Healthcare Cyber Security Market to Reach USD 69.14 Billion by 2033, Driven by Rising Data Privacy Concerns and Increased Digitalization, According to Straits Research

The global healthcare cyber security market is poised for significant growth, with a projected increase from USD 20.38 billion in 2025 to USD 69.14 billion by 2033, registering a robust CAGR of 16.50% during the forecast period, according to Straits Research. The market growth is fueled by the rising need to safeguard sensitive patient data, medical devices, and electronic health records from cyber threats, data breaches, and unauthorized access.

Healthcare cyber security encompasses the implementation of policies, technologies, and practices designed to protect patient data, prevent medical device hijacking, and ensure regulatory compliance. By deploying advanced security measures such as firewalls, encryption, and intrusion detection systems, healthcare organizations can mitigate the risk of cyberattacks and data breaches, ensuring trust and reliability in healthcare delivery.

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Key Growth Drivers

The rapid digitalization of healthcare has led to massive data generation across hospitals, clinics, labs, and pharmaceutical companies, heightening concerns about data privacy and security. Between 2005 and 2019, healthcare data breaches impacted over 249 million individuals, highlighting the urgent need for robust cyber security measures. Moreover, the growing volume of data from electronic medical records, IoT-connected devices, biomedical research, and clinical trials has created significant demand for effective cyber security solutions.

Market Restraints

Despite the pressing need for security, the healthcare sector faces a shortage of skilled cybersecurity professionals. Over the past five years, demand for cybersecurity talent in healthcare has increased by 121%, yet the industry continues to compete with other sectors for experienced staff, slowing market growth.

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Opportunities in the Market

The surge in cyberattacks has prompted significant investments from both public and private stakeholders. For instance, Cylera raised USD 10 million in a Series A funding round in 2021, while Armis Security received USD 125 million, valuing the company at approximately USD 2 billion. Global venture funding in healthcare cyber security increased from USD 26 million in 2015 to USD 249 million in 2019, reflecting the growing market potential.

Regional Insights

North America remains the largest market, driven by increasing cyberattacks and ransomware incidents, which surged 158% in 2020. Europe is projected to grow steadily, supported by government initiatives promoting healthcare digitalization. In the Asia-Pacific region, rapid connectivity expansion and adoption of IoT devices have increased vulnerability to cyber threats. Meanwhile, Latin America and the Middle East are witnessing gradual growth due to rising awareness and investments in healthcare cyber security.

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Market Segmentation

By threat type, malware represents the most significant segment, including ransomware, spyware, and trojans, reflecting the evolving tactics of cybercriminals. In security type, network security dominates, followed by cloud security, application security, and critical infrastructure protection. On deployment type, on-premises solutions currently lead the market, while cloud-based solutions are rapidly gaining traction. Among end-users, pharmaceutical and biotechnology companies are the primary contributors due to the highly sensitive nature of their data.

Leading Players

Intel Corporation
International Business Machines Corporation (IBM)
McAfee Associates Inc
Armis
CrowdStrike
Cylera
Palo Alto Networks

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