Global Privileged Access Management Healthcare Market Overview:
As per MRFR analysis, the Privileged Access Management Healthcare Market Size was estimated at 1.69 (USD Billion) in 2022. The Privileged Access Management Healthcare Market Industry is expected to grow from 1.81 (USD Billion) in 2023 to 3.2 (USD Billion) by 2032. The Privileged Access Management Healthcare Market CAGR (growth rate) is expected to be around 6.57% during the forecast period (2024 - 2032).
Key Privileged Access Management Healthcare Market Trends Highlighted
Key Market Drivers: The extended utilization of electronics, digital infrastructure, health records and internet-connected devices has heightened the need for strong privileged access management (PAM) functionalities. These hospitals and health organizations work towards safeguarding sensitive patient data, observing regulatory requirements, and maintaining operational efficiency. The increased prevalence of cyber-attacks on healthcare institutions has accelerated the pace at which PAM systems need to be more sophisticated.
Emerging Opportunities: PAM solutions are no longer confined to traditional password management but now include identity governance and administration (IGA). Consequently, through such an all-inclusive approach, care providers can centralize their access controls and deter unauthorized infringements for the least privileged use cases. Moreover, cloud-based healthcare systems and telemedicine services have given rise to new opportunities for PAM vendors to offer secure remote access to critical system information.
Recent Trends: There has been a shift towards automated & intelligent PAM solutions in the recent past in the healthcare market. The incorporation of artificial intelligence (AI) and machine learning algorithms into PAM systems has made it possible for them to proactively detect abnormal patterns of accessing them. Additionally, PAM solutions’ safety is enhanced by integrating multi-factor authentication (MFA) with biometrics, which makes them more resilient to cyber threats.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Privileged Access Management Healthcare Market Drivers
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Increasing Need for Data Security and Compliance
The Privileged Access Management Healthcare Market Industry is primarily driven by the increasing need for data security and compliance in the healthcare sector. With the growing adoption of electronic health records (EHRs) and other digital technologies, healthcare organizations are facing challenges in protecting sensitive patient data from unauthorized access and cyber threats. Privileged Access Management (PAM) solutions play a critical role in addressing these challenges by providing granular control over who can access and modify critical systems and data.PAM solutions help healthcare organizations meet regulatory compliance requirements, such as HIPAA and GDPR, by ensuring that only authorized individuals have access to sensitive patient information.
Growing Adoption of Cloud-Based Healthcare Applications
The Privileged Access Management Healthcare Market Industry is also driven by the growing adoption of cloud-based healthcare applications. Cloud-based healthcare applications offer several benefits, such as improved accessibility, scalability, and cost-effectiveness. However, they also introduce new security challenges, as healthcare data is stored and processed outside of the organization's physical infrastructure. PAM solutions can help healthcare organizations address these challenges by providing secure access to cloud-based healthcare applications and data.PAM solutions can also help healthcare organizations manage the risks associated with bring-your-own-device (BYOD) policies, which allow employees to use their personal devices to access healthcare applications and data.
Rising Number of Cyberattacks on Healthcare Organizations
The Privileged Access Management Healthcare Market Industry is further driven by the rising number of cyberattacks on healthcare organizations. Healthcare organizations are increasingly being targeted by cybercriminals due to the valuable data they possess. Cyberattacks can result in data breaches, financial losses, and reputational damage. PAM solutions can help healthcare organizations protect against cyberattacks by providing strong authentication and authorization mechanisms.PAM solutions can also help healthcare organizations detect and respond to cyberattacks more quickly and effectively.
Privileged Access Management Healthcare Market Segment Insights:
Privileged Access Management Healthcare Market Deployment Model Insights
The deployment model segment of the Privileged Access Management Healthcare Market comprises on-premises, cloud, and hybrid deployment models. Among these, the cloud deployment model is projected to hold the largest market share during the forecast period, owing to its cost-effectiveness, scalability, and flexibility. The cloud-based Privileged Access Management (PAM) solutions eliminate the need for on-premises infrastructure, reducing capital and operational expenditure for healthcare organizations. Additionally, cloud PAM solutions offer robust security features, such as multi-factor authentication, role-based access control, and session monitoring, which are essential for protecting sensitive patient data and ensuring compliance with regulatory requirements.
The on-premises deployment model is expected to witness a steady growth rate during the forecast period. On-premises PAM solutions provide greater control over data and security, which is crucial for healthcare organizations handling highly confidential patient information. However, the high upfront investment and ongoing maintenance costs associated with on-premises deployment may limit its adoption in certain cases. The hybrid deployment model combines the benefits of both on-premises and cloud deployment models, offering a flexible and cost-effective solution.
Hybrid PAM solutions allow healthcare organizations to deploy PAM capabilities on-premises for critical applications and sensitive data while leveraging cloud services for non-critical functions. This approach provides a balance between security and cost considerations, making it an attractive option for many healthcare organizations. Overall, the deployment model segment of the Privileged Access Management Healthcare Market presents a diverse landscape, with each model catering to specific requirements and preferences of healthcare organizations. The adoption of cloud and hybrid deployment models is expected to drive market growth in the coming years as healthcare organizations seek to enhance security, reduce costs, and improve agility in managing privileged access.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Privileged Access Management Healthcare Market Component Insights
The Privileged Access Management Healthcare Market is segmented into Software and Services based on Components. The Software segment held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period. The growth of this segment is attributed to the increasing adoption of cloud-based PAM solutions, which offer greater flexibility and scalability than on-premises solutions.
The Services segment is also expected to grow at a significant rate during the forecast period as organizations increasingly outsource their PAM needs to specialized providers. In 2023, the Privileged Access Management Healthcare Market for Software was valued at USD 1.2 billion and is projected to reach USD 2.1 billion by 2032, exhibiting a CAGR of 6.5%. The Services segment, valued at USD 0.61 billion in 2023, is anticipated to reach USD 1.1 billion by 2032, growing at a CAGR of 6.5%.
Privileged Access Management Healthcare Market Application Insights
The Privileged Access Management Healthcare Market is segmented by Application into IAM and Authentication, Privileged Session Management, and Password Management. The IAM and Authentication segment is expected to hold the largest market share in 2023 and is projected to continue its dominance throughout the forecast period. The growth of this segment can be attributed to the increasing adoption of cloud-based IAM solutions, which offer a centralized and comprehensive approach to managing user access and privileges.
The Privileged Session Management segment is also expected to witness significant growth over the forecast period as organizations look to strengthen their security measures and reduce the risk of unauthorized access to sensitive data. The Password Management segment is expected to grow at a steady pace, driven by the need to improve password hygiene and reduce the risk of password-related breaches.
Privileged Access Management Healthcare Market End User Industry Insights
The Privileged Access Management Healthcare Market segmentation by End User Industry into Healthcare Providers, Healthcare Payers, and Medical Device Manufacturers provides valuable insights into the market dynamics. Healthcare Providers held the largest revenue share of 45% in 2023, driven by the need to protect patient data and comply with regulatory mandates.
The increasing adoption of electronic health records and the growing number of connected medical devices are expected to further drive growth in this segment. Healthcare Payers are projected to witness a significant CAGR of 7.2% during the forecast period, owing to their focus on improving claims processing efficiency and reducing fraud. Medical Device Manufacturers are also expected to contribute to market growth, with a focus on securing connected medical devices and protecting intellectual property. The Privileged Access Management Healthcare Market revenue is estimated to reach USD 2.2 billion in 2024 and is projected to grow at a CAGR of 6.8% from 2023 to 2032.
Privileged Access Management Healthcare Market Regional Insights
The Privileged Access Management Healthcare Market is segmented into North America, Europe, APAC, South America, and MEA. North America is the largest regional segment, accounting for a majority of the global revenue in 2023. The region is home to a large number of healthcare providers and organizations that are increasingly adopting privileged access management solutions to enhance their security posture.
Europe is the second largest regional segment, followed by APAC. The APAC region is expected to witness significant growth in the coming years, driven by the increasing adoption of cloud-based healthcare applications and the growing awareness of cybersecurity threats. South America and MEA are relatively smaller regional segments, but they are also expected to grow at a steady pace in the coming years.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Privileged Access Management Healthcare Market Key Players And Competitive Insights:
Major players in the Privileged Access Management Healthcare Market industry are investing heavily in research and development to introduce advanced solutions and expand their product portfolios. This competitive landscape is expected to intensify in the coming years as leading Privileged Access Management Healthcare Market players strive to gain a competitive edge.
Strategic partnerships, acquisitions, and collaborations are also key strategies adopted by players to strengthen their market position and expand their geographical reach. The Privileged Access Management Healthcare Market is witnessing significant developments as companies focus on providing innovative solutions that address the evolving needs of healthcare organizations.
One of the prominent competitors in the Privileged Access Management Healthcare Market is Thycotic, a leading provider of privileged access management solutions. Thycotic offers a comprehensive suite of products that includes Thycotic Secret Server, Thycotic Privilege Manager, and Thycotic DevOps Secrets Vault.
These solutions help healthcare organizations manage, secure, and audit privileged access across their IT environments, ensuring compliance with regulatory requirements and reducing the risk of data breaches. Thycotic has a strong presence in the healthcare sector and serves a diverse range of clients, including hospitals, clinics, and healthcare providers.
Another key player in the Privileged Access Management Healthcare Market is BeyondTrust, a global leader in privileged access management and vulnerability management solutions. BeyondTrust offers a range of products, including BeyondTrust PowerBroker, BeyondTrust Password Safe, and BeyondTrust Retina. These solutions provide centralized control over privileged access, enabling healthcare organizations to manage, monitor, and audit privileged user activities.
BeyondTrust has a strong focus on innovation and has introduced advanced features such as artificial intelligence (AI) and machine learning (ML) to enhance the security and efficiency of its solutions. BeyondTrust serves a wide range of healthcare organizations, including hospitals, health systems, and government healthcare agencies.
Key Companies in the Privileged Access Management Healthcare Market Include:
- Centrify
- CyberArk
- One Identity
- ThycoticGlobal
- SSH Limited
- Vereo, LLC
- Hitachi Vantara Corporation
- Delinea Inc. (formerly Thycotic)
- Broadcom Inc. (CA Technologies)
- BeyondTrust
- Google Cloud
- Password Manager Pro
- Microsoft
- Saviynt
- ManageEngine (Zoho Corporation)
Privileged Access Management Healthcare Market Industry Developments
The global Privileged Access Management (PAM) Healthcare market size was valued at USD 1.81 billion in 2023 and is projected to reach USD 3.2 billion by 2032, growing at a CAGR of 6.57% from 2024 to 2032. The market growth is attributed to the increasing adoption of cloud-based healthcare applications, growing concerns over data breaches and cyberattacks in the healthcare industry, and stringent government regulations regarding patient data protection. Key players in the market include Thycotic, CyberArk, BeyondTrust, and One Identity. Recent developments in the market include the launch of new PAM solutions tailored to the specific needs of the healthcare industry and the integration of PAM with other healthcare IT systems to enhance security.
Privileged Access Management Healthcare Market Segmentation Insights
Privileged Access Management Healthcare Market Deployment Model Outlook
Privileged Access Management Healthcare Market Component Outlook
Privileged Access Management Healthcare Market Application Outlook
- IAM and Authentication
- Privileged Session Management
- Password Management
Privileged Access Management Healthcare Market End User Industry Outlook
- Healthcare Providers
- Healthcare Payers
- Medical Device Manufacturers
Privileged Access Management Healthcare Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
1.69(USD Billion) |
| Market Size 2023 |
1.81(USD Billion) |
| Market Size 2032 |
3.2(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
6.57% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Centrify, CyberArk, One Identity, ThycoticGlobal, SSH Limited, Vereo, LLC, Hitachi Vantara Corporation, Delinea Inc. (formerly Thycotic), Broadcom Inc. (CA Technologies), BeyondTrust, Google Cloud, Password Manager Pro, Microsoft, Saviynt, ManageEngine (Zoho Corporation) |
| Segments Covered |
Deployment Model, Component, Application, End User Industry, Regional |
| Key Market Opportunities |
1 Cloud computing adoption2 Increased healthcare data breaches3 Regulatory compliance requirements4 Rising demand for remote access5 Growing healthcare IT infrastructure |
| Key Market Dynamics |
1 Increasing healthcare data breaches and cyberattacks2 Growing adoption of cloud-based healthcare applications3 Government regulations and compliance requirements4 Heightened security concerns due to the rise of IoT devices5 Need for centralized access control and privileged session management |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Privileged Access Management Healthcare Market is expected to reach USD 3.2 billion by 2032, with a CAGR of 6.57% over the forecast period from 2024 to 2032.
The key drivers of the Privileged Access Management Healthcare Market include the increasing need for data security and compliance, the rising adoption of cloud-based healthcare solutions, and the growing awareness of the risks associated with privileged access.
The key challenges facing the Privileged Access Management Healthcare Market include the lack of awareness about PAM solutions, the high cost of implementation, and the shortage of skilled professionals.
The key trends in the Privileged Access Management Healthcare Market include the adoption of cloud-based PAM solutions, the use of artificial intelligence (AI) and machine learning (ML) to automate PAM tasks, and the growing focus on data privacy and compliance.
The key applications of Privileged Access Management Healthcare solutions include access control, session monitoring, and auditing.
The key regions in the Privileged Access Management Healthcare Market include North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
The key competitors in the Privileged Access Management Healthcare Market include CyberArk, BeyondTrust, Thycotic, and One Identity.
The key strategies adopted by players in the Privileged Access Management Healthcare Market include product innovation, partnerships, and acquisitions.
The key opportunities for growth in the Privileged Access Management Healthcare Market include the increasing adoption of cloud-based healthcare solutions, the growing awareness of the risks associated with privileged access, and the rising demand for data security and compliance.
The key challenges facing players in the Privileged Access Management Healthcare Market include the lack of awareness about PAM solutions, the high cost of implementation, and the shortage of skilled professionals.
