Global Healthcare IoT Security Market

Report ID : 1375 | Published : 2022-09-29 | Pages: | Format: PDF/EXCEL

The market size of the global healthcare IoT security market in the year 2021 is valued at 1.95 billion and is predicted to reach 41.01 billion by the year 2030 at an 40.57% CAGR during the forecast period.

The outbreak has accelerated an already underway significant technological revolution in the healthcare industry. IoT devices, often known as internet-connected gadgets, have recently grown in popularity and significance in the healthcare sector. Technology-based security for networks of linked devices is known as the Internet of Things (IoT) security. Security solutions enable gadgets to recognize, thwart, and recover from cyberattacks by eliminating vulnerabilities. As a result of technological advancements brought about by modernization, hospitals are now visiting patients' homes to track and manage their care. The market for healthcare IoT security has been created by the advent of devices like pacemakers, insulin pumps, heartbeat monitors, nasal pumps, and other smartphones and watches to monitor human health.

The medical sector has benefited from technological advancements by streamlining operations, enhancing patient-doctor communication, and reducing the number of patients entering hospitals, yet ransomware assaults and data breaches have increased. Cyberattacks in healthcare are growing as patients and healthcare workers use new technologies. The usage of IoT has improved patient care and health services, but the growing prevalence of cyber risks has constrained the market's expansion.

Market Segmentation:

The healthcare IoT security market is categorized on the basis of solutions and services. Based on the solution, the market is differentiated into endpoint security, content security, application security, and cloud security. Based on service, the market is differentiated as consulting services, risk assessment services, design and integration services, managed security services, and others (training and education, email security, among others).

Based on product, the Cloud Security segment is accounted as a significant contributor in the healthcare IoT security market.

The Cloud Security segment accounted for a disproportionately more significant revenue share. Since it enables more flexible operations, greater efficiency, and reduced costs, cloud security enhances the performance of healthcare organizations and boosts business flexibility. This necessitates the introduction of more potent cloud security solutions. Healthcare cloud infrastructure is in high demand due to the growing trend of digitization in the industry, the incorporation of cutting-edge AI/ML algorithms, cloud deployment of healthcare systems, rising costs, ineffective facility management, and overburdened systems. The rising availability of advanced technological solutions for the healthcare industry and the rise in cloud computing use to reduce costs and provide flexibility, storage, and scalability are projected to fuel the segment's growth.

The email Security segment witnessed growth at a rapid rate.

The key drivers of the email security segment include the rise in social spam and cyber dangers and the expanding BYOD trend. The preference for cloud-based secure email gateways offers protection against all modern threats, including spam, phishing, and impersonation. Email fraud protection deters fraudulent emails and improves email security. The introduction of cloud-based solutions and worries about data viruses are two more factors driving the category upward. The growing usage of email services further improves the market's perception for communication purposes in business, government, and many other sectors.

The North American healthcare IoT security market holds a significant revenue share in the region.

North America is projected to hold a more considerable proportion of the market due to the growing deployment of IoT medical devices in the region and the consequent growth in the need for solutions to counter ransomware threats and other cyber security assaults. In North America, the U.S. had the most substantial revenue share, and it is anticipated that it will continue to lead during the projected period. The primary drivers of the most significant revenue share in the life science sector are technological improvements and numerous government initiatives encouraging the usage of digital platforms. The industry is also driven by several initiatives launched to develop eHealth and clinical interoperability. The industry has been greatly supported by rising medical cost-cutting initiatives, the security of data transfer on health IoT devices, and a shift from a fee-for-service to a value-based strategy.

The Asia Pacific is anticipated to be a significantly growing regional market. The governments prioritize eHealth solutions to cater to the diverse demographics of nations like China, India, South Korea, and others. According to the 2020 report, the Chinese government uses telemedicine and digital healthcare to assist in rural and isolated areas. India is anticipated to display a quick pace of growth during the projection period. The government's massive digital investments and India's quickly expanding population are creating enormous prospects in the healthcare sector.

Competitive Landscape

The leading players in the healthcare IoT security market have shifted their focus towards bio-based components for product manufacturing and are initiating significant strategies such as mergers, acquisitions, and joint ventures of major and domestic players to enhance product portfolios and strengthen their market footprint across the globe. Some of the major key players in the healthcare IoT security market are Cisco Systems, Inc., Inside Secure SA, Dell Corporation, Intel Corporation, ATMEL Corporation, Symantec Corporation, EUROTECH SPA, Fortinet, Inc., Oracle Corporation, and Deutsche Telekom AG, among others.

Chapter 1. Methodology and Scope

1.1. Research Methodology

1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Healthcare IoT Security Market Snapshot

Chapter 4. Global Healthcare IoT Security Market Variables, Trends & Scope

4.1. Market Segmentation & Scope

4.2. Drivers

4.3. Challenges

4.4. Trends

4.5. Investment and Funding Analysis

4.6. Industry Analysis – Porter’s Five Forces Analysis

4.7. Competitive Landscape & Market Share Analysis

4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: by Solution Type Estimates & Trend Analysis

5.1. by Solution Type & Market Share, 2019 & 2030

5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2030 for the following by Solution Type:

5.2.1. Endpoint Security

5.2.2. Content Security

5.2.3. Application Security

5.2.4. Cloud Security

Chapter 6. Market Segmentation 2: by Services Estimates & Trend Analysis

6.1. by Services & Market Share, 2019 & 2030

6.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2030 for the following by Services:

6.2.1. Consulting Services

6.2.2. Risk Assessment Services

6.2.3. Design and Integration Services

6.2.4. Managed Security Services

6.2.5. Others (E-mail Security, Training and Education, among Others)

Chapter 7. Healthcare IoT Security Market Segmentation 3: Regional Estimates & Trend Analysis

7.1. North America

7.1.1. North America Healthcare IoT Security Market Revenue (US$ Million) Estimates and Forecasts by Solution Type, 2019-2030

7.1.2. North America Healthcare IoT Security Market Revenue (US$ Million) Estimates and Forecasts by Services, 2019-2030

7.1.3. North America Healthcare IoT Security Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2030

7.2. Europe

7.2.1. Europe Healthcare IoT Security Market revenue (US$ Million) by Solution Type, 2019-2030

7.2.2. Europe Healthcare IoT Security Market revenue (US$ Million) by Services, 2019-2030

7.2.3. Europe Healthcare IoT Security Market revenue (US$ Million) by country, 2019-2030

7.3. Asia Pacific

7.3.1. Asia Pacific Healthcare IoT Security Market revenue (US$ Million) by Solution Type, 2019-2030

7.3.2. Asia Pacific Healthcare IoT Security Market revenue (US$ Million) by Services, 2019-2030

7.3.3. Asia Pacific Healthcare IoT Security Market revenue (US$ Million) by country, 2019-2030

7.4. Latin America

7.4.1. Latin America Healthcare IoT Security Market revenue (US$ Million) by Solution Type, 2019-2030

7.4.2. Latin America Healthcare IoT Security Market revenue (US$ Million) by Services, 2019-2030

7.4.3. Latin America Healthcare IoT Security Market revenue (US$ Million) by country, 2019-2030

7.5. Middle East & Africa

7.5.1. Middle East & Africa Healthcare IoT Security Market revenue (US$ Million) by Solution Type, 2019-2030

7.5.2. Middle East & Africa Healthcare IoT Security Market revenue (US$ Million) by Services, 2019-2030

7.5.3. Middle East & Africa Healthcare IoT Security Market revenue (US$ Million) by country, 2019-2030

Chapter 8. Competitive Landscape

8.1. Major Mergers and Acquisitions/Strategic Alliances

8.2. Company Profiles

8.2.1. Cisco Systems, Inc.

8.2.2. Inside Secure SA

8.2.3. Dell Corporation

8.2.4. Intel Corporation

8.2.5. ATMEL Corporation

8.2.6. Symantec Corporation

8.2.7. EUROTECH SPA

8.2.8. Fortinet, Inc.

8.2.9. Oracle Corporation

8.2.10. Deutsche Telekom AG

8.2.11. Other Prominent Players

By Solution

  • Endpoint Security
  • Content Security
  • Application Security
  • Cloud Security

By Services

  • Consulting Services
  • Risk Assessment Services
  • Design and Integration Services
  • Managed Security Services
  • Others (E-mail Security, Training and Education, among Others)

By Region-

  • North America-
  • US
  • Canada
  • Mexico
  • Europe-
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
  • Asia-Pacific-
  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific
  • Latin America-
  • Brazil
  • Argentina
  • Rest of Latin America
  • Middle East & Africa-
  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa
  • Others

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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