PUBLISHER: Grand View Research | PRODUCT CODE: 1474852
PUBLISHER: Grand View Research | PRODUCT CODE: 1474852
The global healthcare cyber security market size is expected to reach USD 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, Inc. 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 cyber threats, 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 USD 5,000 in 2018 to an alarming USD 1.5 million in 2023.
The market growth is fueled by regulatory mandates, rising cyber-attacks, and the expansion of interconnected medical devices & 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 digitalization 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, Inc.'s January 2024 update, over 112 million individuals were impacted by healthcare data breaches reported by more than 540 organizations to the U.S. 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, prompting 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 U.S. and worldwide. Furthermore, technological advancements in product development to combat cyberattacks and protect data are anticipated to drive market growth. For instance, in November 2023, CyberCatch, Inc. launched the Healthcare Compliance Manager solution, aiding healthcare organizations in adhering to the latest Health Industry Cybersecurity Practices from the U.S. Department of Health & Human Services. This solution targets the increasing cyberattack threat to the healthcare sector, impacting over 26,000 organizations.