The healthcare cybersecurity market is set to grow to $28.5 billion by 2027

16th December 2021


The healthcare cybersecurity market is expected to grow with a 16.3% CAGR over the next five years to reach $28.4 billion by 2027.

The rapid growth in healthcare cybersecurity could be attributed to significant changes in the healthcare industry, particularly with healthcare technology and data.

Explaining the growth in healthcare cybersecurity

Advancements in healthcare technologies have seen the proliferation of data-generating mobile devices, such as IoT. These devices are all connected within a single network generating large streams of medical data.

Cybersecurity, however, has not kept pace with advancing healthcare, which has led to medical data being exposed to cyberattacks.

Cyber breaches have been particularly problematic over the past two years, with phishing and ransomware attacks exposing cybersecurity systems and causing millions of pounds in damage.

Medical data, in particular, is seen as a desirable target for cyberattacks because of the high price health information commands in the black market compared to data from other industries.

Governments have also implemented stringent regulations to address concerns over security standards. For example, the US government passed the Health Insurance Portability and Accountability Act to set strict standards for securing medical data.

This has prompted healthcare companies to adopt robust digital risk protection measures by investing in advanced cybersecurity solutions.

Healthcare institutions require robust cybersecurity capabilities to give them access to advanced security measures.

For example, multi-factor authentication ensures that only certified users can access internal networks and sensitive data, which reduces the chance of cyberattacks taking place.

Creating a secure network for the future

Healthcare technology has steadily transformed medical care, making it a more automated, data-driven field.

While these amount to many positive developments—telehealth has made healthcare more accessible to patients who would have a hard time travelling to see a doctor—there are also concerns about data security.

Integrated networks of medical devices create a larger attack surface, making data more vulnerable to cyberattacks.

To counteract this problem, the medical industry requires more advanced cybersecurity platforms that match their requirements, triggering a wave of demand for healthcare cybersecurity.