The relevance of Industry 5.0 confirms the collaborative relationship between humans and machines through an inclusive automation process. The healthcare industry at present is facilitated by the use of these emerging technologies, which promise a more personalized, patient-centric approach, enabling more prompt, cost-effective, and efficacious medical care to the affected. However, managing enormous data volumes, lack of standards, risks to data security, and regulatory obstacles, such as regulatory compliance, are critical issues that must be addressed to ensure that Industry 5.0 can be effectively integrated into the healthcare industry. This research assumes significance in the stated context as it seeks to reveal the gaps between security risks and threats assessments for personalized healthcare services based on Industry 5.0. The study’s investigations cite that the identification of security risks and various threats is an imperative need and must be prioritized so as to ensure optimal security for the healthcare system. Furthermore, the study peruses various security threats and security risk assessments for enhancing and safeguarding the healthcare industry. Moreover, the study also proposes a framework for security risk assessment based on Industry 5.0 (SRVF^HI5.0) for the healthcare security system. A step-wise procedure is applied to validate the proposed framework and provide support for designing feasible security evaluation criteria and tools for future research. Statistical analysis was performed to evaluate the measure of the applicability of multiple criteria, the tool’s reliability, and factor analysis. This offers an adequate basis for accepting the suggested risk assessment methodology based on Healthcare Industry 5.0 for implementation as well as further research and analysis.