, only 9% of healthcare organizations' IT budgets are allocated to cybersecurity. This underinvestment leaves many systems vulnerable to sophisticated attacks.
Regulatory Fines: Healthcare organizations faced over $28 million in fines in 2023 for non-compliance with regulations such as HIPAA. This figure is expected to rise as regulators tighten enforcement in response to increasing cyber threats.
Patient Safety Risks: Cyber attacks on medical devices and hospital systems pose direct risks to patient safety. In 2023, 20% of healthcare organizations reported incidents where patient care was disrupted due to cyber attacks.
Global Trends: Globally, the number of cyber attacks on healthcare organizations has increased by 58% since 2020, with significant spikes during the COVID-19 pandemic as cybercriminals exploited vulnerabilities during the crisis.
The research report includes specific segments by region (country), manufacturers, Type, and Application. Market segmentation creates subsets of a market based on product type, end-user or application, Geographic, and other factors. By understanding the market segments, the decision-maker can leverage this targeting in the product, sales, and marketing strategies. Market segments can power your product development cycles by informing how you create product offerings for different segments.
Key Company
- BAE Systems
- Northrop Grumman
- Raytheon
- General Dynamics
- Boeing
- Booz Allen Hamilton
- Lockheed Martin
- DXC Technology
- Dell EMC
Market Segmentation (by Type)
Market Segmentation (by Application)
- Education Resource Planning
- Security
- Analytics
- Open Data Platform
- Network Management
Geographic Segmentation
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
- South America (Brazil, Argentina, Columbia, Rest of South America)
- The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)
Key Benefits of This Market Research:
- Industry drivers, restraints, and opportunities covered in the study
- Neutral perspective on the market performance
- Recent industry trends and developments
- Competitive landscape & strategies of key players
- Potential & niche segments and regions exhibiting promising growth covered
- Historical, current, and projected market size, in terms of value
- In-depth analysis of the Medical Cyber Security Market
- Overview of the regional outlook of the Medical Cyber Security Market:
Key Reasons to Buy this Report:
- Access to date statistics compiled by our researchers. These provide you with historical and forecast data, which is analyzed to tell you why your market is set to change
- This enables you to anticipate market changes to remain ahead of your competitors
- You will be able to copy data from the Excel spreadsheet straight into your marketing plans, business presentations, or other strategic documents
- The concise analysis, clear graph, and table format will enable you to pinpoint the information you require quickly
- Provision of market value (USD Billion) data for each segment and sub-segment
- Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
- Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
- Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
- Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
- The current as well as the future market outlook of the industry concerning recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
- Includes in-depth analysis of the market from various perspectives through Porters five forces analysis
- Provides insight into the market through Value Chain
- Market dynamics scenario, along with growth opportunities of the market in the years to come
- 6-month post-sales analyst support
Customization of the Report
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Chapter Outline
Chapter 1 mainly introduces the statistical scope of the report, market division standards, and market research methods.
Chapter 2 is an executive summary of different market segments (by region, product type, application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the Medical Cyber Security Market and its likely evolution in the short to mid-term, and long term.
Chapter 3 makes a detailed analysis of the market's competitive landscape of the market and provides the market share, capacity, output, price, latest development plan, merger, and acquisition information of the main manufacturers in the market.
Chapter 4 is the analysis of the whole market industrial chain, including the upstream and downstream of the industry, as well as Porter's five forces analysis.
Chapter 5 introduces the latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 6 provides the analysis of various market segments according to product types, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 7 provides the analysis of various market segments according to application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 8 provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and capacity of each country in the world.
Chapter 9 introduces the basic situation of the main companies in the market in detail, including product sales revenue, sales volume, price, gross profit margin, market share, product introduction, recent development, etc.
Chapter 10 provides a quantitative analysis of the market size and development potential of each region in the next five years.
Chapter 11 provides a quantitative analysis of the market size and development potential of each market segment (product type and application) in the next five years.
Chapter 12 is the main points and conclusions of the report.
