By 2030 Global Healthcare Cybersecurity Market to Reach USD 51.40 Billion

Written by: Arjita Gupta

Edited by: Anjali Kalan

Last Updated: December 26, 2022

Growing at a CAGR of 17.5%, the Global Healthcare Cybersecurity Market will reach USD 51.40 billion by 2030. In 2021, the same was valued at $12.66 billion. The primary driver of the market is the cloud-based solutions, 5G technology, and smartphones. Healthcare cybersecurity protects the patient's personal and medical information and valuable insights. It also preserves confidentiality, availability of details, and integrity.

Demand for cybersecurity has taken flight because of sophisticated techniques and tools developed by cyber criminals to attack pharmaceutical companies. There is a need of increasing investment and budget to invest in cyber protection for the healthcare sector. Also, government initiatives have to expand to address the safeguarding of medical and private details. From AI (artificial intelligence) to skilled workforce, projects are springing up in places to acknowledge this fact.

The healthcare market research report also indicated that cybersecurity sales will grow given the concerns for privacy and security. It will also propel the adoption of advanced solutions required to ensure that the digital details of people are not misused. If cyberattacks increase in the medical sector, then it will not just affect the population but even the healthcare industry. Several new ransomware attacks are already seen in the period 2017 and 2020 for the medical sector.

For instance, the medical business can go down 2 to 3 times for American Optometric Association projects as cybersecurity stands threatened moreover in the present times. Another example is the threat posed by Conti ransomware, which launched more than 400 attacks on international and U.S. organizations. The warning for which was issued by the Center for Strategic & International Studies, the U.S.

The cost of the data breach has gone up to US$ 4.24 million from US$ 3.86 million. It is the maximum accountability for the last 17 years. With IoMT (Internet of Medical Things) devices, there is hope for enhanced patient care and a reduced threat to healthcare cybersecurity. North America in 2021 has the highest market share in the global healthcare cybersecurity market. It has several advanced solutions from prominent key players in its region.