Healthcare Cyber Attacks Market Size, Revenue Share, Drivers & Trends Analysis, 2022–2028

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The global healthcare cybersecurity market size was USD 10.44 Billion in 2020 and is expected to register a CAGR of 16.8% during the forecast period.

The global Healthcare Cyber Attacks 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 Cyber Attacks RD 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.

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The pharma and healthcare industry is expected to observe significant growth over the coming years attributed to the increasing incidence of chronic diseases across the globe, growing geriatric patient pool, availability of advanced and minimally invasive surgical and diagnostics procedures, favorable reimbursement scenario, and presence of a robust product pipeline of drugs and therapeutics. In addition, the growing integration of IoT, ML, and AI in medical procedures and equipment along with rapid progress in drug design and development. A combination of innovation and technology has brought about massive changes in the healthcare industry and the rapid adoption of telemedicine, remote consultation, and e-prescription has significantly contributed to the revenue growth of the market.

Some Key Highlights from the Report:

  • The ransomware segment is expected to account for largest revenue share over the forecast period due to increasing incidences of ransomware and data breaches caused by malicious software. Ransomware is the most common cyberattack faced by healthcare organizations, which can cause longer hospital stays, delays in tests and procedures, and also lead to death of patients at times.
  • The network security segment is expected to dominate other application segments in terms of revenue share over the forecast period, which can be attributed to growing focus on deployment of robust network security solutions, addressing concerns of privacy, and increasing demand for network security solutions amid rapid shift to work from home during the COVID-19 pandemic.
  • The cloud-based segment is expected to register significant revenue CAGR over the forecast period owing to a rapid shift to cloud environment, advancements in cloud management and integration practices, flexibility and cost-effectiveness of cloud deployment, and rapid integration of advanced technologies such as IoT-enabled devices and electronic health records across the healthcare sector.
  • The hospitals segment is expected to register significant revenue growth during the forecast period, mainly due to increasing demand for cybersecurity solutions from hospitals, owing to rapidly rising incidences of cyberattacks, availability of large amounts of sensitive patient data, and increasing vulnerabilities in connected healthcare infrastructure.
  • North America is expected to account for largest revenue share over the forecast period. The growth of this regional market can be attributed to advancement in healthcare facilities and rising instances of cyberattacks, introduction of robust cybersecurity solutions, and presence of key market players in the region.

  Research Methodology:

Reports and Data utilizes a unique approach to research to offer a comprehensive overview of the global Healthcare Cyber Attacks Market to offer insights into investment opportunities for stakeholders, investors, clients, and businesses to make informed decisions. The report includes SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis to offer a better understanding of the market scenario.

Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.

The growing popularity of over-the-counter medications driving market growth

Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.

Restriction on product launches and RD activities to hamper the market growth

The imposition of strict government regulations and shortage of funds has put a halt on product launches and RD activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.

  Competitive Landscape:

The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as RD investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.

Top Companies Profiled in the Report:

  • IBM Corporation
  • Cisco Systems, Inc.
  • Booz Allen Hamilton Inc.
  • Symantec Corporation
  • Intel Security Group (McAfee)
  • Trend Micro Inc.
  • Computer Sciences Corporation
  • CA, Inc.
  • Lockheed Martin Corporation
  • Palo Alto Networks
  • Atos SE
  • FireEye, Inc.
  • Northrop Grumman Corporation.

  Healthcare Cyber Attacks Market Segmentation:

Threat Type Outlook:

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

Application Outlook:

  • Application Security
  • Network Security
  • Device Security
  • Endpoint Security
  • Other

Deployment Outlook:

  • On-premise
  • Cloud

End-Use Outlook:

  • Medical Devices
  • Health Insurance
  • Hospitals
  • Others

Regional Outlook:

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
  • Latin America (Brazil, Rest of LATAM)
  • Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East Africa)

  Frequently asked questions addressed in the report:

  • What is the revenue growth rate of the global Healthcare Cyber Attacks market over the forecast period?
  • What are the major factors driving the growth of the Global Healthcare Cyber Attacks Market?
  • What are the key challenges impacting the global Healthcare Cyber Attacks market growth?
  • What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?

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About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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