Healthcare Cybersecurity Market to Reach $35.3 Billion by 2028

According to a research report “Healthcare Cybersecurity Market by Offering (Solutions and Services), Solution Type, Threat Type, Security Type, End Use Industry (Hospitals and Healthcare Facilities, Medical Device Manufacturers) and Region – Global Forecast to 2028″ published by MarketsandMarkets, the global healthcare cybersecurity market size is projected to grow from USD 18.2 billion in 2023 to USD 35.3 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 14.2% during the forecast period. The major factors driving the market growth include the increase in cyberattacks and concerns related to security and privacy, the growing acceptance of IoT and connected devices, and the increasing adoption of cloud-based solutions in the healthcare sector.

Healthcare Cybersecurity Market Dynamics

 Drivers

• Increasing cyberattacks and concerns related to security and privacy
• Rising adoption of IoT and connected devices
• Increasing adoption of cloud-based solutions in healthcare industry

 Restraints

• Security budget constraints in developing economies
• Insufficient training and dearth of knowledgeable IT staff

 Opportunities

• Increasing use of healthcare IT solutions in outpatient care facilities
• IoT security plays critical role in healthcare cybersecurity sector

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Based on the threat type, the ransomware segment is to grow at the highest CAGR during the forecasted period

Ransomware attacks continue to be a significant threat to healthcare organizations. These types of attacks are a major threat that can disrupt patient care, compromise sensitive patient data, and cause significant financial damage According to a report, the healthcare sector accounted for 79% of all ransomware attacks in the United States in 2022. The impact of ransomware attacks on healthcare organizations has been highlighted by some of the high-profile incidents such as the WannaCry attack on the UK’s National Health Service and the NotPetya attack on Merck pharmaceuticals. These incidents demonstrated the potential for ransomware attacks to cause widespread disruption and underscored the importance of strong cybersecurity measures in healthcare. Thus, the ransomware segment accounts for the highest CAGR during the forecasted period.

By solution type, Antivirus/Antimalware segment to hold a larger market size during the forecast period

Antimalware helps protect healthcare organizations against malware threats such as viruses, trojans, worms, and other malicious software that can compromise the security of patient data and systems, therefore becoming an important aspect of healthcare cybersecurity. Additionally, antimalware solutions help healthcare organizations detect and prevent malware attacks by scanning for known malware signatures, analyzing behavior patterns, and using advanced technologies such as machine learning and artificial intelligence algorithms to detect and respond to emerging threats. Thus, the segment holds a larger market size during the forecast period.

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Top Companies in Healthcare Cybersecurity Industry include:

• IBM (US)
• Cylera (US),
• Gigamon (US),
• AT&T (US)
• Cisco (US)
• Palo Alto Networks (US)
• Check Point (Israel)

What is Healthcare Cybersecurity?

Healthcare cybersecurity is a strategic requirement for every firm in the medical industry, from healthcare providers to insurance to pharmaceutical, biotechnology, and medical device corporations. It entails a number of steps to protect companies from external and internal cyberattacks and to assure the availability of medical services, the proper operation of medical systems and equipment, the confidentiality and integrity of patient data, and compliance with industry rules.

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