Healthcare Cyber Security Market Growth & Trends

The global healthcare cyber security market size is expected to reach USD 39.9 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 18.0% from 2021 to 2028. An increasing number of cyberattacks in the healthcare industry, raise in threats, and concern for privacy and security are contributing to the growth of healthcare cyber security. The increase in cases of cyberattacks and data breaches globally has raised the concern thereby, increasing demand for cyber security. For instance, the Secretary of U.S. Department of Health and Human Services (HHS) Breach of Unsecured Protected Health Information listed 592 breaches of unsecured protected health data affecting more than 500 individuals within the last two years that are currently under investigation by the Office for Civil Rights. 306 of the breaches were submitted in 2020.

The increasing digitalization and penetration of the internet are increasing the chances of the cyberattack healthcare industry is the most vulnerable to cyberattacks due to the valuable data it owns. Various cyberattacks are witnessed by the healthcare sector. For instance, the recent cyberattacks on Ireland’s Department of Health and Health Service Executive (HSE) were witnessed. The HSE was impacted by a human-operated ’Conti’ ransomware attack which severely disabled several HSE systems and necessitated the shutdown of the majority of its other systems. Also, the Federal Bureau of Investigation (FBI) and Cybersecurity and Infrastructure Security Agency (CISA) issued a warning for escalating these attacks. THE FBI and CISA observed Conti ransomware is used in more than 400 cyberattacks in the U.S. and worldwide.

Furthermore, technological advancements in the development of different products to control cyberattacks and safeguard the data are expected to boost market growth. For instance, in February 2020, GE Healthcare introduced a new cyber security solution known as Skeye for hospitals for detecting, analyzing, and responding to security threats in real-time.

Healthcare Cyber Security Market Report Highlights

  • The market is expected to grow well by 2028 owing to increasing cyberattacks in the healthcare industry and the growing adoption of advanced cyber security solutions
  • The antivirus and antimalware solution segment dominated the market in 2020 due to its extensive use increasing malware attacks
  • The malware type segment dominated the market in 2020 due to its awareness and preferences of the hackers
  • The hospitals end-use segment dominated the market in 2020 as they are most vulnerable to cyberattacks, which led to the extensive adoption of cyber security