The Healthcare IoT Security Market Size is valued at 0.46 Billion in 2023 and is predicted to reach 1.61 Billion by the year 2031 at a 17.33% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The increasing acquiring of IoT devices in healthcare settings for various applications like inventory management, asset tracking, and patient monitoring is driving the healthcare IoT security market.
- The rising recognition of the importance of cybersecurity in healthcare is driving the healthcare IoT security market.
- North America dominated the market and accounted for a global revenue share in 2023.
- A key challenge for the healthcare IoT security market is the high initial investment required for the development & implementation of robust security solutions.
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.
Competitive Landscape
Some Major Key Players In The Healthcare IoT Security Market:
- Cisco Systems, Inc.,
- Inside Secure SA,
- Dell Corporation,
- Intel Corporation,
- ATMEL Corporation,
- Symantec Corporation,
- EUROTECH SPA,
- Fortinet, Inc.,
- Oracle Corporation,
- Deutsche Telekom AG,
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.
Recent Developments:
- In March 2023, Dell Technologies has enhanced its security portfolio by introducing a variety of additional services and solutions. Dell's latest security solutions effectively addressed these concerns, enabling enterprises to mitigate risk and safeguard their business.
Healthcare IoT Security Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 0.46 Billion |
|
Revenue Forecast In 2031 |
USD 1.61 Billion |
|
Growth Rate CAGR |
CAGR of 17.33 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
Solution, Services |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
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. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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