The global healthcare cybersecurity market is projected to grow at a compound annual growth rate of 16% from 2020 to 2027, reaching $12 billion, according to Acumen Research and Consulting.
Present malware threats, increased data breaches among healthcare companies, and rising protection and regulatory enforcement concerns are fueling growth in the healthcare cybersecurity industry. Furthermore, growing incidents of IP piracy, leakage of company information, patent infringement, loss of Social Security and patient health data, and deception in the medical identification industry are other elements that make medical cybersecurity devices more common.
There are more cases of safety threats in healthcare organizations related to networks and devices and, hence, increased competition in the healthcare cybersecurity sector, according to Acumen researchers. Increased financial expenditures, due to data errors, have forced healthcare institutions to implement protection measures. Further, two of the causes of increased cyberattacks are a lack of information about cyber threats and the lack of IT funding in the healthcare sector.
North America Governs the Global Market
Currently, North America holds the largest share of the healthcare cybersecurity market, led by the United States. The rise in the U.S. market can be attributed to growing instances in data infringement, and demand expansion in the country is projected to be driven by the development of innovative health information technologies solutions. According to a Health Insurance Portability and Accountability Act report, the number of allegations of violations in health-related data has gradually increased over the years. In fact, there were 365 breaches of healthcare privacy in 2018, up about 2% of the 358 privacy infringements reported in 2017 and 83% more breaches than in 2010.
Moreover, Asia-Pacific is the fastest-growing region in the global healthcare cybersecurity market, owing to increasing technical advances and the emergence of massive business expansion opportunities in the Asian-Pacific information security healthcare sector. Acumen researchers forecast that the Middle Eastern and African healthcare cybersecurity markets will also rise at a steady pace during the forecast period, due to higher wages and expanded funding to healthcare facilities.