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.
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.
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.