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Healthcare Cybersecurity Market size exceeded USD 11.3 billion in 2020 and is estimated to grow at a CAGR of over 17.7% from 2021 to 2027. The adoption of the Internet of Medical Things (IoMT) devices for improved patient care increases potential threats in the healthcare sector that further increase the demand for advanced healthcare cybersecurity solution, thereby propelling the market growth. Furthermore, increasing patent infringement cases, loss of patient health records and medical identity fraud, and growing acceptance of cloud-based solutions in the healthcare sector is anticipated to boost the market.
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The impact of COVID-19 on the healthcare cybersecurity market is observed to be positive. Due to the outbreak of COVID-19, there were increasing cyberattacks against clinical trial databases, virtual care platforms, diagnostic systems and remote patient monitoring devices. As the healthcare industry adopts remote and teleworking modes, the prospect of remote users using personal equipment and residential internet connections that lack cybersecurity may leave them vulnerable to malicious cyberattacks. In addition, the rising number of data breaches has raised concerns about cyber security and the necessity for it. Additionally, the COVID-19 phishing attack went viral, augmenting demand for cyber protection in the healthcare industry.
Healthcare cybersecurity companies offer cyber security services and solutions to healthcare organizations to protect their hospital and patient information from cyber-attacks and data breaches. Cybersecurity, also known as information security, is the practice of ensuring the confidentiality, integrity, and availability of data. Cybersecurity is a risk management approach, software, and technologies designed to protect networks, devices, healthcare data, programs from data theft, digital attacks, or unauthorized access. The high availability of advanced healthcare cybersecurity solutions in the market.
Report Coverage | Details |
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Base Year: | 2020 |
Market Size in 2020: | 11.4 Billion (USD) |
Forecast Period: | 2021 to 2027 |
Forecast Period 2021 to 2027 CAGR: | 17.7% |
2027 Value Projection: | 35.5 Billion (USD) |
Historical Data for: | 2016 to 2020 |
No. of Pages: | 130 |
Tables, Charts & Figures: | 133 |
Segments covered: | Threat Type, Security Measures, Deployment, End-use, and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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The increasing cases of healthcare cyber-attacks across the globe are one of the major factors that is fueling the healthcare cybersecurity market progression. For instance, according to the IBM, in 2021, the average overall cost of a healthcare data breach surged by 29.5 percent from USD 7.13 million in 2020 to USD 9.23 million in 2021. Similarly, as per Health IT Security data, 190,000 HealthEquity customers' data was leaked in 2018. Medical data that is shared across a large network is vulnerable to ransomware and virus attacks. As a result, healthcare professionals are adopting improved healthcare cybersecurity solutions to boost data security.
The ransomware segment held 22.4% of the market share in 2020 led by the rising cases of data breaches caused by the use of malicious software. Ransomware is popular among hackers because it encrypts valuable data and grants access to unauthorized users. In addition, when a hospital's system is hacked by ransomware, access to patient data is denied, which can lead to complications.
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The network security segment in the healthcare cybersecurity market captured USD 5 billion in 2020. The factors such as growing privacy concerns and rising awareness about the availability of technologically advanced cybersecurity solutions that provides network security, protection from viruses, unauthorized access, etc. will flourish the industry expansion. Moreover, rising number of malwares, APTs, DDoS, phishing and ransomware attacks increase the demand for healthcare cybersecurity thereby, fostering the segment as well as industry progression. Furthermore, sharing information all over the digital interface, both externally and internally, has opened the door for cybercriminals and hacktivists to gain access to networks.
The healthcare cybersecurity market for cloud-based segment dominated more than 78.2% of revenue share in 2020 impelled by the increasing demand for cloud-based security solutions in the healthcare sector as it reduces data management costs and improves efficiency along with a massive rise in healthcare data breaches. Additionally, growing usage of IoT devices and rising use of cloud-based security services for storage will stimulate the industry value. Moreover, increasing government initiatives to secure digital healthcare services will further drive the market demand.
The hospital segment in the healthcare cybersecurity market valued at USD 4.3 billion in 2020. This is attributed to rising cyberattacks in hospitals because they maintain large amounts of patient data and during the pandemic, these attacks increased putting patient care and private data at risk. In addition, increasing awareness about Electronic Health Records (EHR) coupled with rising acceptance of advanced technologies in hospitals including IoT cloud computing, 5G technology, etc. will augment the segment growth.
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North America healthcare cybersecurity market accounted for 37% of revenue share in 2020 due to the presence of well-developed healthcare facilities in this region and growing launch of innovative security services in the healthcare sector to protect patient data. Furthermore, increasing data breach cases in this region and the presence of established key leaders such as Palo Alto Networks, Inc., FireEye, Cisco System Inc. are also expected to support the industry revenue in the coming year.
Some of the prominent players operating in the market include Imperva, IBM, Cisco Systems., FireEye, Inc, Symantec Corporation, Palo Alto Networks, Trend Micro Incorporated, Fortified Health Security, McAfee, Medigate, and Atos SE. These market participants are implementing various growth strategies to sustain market competition in industry.
Market, By Threat Type, 2016-2027 (USD Million)
Market, By Security Measures, 2016-2027 (USD Million)
Market, By Deployment, 2016-2027 (USD Million)
Market, By End-use, 2016-2027 (USD Million)
The above information is provided for the following regions and countries: