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Healthcare Cybersecurity Market Size to Reach USD 36.16 Billion in 2028 – Reports and Data

Healthcare Cybersecurity Market

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 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.

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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.

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.

  Research Methodology:

Reports and Data utilizes a unique approach to research to offer a comprehensive overview of the global Healthcare Cybersecurity Market to offer insights into investment opportunities for stakeholders, investors, clients, and businesses to make informed decisions. The report includes SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis to offer a better understanding of the market scenario.

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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.

The growing popularity of over-the-counter medications driving market growth

Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.

Restriction on product launches and R&D activities to hamper the market growth

The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.

  Competitive Landscape:

The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.

Top Companies Profiled in the Report:

  • 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.
  • Northrop Grumman Corporation

Healthcare Cybersecurity Market Segmentation:

Threat Type Outlook:

  • Ransomware
  • Malware and Spyware
  • Distributed Denial of Service (DDOS)
  • Phishing and Spear Phishing
  • Other

Application Outlook:

  • Application Security
  • Network Security
  • Device Security
  • Endpoint Security
  • Other

Deployment Outlook:

  • On-premise
  • Cloud

End-Use Outlook:

  • Medical Devices
  • Health Insurance
  • Hospitals
  • Others

Regional Outlook:

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
  • Latin America (Brazil, Rest of LATAM)
  • Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)

  Frequently asked questions addressed in the report:

  • What is the revenue growth rate of the global Healthcare Cybersecurity market over the forecast period?
  • What are the major factors driving the growth of the Global Healthcare Cybersecurity Market?
  • What are the key challenges impacting the global Healthcare Cybersecurity market growth?
  • What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?

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