Cybersecurity in Healthcare is Predicted to Reach US$26.1 Billion by 2027

Higher adoption of cybersecurity solutions is one of the key factors fostering the growth of cybersecurity in healthcare.

Cybersecurity in healthcare is expected to grow at a CAGR of 19.8% from 2020 to is expected  reach US$26.1 billion by 2027. The pandemic has highlighted the need for adequate data security as many hospital employees started working remotely, greatly increasing the number of endpoints that needed protecting. As the workforce, in and outside of healthcare, migrated end masse to a virtual model, and so did care delivery. Several regions across the globe witnessed a sharp rise in the number of cyber-attack incidents.

Some of the factors driving the market growth are increasing cyberattacks and raising privacy and security concerns and higher adoption of advanced cyber security solutions. Moreover, the growing adoption of cloud-based solutions in the healthcare sector, rise in adoption of connected devices and smartphones and adoption of 5G technology are estimated to further contribute to the growth of the market over the forecast period.

With the high availability of various software, the healthcare cyber security ensures that data related to health organizations, treatments, and patients are safe and secure from cyberattacks as well as breaches. Over the years, cyberattacks and breaches have risen considerably, giving rise to the need for effective cybersecurity. This is expected to have a remarkable effect on the global healthcare cyber security market over the ensuing years.

Geographically, the healthcare cybersecurity market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East andAfrica. The key players operating in the global healthcare cybersecurity market are FireEye, Inc. (U.S.), Palo Alto Networks, Inc. (U.S.), Sophos Ltd. (U.S.), Juniper Networks, Inc. (U.S.), Fortinet, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Checkpoint Software Technologies Ltd. (U.S.), Imperva (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), etc.