Healthcare Cybersecurity Market Size to Grow USD 17240 Million by 2029 at a CAGR of 13.2% | Valuates Reports

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Jun 12, 2023, 11:15 ET

BANGALORE, India, June 12, 2023 /PRNewswire/ -- The Healthcare Cybersecurity Market is Segmented by Type (Stand-alone Systems, Integrated Systems), by Application (Hospitals, Clinic)): Global Opportunity Analysis and Industry Forecast, 2023-2029.

The global Healthcare Cybersecurity market was valued at USD 8188.1 million in 2022 and is anticipated to reach USD 17240 million by 2029, witnessing a CAGR of 13.2% during the forecast period 2023-2029.

Major factors driving the growth of the Healthcare Cybersecurity Market

The market for healthcare cybersecurity is anticipated to expand over the next several years, given the importance of healthcare data and the expanding cyber threats that the sector must deal with.

Additionally, it is predicted that the adoption of 5G technology, regulatory requirements, and an increase in the use of connected devices, smartphones, and cloud-based solutions in the healthcare industry will all contribute to the market's expansion during the projection period.

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TRENDS INFLUENCING THE GROWTH OF THE HEALTHCARE CYBERSECURITY MARKET

Due to the huge quantity of important patient data it contains, the healthcare industry is a top target for cyberattacks. To get unauthorized access to patient data, private information, and important medical research, cybercriminals try to exploit weaknesses in healthcare systems. The demand for cutting-edge cybersecurity solutions in healthcare has increased due to the frequency and sophistication of cyber attacks escalating. This factor is expected to drive the growth of the Healthcare Cybersecurity market

Governments and regulatory agencies have put in place strict laws and compliance requirements in response to their recognition of the significance of cybersecurity in the healthcare sector. The Health Insurance Portability and Accountability Act (HIPAA), for instance, requires security and privacy protections for protected health information (PHI) in the United States. The need for healthcare cybersecurity solutions is being driven by the requirement for strong cybersecurity measures to comply with these requirements.

The attack surface for cyber threats has increased due to the quick uptake of digital health technologies including electronic health records (EHRs), telemedicine, wearable technology, and Internet of Things (IoT) devices. New vulnerabilities and access points are produced by these technologies, which hackers might take advantage of. The need for cybersecurity solutions grows as healthcare organizations employ these technologies more and more to enhance patient care and operational effectiveness.

For effective and well-coordinated patient care, healthcare systems and networks must be interconnected. The fact that several networked systems might potentially be compromised by a single hack, however, creates risks. Strong cybersecurity measures are required to guard against unauthorized access and data breaches as healthcare providers, hospitals, clinics, and other institutions interact and exchange data across networks.

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HEALTHCARE CYBERSECURITY MARKET SHARE ANALYSIS:

The largest market over the predicted period will be in North America. Due to their strong economies, the US and Canada are expected to considerably contribute to the growth of the healthcare cybersecurity market in North America. Aside from this aspect, the vast deployments of healthcare cybersecurity systems are being impacted by the widespread adherence to data compliance rules and cloud deployments.

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Key Players:

Epic Systems Corporation
eClinicalWorks
Practice Fusion
NextGen Healthcare
Allscripts
Cerner
MEDITECH
General Electric Healthcare IT
Athenahealth
McKesson
AmazingCharts
e-MDs
Care360
Vitera
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