Market Size – USD 10.44 Billion in 2020, Market Growth – at a CAGR of 16.8%, Market Trend – Rapid advancements in electronic healthcare technology
The global healthcare cybersecurity market size is expected to reach USD 36.16 Billion in 2028 at a CAGR of 16.8% during the forecast period, according to the latest report by Reports and Data. Increasing incidences of cyberattacks on healthcare institutions across the globe, generation of massive amounts of sensitive patient data, advancements in healthcare IT and adoption of connected healthcare infrastructure, and introduction of robust cybersecurity solutions are some key factors expected to drive market revenue growth over the forecast period. In addition, increasing government initiatives to raise awareness about the importance of cybersecurity and rising investment to promote healthcare cybersecurity R&D are some other factors expected to contribute to revenue growth of the market.
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.
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.
- 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.
Regional Outlook (Revenue, USD Billion; 2018-2028):
North America (USA and Canada), Europe (UK, Germany, France and the rest of Europe), Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region), Latin America (Brazil, Mexico, and the rest of Latin America), Middle East and Africa (GCC and rest of the Middle East and Africa)