Market Size – USD 10.44 Billion in 2020, Market Growth – at a CAGR of 16.8%, Market Trend – Rapid advancements in electronic healthcare technology
NEW YORK, NY, UNITED STATES, April 7, 2022 /EINPresswire.com/ — 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.
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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.
Leading companies operating in the market are:
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.
The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, product & service portfolio. The Healthcare Cybersecurity market is extremely competitive and consists of several key players at regional and global level. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures and collaborations to strengthen their market position and enhance product portfolio.
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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:
Healthcare Cybersecurity Market Segmentation:
Threat Type Outlook (Revenue, USD Billion; 2018-2028)
Malware and Spyware
Distributed Denial of Service (DDOS)
Phishing and Spear Phishing
Application Outlook (Revenue, USD Billion; 2018-2028)
Deployment Outlook (Revenue, USD Billion; 2018-2028)
End-Use Outlook (Revenue, USD Billion; 2018-2028)
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Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
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