Healthcare Cybersecurity Market worth $35.3 billion by 2028, growing at a CAGR of 14.2% : Report by MarketsandMarkets™

Chicago, May 05, 2023 (GLOBE NEWSWIRE) — The global Healthcare Cybersecurity Market size is projected to grow from USD 18.2 billion in 2023 to USD 35.3 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 14.2% during the forecast period, according to a new report by MarketsandMarkets™. The major factors driving the market growth include increased cyberattacks and concerns related to security and privacy, rising adoption of IoT and connected devices, and increasing adoption of cloud-based solutions in the healthcare industry.

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399 – Tables
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The increasing use of healthcare IT solutions in outpatient care facilities and IoT technology playing a critical role in the healthcare cybersecurity sector are a few factors contributing to the healthcare cybersecurity market’s promising growth potential.

Scope of the Report

Trend: Multi-Factor Authentication in Healthcare Cybersecurity

Healthcare providers, in order to create a much safe and more secure environment aim to tighten their digital vaults by enforcing multi-factor authentication with authenticators, numerous sign-up prompts across devices, and secure password prompts. Strong passwords can help but still make the user vulnerable to an attack. Multi-factor authentication can make this attack harder. After the password-only period, two-factor authentication, or 2FA, became the most popular security measure. Nowadays, two-factor authentication using hard tokens, soft tokens, and smartphone prompts might be useful for providers having access to multi-factor authentication.  

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Trend: Biometric security combined with Secure Access Service Edge (SASE)

Biometric security will actively contribute to enhancing a healthcare organization’s cybersecurity procedure during the upcoming years. It will not only help them regulate identity management and access, but it will also provide employees and organizations with a seamless clinical experience – ultimately improving the quality of healthcare as well as security. The providers will be protected from attackers trying to get rapid access to private medical information by biometric touchpoints acting as a barrier.

SASE is a new business approach that integrates diverse secure online, on-premises, remote access, and cloud-based resources to deliver cybersecurity solutions.

By offering, the solutions segment accounts for a larger market size

The offering segment consists of solutions and services, of which the solutions segment accounts for a larger market size during the forecast period. As telemedicine and electronic health records become more widely used in healthcare, there are increased chances for cyberattacks. Also, the dependence of healthcare organizations on technology is resulting in the prevalence of strong healthcare cybersecurity solutions. Additionally, the cybersecurity risks and threats that healthcare organizations confront and the possible repercussions of a cyberattack are becoming more well-known. As a result, healthcare cybersecurity solutions are becoming more and more popular, thus, accounting for a larger market size during the forecasted period.

By end use industry, the telehealth and digital health providers segment account for the highest CAGR

Telehealth and Digital Health Providers have emerged as important players in the healthcare industry, providing a range of remote healthcare services and digital tools to patients and healthcare providers leading to an increase in demand. With the continuous growth and adoption of telehealth and digital health services, the need for robust cybersecurity measures to protect patient data and ensure the safety and efficacy of these services becomes increasingly important. This includes the need to secure communication channels between patients and healthcare providers, protect patient data from cyber-attacks, and ensure the integrity of digital health platforms. As a result, it is predicted that the telehealth and digital health providers segment will have the highest CAGR during the forecast period.

Opportunity: Increasing use of healthcare IT solutions in outpatient care facilities

Due to rising pressure on healthcare systems to reduce costs, the healthcare sector is shifting toward outpatient settings. It is anticipated that an outpatient surgery center treatment will cost 30% to 60% less than an inpatient hospital procedure. As there are more outpatient settings and patients, there will be a greater need for HCIT solutions in these settings. According to United Health (US) research, 10% of US hospitals have programs specifically designed to improve clinical documentation in outpatient settings, while 14% of hospitals plan to implement cutting-edge solutions soon. Deploying these technologies in outpatient care settings is supported by a number of governmental organizations, including the US government, which is investing USD 80 million in a new public health informatics and technology program. With the benefits of web-based management for constant care, many patients are now moving towards outpatient care needs.

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