Healthcare Cyber Security Market Size, Share, Trends, COVID-19 Impact and Growth Strategies, Segmentation 2021-2028

The global healthcare cyber security market size was valued at USD 10.7 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 18.0% from 2021 to 2028. Some of the factors driving the market growth are increasing cyberattacks and rising privacy and security concerns, and higher adoption of advanced cyber security solutions. Moreover, the growing adoption of cloud-based solutions in the healthcare sector, rise in adoption of connected devices and smartphones, and adoption of 5G technology are estimated to further contribute to the growth of the market over the forecast period.

Healthcare is an attractive target for cybercriminals as medical data is between ten and twenty times more lucrative than credit card or banking details. Also, the digital transformation of healthcare over recent years has increased the incidence of cyberattacks. For instance, the recent cyberattacks on Ireland’s Department of Health and Health Service Executive (HSE) were impacted by a human-operated ‘Conti’ ransomware attack which severely disabled many HSE systems and necessitated the shutdown of the majority of its other systems. These above-mentioned factors are accelerating the growth of the healthcare cyber security market.

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Key Player Mentioned:

• Cisco
• IBM
• FireEye
• Symantec
• Trend Micro
• MacAfee
• Intel
• Kaspersky
• Lockheed Martin
• Northrop Grumman

Product Segment Analysis:

• Malware
• DDoS
• Advanced Persistent Threat
• Spyware
• Lost or Stolen Devices
• Others

Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.

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Furthermore, the increasing data breach in the industry adds fuel to the market for healthcare cyber security. For instance, according to the Cost of a Data Breach Report published by IBM in 2021, the average cost of a data breach in the healthcare sector was $9.23 million in 2021. Also, the Secretary of U.S. Department of Health and Human Services (HHS) Breach of Unsecured Protected Health Information listed approximately 592 breaches of unsecured protected patient data that affected more than 500 individuals from the past two years that are under investigation by the Office for Civil Rights.

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