Healthcare Cybersecurity Market to Reach Valuation of USD 15.25 Billion by 2028 - Increasing Adoption of Internet of Medical Things (IoMT) Devices are Driving the Market

Vantage Market Research

Feb 17, 2022

In terms of revenue, the Global Healthcare Cybersecurity Market is expected to reach USD 15.25 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 18.1% from 2022 to 2028. Increasing adoption of Internet of Medical Things (IoMT) devices along with increasing patent infringement cases are the driving factors for Healthcare Cybersecurity Market. Additionally, loss of patient health records and medical identity fraud is fueling market growth.

Key Findings:

  • ‘Under the type segment, antivirus and antimalware sub-segment are anticipated to dominate the segment for Healthcare Cybersecurity Market and grow at a substantial Compound Annual Growth Rate (CAGR). The growth is attributed to the usage of such solutions owing to a surge in the number of malware attacks in the healthcare industry.
  • Hospital sub-segment held a market significant share in 2021 for an end-use segment for Healthcare Cybersecurity Market. As hospitals stores, an incredible amount of patient data, the increasing use of cyber security owing to high probabilities of cyberattack is driving the segment.
  • North America is the largest regional segment. This is due to, the presence of key players and the increased application of cyber security in healthcare organizations in the region.

Some of key players in Healthcare Cybersecurity Market include - Cisco Systems Inc. (US), IBM Corporation (US), Kaspersky Labs Inc (Russia), Broadcom Inc. (US), McAfee Inc. (US)..

Digitalization has hit the various sectors and healthcare is not lagging behind. Digitalization in healthcare means the procedure of information handling with the help of technologies. Data is the leader in the digital world. Manipulation and channelization of the data are proving revolutionary in all the fields of digital transformation. Along with the digitization of the healthcare sector, threats levels are also increasing. Hospitals are most vulnerable to threats such as cyberattacks. Hospitals contain huge patient data. Thus, increasing the demand for cyber security as the probability of cyberattack is high. Consequently, driving the market growth. Moreover, the rise in the adoption of connected devices and smartphones, and the adoption of 5G technology is further projected to propel the market growth over the forecast period. Additionally, the introduction of artificial intelligence in healthcare is also developing the healthcare sector to the next level. Furthermore, the increasing adoption of Internet of Medical Things (IoMT) devices is further propelling the Healthcare Cybersecurity market growth over the forecast period.

North America is expected to emerge as largest market for Healthcare Cybersecurity Market. The market growth in the region is attributed to factors such as the presence of key players such as FireEye, IBM, Palo Alto Networks Cisco Systems, Inc, Symantec Corporation, among others in the region. Additionally, well-developed healthcare facilities in this region is further propelling the Healthcare Cybersecurity market growth over the forecast period.