The global healthcare cybersecurity market will reach $56,3-billion by 2030 and is expected to expand at a CAGR of 18,5% over the forecast period, according to a new report by Grand View Research.
The integration of healthcare and information technology has led to remarkable advancements in patient care, data management, and operational efficiency. However, it has also exposed the industry to increasing cyberthreats including ransomware attacks and data breaches which compromise patient privacy and disrupt healthcare services.
According to a February 2024 article from Health News Florida, analysts at Emsisoft noted a surge in cyberattacks on hospitals with 46 incidents reported in 2023 compared to 25 in 2022. Meanwhile, criminal profits have seen a significant rise – with average payouts escalating from $5 000 in 2018 to an alarming $1,5-million in 2023.
The market growth is fueled by regulatory mandates, rising cyberattacks, and the expansion of interconnected medical devices and systems. The market offers various solutions and services such as threat detection, data encryption, access control, and compliance management designed to protect sensitive healthcare information and infrastructure.
Rapid digitalisation and high Internet penetration are increasing the chances of the vulnerability of the healthcare industry to cyberattacks due to its valuable data. The sector has witnessed numerous cyberattacks. For example, according to TechTarget’s January 2024 update, over 112-million individuals were impacted by healthcare data breaches reported by more than 540 organisations to the US Department of Health and Human Services (HHS) in 2023.
In addition, recent cyberattacks on Ireland’s Department of Health and Health Service Executive (HSE) occurred, including a human-operated “Conti” ransomware attack that severely disabled HSE systems and prompted the shutdown of most other systems. The Federal Bureau of Investigation (FBI) and Cybersecurity & Infrastructure Security Agency (CISA) issued warnings regarding the escalating attacks, noting over 400 Conti ransomware cyberattacks in the US and worldwide.
Furthermore, technological advancements in product development to combat cyberattacks and protect data are anticipated to drive market growth.
Other highlights from the report include:
* Based on the type of solution, the antivirus and antimalware segment dominated the market and accounted for a revenue share of over 25,8% in 2023 due to a rise in the adoption of such solutions in healthcare settings. It is attributed to a surge in the number of malware attacks in the healthcare industry which are capable of shutting down hospital networks, thereby affecting patient care.
* Based on the type of threat, the malware segment dominated the market and accounted for the largest revenue share of around 25,7% in 2023. The ransomware attack is the extensively used malware type due to the awareness and preferences of the hackers for ransomware.
* In Asia Pacific, the market is anticipated to witness lucrative growth over the forecast period due to the increased adoption and penetration of the Internet in the healthcare industry.
* Based on end-use, the hospital segment held the largest revenue share of around 62,6% in 2023. Hospitals are extremely vulnerable to cyberattacks as they store an incredible amount of patient data. In addition, these attacks spiked during the pandemic threatening private data and patient care.
* In 2023, North America dominated the market and accounted for the largest revenue share of over 30% due to the presence of key players and increased application scope of cybersecurity in healthcare organisations.