The global Healthcare Cybersecurity Market size was USD 10.44 Billion in 2020 and is expected to register a CAGR of 16.8% during the forecast period.
The global Healthcare Cybersecurity Market size was USD 10.44 Billion in 2020 and is expected to register a CAGR of 16.8% during the forecast period. Increasing need for robust cybersecurity solutions due to rapid adoption of health information technology, presence of large databases of varied health data, development and advancement of interconnected medical and healthcare technologies, and growing need to protect highly sensitive patient information data are key factors expected to boost demand for cybersecurity in the healthcare sector and contribute to market revenue growth over the forecast period.
Rising threats of ransomware and other hacking activities by unauthorized users have increased the need for data-driven approaches to understand the extent of these threats on the healthcare system and accelerate adoption of advanced cybersecurity solutions. This is another major factor expected to fuel revenue growth of the market.
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The healthcare ecosystem is becoming increasingly connected over the recent past with rising integration of IoT-enabled medical devices, electronic health records (EHRs), and other advanced healthcare technologies that have provided platforms for cyberattacks. Cybersecurity incidents are a growing threat to the healthcare ecosystem, as healthcare institutions are technology-saturated and complex organizations having high endpoint complexity. Cyber vulnerability of hospital infrastructure in a country is affected by vulnerabilities in all individual healthcare facilities. With growing penetration of the internet, exposure of medical devices to new cybersecurity vulnerabilities has increased significantly. Growing incidences of ransomware attacks on hospitals and implanted devices and increasing data breaches and theft of sensitive data have further increased demand for robust cybersecurity solutions across the healthcare sector. This is expected to continue to drive market growth.
Growing adoption of connected devices across the healthcare sector has created various vulnerabilities in cybersecurity landscape of hospitals, which can compromise the integrity of patient data and impair medical device functionality. This has increased focus on improving cybersecurity solutions, which is a key factor expected to contribute to revenue growth of the market over the forecast period. However, high costs of advanced cybersecurity solutions, lack of skilled professionals to deploy security solutions, and vulnerabilities in cybersecurity platforms are some key factors expected to hamper market revenue growth over the forecast period.
Major companies profiled in the market report include:
IBM Corporation, Cisco Systems, Inc., Booz Allen Hamilton Inc., Symantec Corporation, Intel Security Group (McAfee), Trend Micro Inc., Computer Sciences Corporation, CA, Inc., Lockheed Martin Corporation, Palo Alto Networks, Atos SE, FireEye, Inc., and Northrop Grumman Corporation.
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Some Key Highlights from the Report:
- The ransomware segment is expected to account for largest revenue share over the forecast period due to increasing incidences of ransomware and data breaches caused by malicious software. Ransomware is the most common cyberattack faced by healthcare organizations, which can cause longer hospital stays, delays in tests and procedures, and also lead to death of patients at times.
- The network security segment is expected to dominate other application segments in terms of revenue share over the forecast period, which can be attributed to growing focus on deployment of robust network security solutions, addressing concerns of privacy, and increasing demand for network security solutions amid rapid shift to work from home during the COVID-19 pandemic.
- The cloud-based segment is expected to register significant revenue CAGR over the forecast period owing to a rapid shift to cloud environment, advancements in cloud management and integration practices, flexibility and cost-effectiveness of cloud deployment, and rapid integration of advanced technologies such as IoT-enabled devices and electronic health records across the healthcare sector.
- The hospitals segment is expected to register significant revenue growth during the forecast period, mainly due to increasing demand for cybersecurity solutions from hospitals, owing to rapidly rising incidences of cyberattacks, availability of large amounts of sensitive patient data, and increasing vulnerabilities in connected healthcare infrastructure.
- North America is expected to account for largest revenue share over the forecast period. The growth of this regional market can be attributed to advancement in healthcare facilities and rising instances of cyberattacks, introduction of robust cybersecurity solutions, and presence of key market players in the region.
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For this report, Reports and Data has segmented the global healthcare cybersecurity market based on threat type, application, deployment, end-use, and region:
Threat Type Outlook (Revenue, USD Billion; 2018-2028)
- Ransomware
- Malware and Spyware
- Distributed Denial of Service (DDOS)
- Phishing and Spear Phishing
- Other
Application Outlook (Revenue, USD Billion; 2018-2028)
- Application Security
- Network Security
- Device Security
- Endpoint Security
- Other
Deployment Outlook (Revenue, USD Billion; 2018-2028)
- On-premise
- Cloud
End-Use Outlook (Revenue, USD Billion; 2018-2028)
- Medical Devices
- Health Insurance
- Hospitals
- Others
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of MEA
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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