Healthcare cybersecurity market size is expected to reach USD 36.16 Billion in 2028 – Reports and Data

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.

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.

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Some Key Highlights From the Report:

• On the basis of threat, the market report is segmented into ransomware, malware and spyware, Distributed Denial of Service (DDOS), phishing and spear phishing and others. Among these, the ransomware segment accounted for largest revenue share in 2020 due to rise in ransomware attacks by cyber criminals to encrypt a victim’s files. The attacker demands few hundred dollars to thousands to restore access to the data.
• On the basis of application, the market report is segmented into application security, network security, device security, endpoint security, and others. Among these, the application security segment is expected to register a significantly rapid revenue CAGR during the forecast period as it aim to prevent code or data from being stolen or hijacked within the app.
• On the basis of deployment, the market report is segmented into on-premise and cloud based. Among these, the cloud based segment accounted for largest revenue share in 2020 as it helps in minimizing data management costs and improve sustainability.
• On the basis of end-use, the market report is segmented into medical devices, health insurance, hospitals, and others. The medical devices segment is expected to register largest revenue share over the forecast period due to availability of advanced e-health and introduction of various medicine delivery apps.
• Asia Pacific healthcare cybersecurity market is expected to register fastest revenue growth rate over the forecast period due to large-scale adoption of advanced healthcare cybersecurity equipment, solutions, software, as well as need for healthcare cybersecurity procedures in countries in the region.

Top Companies Profiled in the Report Include : McAfee, LLC, FireEye, Atos SE, Palo Alto Networks, Inc., Cisco Systems, Inc., Fortified Health Security, Lockheed Martin Corporation, Palo Alto Networks, Inc., Booz Allen Hamilton, Inc., and IBM Corporation.

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Additionally, the report consists a detailed analysis of the segmentation of the Healthcare Cybersecurity market based on product types and end-use/application offered in the Healthcare Cybersecurity market.

Threat Outlook (Revenue, USD Billion; 2018 – 2028)

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

Application Outlook (Revenue, USD Billion; 2018 – 2028)

• Application Security
• Network Security
• Device Security
• Endpoint Security
• Others

Deployment Outlook (Revenue, USD Billion; 2018 – 2028)

• On-Premise
• Cloud Based

End-Use Outlook (Revenue, USD Billion; 2018 – 2028)

• Medical Devices
• Health Insurance
• Hospitals
• Others

Country-wise regional analysis covers:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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