The healthcare cybersecurity market in Latin America is anticipated to be valued at USD 2.36 billion by 2028 from USD 0.98 billion by 2023, growing at a CAGR of 18.81% from 2023 to 2028.
The rapidly growing healthcare sector in Latin America is demanding cybersecurity solutions due to the need to privatize patient personal data, which is one of the key factors propelling the healthcare cybersecurity market growth in Latin America. In addition, the presence of emerging economies and developed countries and increasing healthcare expenditure in the Latin American region are further contributing to the growth of the Latin American market. Furthermore, the governments of Latin American countries have been putting significant efforts and investments to safeguard the privacy of the public and data security due to the rising number of cyber-attacks on life’s sciences and healthcare as well as medical services, which is anticipated to boost the growth rate of the Latin American healthcare cybersecurity market. Furthermore, rising networking in digital healthcare services such as telemedicine and telehealth services, increasing adoption of eHealth and growing adoption of technological developments in upgrading the capabilities in hospitals, and rapidly increasing medical devices demand for cybersecurity are promoting the growth of the healthcare cybersecurity market in Latin America.
In Latin America, most hacking incidences happen each year in healthcare sectors; increasing IT applications such as software and smartphone application or mobility in healthcare services are challenging factors in front of the Latin America healthcare cybersecurity market. Also, data breaching and patient privacy disturbance are the second leading cause in this region.
This market research report has been segmented and sub-segmented into the following categories.
By Security Type:
The Latin American region occupied a considerable share of the global market in 2022 and is anticipated to witness a steady CAGR during the forecast period.
The Mexican market is expected to capture a substantial share of the Latin American region during the forecast period. Mexico has a high rate of economic status in which rising government support for healthcare expenditure annually welcomes healthcare cyber-attacks. According to world cybersecurity services, most of the hacking incidence happens in Mexico. A total of 33% of cyber-attack happens via mailing, and 30% of hacking and data breaking occur due to website, many of which are seen in the healthcare and life sciences sectors. Rising pharmaceutical and Biotechnology industries in Mexico region witnessed the Ransomware cyber-attacks in Mexico. FDI is increasing rapidly in pharmaceutical industries, but lack of investment in cybersecurity said WHO. According to the German cybersecurity authority, 2.3 million Mexican private records unprotected in the last years gained, and the HOVA health telemedicine company industry exposed 2373764 patient data without any security. Mexico has weak cybersecurity services.
The Brazilian market is anticipated to register a healthy CAGR during the forecast period. Brazil also shows significant healthcare cyber-attack due to increasing website hacking incidents in which most of the incident related to patient data breaches registered. In 2017, 5.5 million and in 2018, 15 million patients were impacted by data breaking and almost a three-time high in one year. Total of 33% of cyber-attack via mailing and 31% via web attacks registered in recent years. Ransomware is the most prevalent healthcare cyberattack seen in Brazil. In the Covid-19 Outbreak, most cyber-attacks are registered through smartphones in Brazil. 124% phishing attacks by WhatsApp, and 7112 web application attacks in pharmaceutical industries in one year.
The market in Argentina is estimated to grow at a notable CAGR in the coming years. The cyber-attacks have impacted Argentina in the pharma and healthcare sector, with 73% of data breaches in medical device data accounted for in Argentina between 2018 to 19, which is demanding healthcare cybersecurity in this country.
KEY MARKET PLAYERS:
Companies playing a leading role in the Latin American healthcare cybersecurity market profiled in this report are McAfee, LLC, FireEye, Atos SE, Palo Alto Networks, Inc., Cisco Systems, Inc., Fortified Health Security, Lockheed Martin Corporation, Palo Alto Networks, Inc., Booz Allen Hamilton, Inc., and IBM Corporation.
The Latin American healthcare cybersecurity market is anticipated to grow at a CAGR of 18.81% from 2022 to 2027.
The growing number of cyber threats to healthcare organizations, rising demand for healthcare services, and growing adoption of digital health technologies are some of the major factors propelling the Latin American healthcare cybersecurity market.
Cisco Systems Inc., Fortinet Inc., IBM Corporation, McAfee LLC, and Symantec Corporation are a few of the leading companies in the Latin American healthcare cybersecurity market.
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