Healthcare Cybersecurity Market Growth, Size, Share, Trends, and Forecast 2032

Healthcare Cybersecurity Market Industry Prospective

The global Healthcare Cybersecurity market size accrued earnings worth approximately USD 17.32 Billion in 2023 and is predicted to gain revenue of about USD 79.66 Billion by 2032, is set to record a CAGR of nearly 18.60% over the period from 2024 to 2032.

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Healthcare Cybersecurity Market Overview

Healthcare is the only industry across the globe for which the biggest threat to data violation is more from the internal sources than external ones. As per Lancet, in 2017, 46% of breaches were due to employee online behaviour or wrong clicks like clicking on infected links in e-mails and negligence of employee as well as providing unauthorized data access to third party.

Although Cybersecurity is the key concern for major human activities, healthcare industry is more vulnerable to cyber-attacks as compared to other domains. The reason being that healthcare industry possesses valuable data and the online defense systems of the healthcare sector are very weak. Apart from this, aging healthcare IT infrastructure and surge in web connectivity of medical equipment to existing networks has exposed the medical devices to cyber threats or cyber-attacks.  Reportedly, Cybersecurity breaches in healthcare industry include stealing of healthcare data along with ransom ware attack on hospitals & clinics.   

Moreover, Cyber breaches can reduce patient trust, cripple healthcare systems, and prove hazardous to human life. Apparently, Cybersecurity is key to patient safety and hence has become a core part of the healthcare sector. Moreover, strict laws pertaining to Cybersecurity are introduced by various governments for safeguarding the interests of its citizens. On other hand, Cyber-attacks or cyber terrorism in healthcare sector can prove to be fatal or even life-threating for the patients apart from incurring of financial losses to the clinics, ambulatory centers, giant hospitals, and patients.  Authorities are focusing on devising new ways to combat the menace of cyber-terrorism and this is likely to pave the way for the growth of the healthcare Cybersecurity market over the forthcoming years.  Nevertheless, changes in people, technology, and processes are likely to play a key role in providing best-fit solution for the issues concerning cyber-attacks like hacking, malware, and terrorism.

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Healthcare Cybersecurity Market Growth Dynamics

According to NCBI, cyber threats were more prominently witnessed in the healthcare, pharmaceutical, and biotech sectors post coronavirus pandemic. It encompasses growing efforts made by hackers for stealing intellectual property like data pertaining to COVID-19 vaccine production, data modeling, and experimental therapeutics. Hence, governments across the globe are trying to create awareness about it among the healthcare service providers and universities so that they can protect and effectively respond to any cyber-attacks. Such moves will not only enable the healthcare industry counter the menace of cyber terrorism but will generate lucrative growth avenues for healthcare Cybersecurity industry over the forthcoming years.

Apparently, cyber threats can occur in various forms in the healthcare sector including data theft, deletion of data, and data corruption. Furthermore, installed medical equipment are susceptible to hacking and can cause harm to the patients in the hospitals. Hence, it has become the need of an hour to strengthen the Cybersecurity across the healthcare sector, thereby driving the expansion of the healthcare Cybersecurity market.

Let us discuss some of the instances of cyberattacks in three different countries in the context of offering best–fit and optimal solutions to the Cybersecurity issues in the healthcare industry. For the record, the most recent well publicized cyber-attack on healthcare was in Singapore during 2023. In this cyber-attack, the health data of nearly 1·5 million of Singapore residents including the Prime Minister of Singapore was stolen. After that an inquiry committee was set up and few of the key recommendations were made and this encompassed the review of all network systems by Ministry of Health of Singapore along with enhanced security checks on critical systems.

As per the Lancet Reports, Estonian authorities found that nearly 11,000 Cybersecurity cases occurred in 2018 of which a meager 122 incidences were reported. Among these incidences, 10 of them related to healthcare directly impacted the operations of the healthcare systems. To counter Cybersecurity threats in healthcare sector, Estonian government launched a blockchain technology for effectively handling electronic patient records. Apparently, in one such publicized cyber-attack in the U.S in 2015, nearly 80 million records were stolen from Anthem - a U.S. based health insurance firm. These incidents have led to need or building strong Cybersecurity in the healthcare sector even in countries like the U.S.

The above three instances focus on common Cybersecurity issues and aim at producing universal best practices for improving cyber resilience across the healthcare sector, thereby expanding the scope of the market in the years ahead.

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Regional Analysis

North America To Establish Strong Grip Over Global Healthcare Cybersecurity Market By 2025

The growth of the market in the sub-continent over the estimated timeline is owing to large-scale presence of strong healthcare infrastructure facility in the sub-continent. Apart from this, humungous expenditure on healthcare IT will further prompt the regional market expansion over the upcoming years.

Reportedly, the introduction of the U.S. National Institute of Standards and Technology Cybersecurity framework in 2018 reinforcing cyber infrastructure across the country will pave the way for the growth of the Cybersecurity industry across the country in the years ahead. Moreover, this framework is likely to be most prominently used for enhancing cyber-resilience in healthcare industry across the U.S., thereby helping the healthcare Cybersecurity industry in the U.S. establish a strong foothold in the region ensuing years. This will proliferate the regional market trends.

Key participants profiled in the study include

• Northrop Grumman Corporation
• Symantec Corporation
• IBM Corporation
• Cisco Systems, Inc.
• MacAfee, Inc.
• Lockheed Martin Corporation
• Palo Alto Networks, Inc.
• FireEye, Inc.
• Kaspersky Lab
• Attivo Networks
• CensorNet
• Exabeam
• iCyber-Security
• Threat Stack
• TraceSecurity
• Zenedge
• Anomali
• Centripetal Networks
• Flashpoint
• ProtectWise
• Sqrrl
• Shape Security
• Vectra Networks
• Agio
• CyberSurance
• Delta Risk
• ITEGRITI
• Security Risk Advisors
• Sera-Brynn
• and VigiTrust.

The global healthcare Cybersecurity market is segmented as follows:

By type:

• Services
• Solutions

By security type:

• Content Security
• Endpoint Security
• Application Security
• Cloud Security
• Network Security
• Wireless Security

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa