Healthcare IoT Security Market Size was valued at USD 0.4 Billion in 2022. The Healthcare IoT Security market Component is projected to grow from USD 0.5 Billion in 2023 to USD 1.9 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.80% during the forecast period (2023 - 2032).Growing adoption of loMT in the healthcare sector, rising consumer data privacy concerns, and rising government worries about healthcare IoT security, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The healthcare sector has unavoidably been affected by the Internet of Things. The healthcare sector is seeing an increase in health-connected devices and the expansion of the connected medical device market as linked technology becomes more pervasive in daily life. With the use of connected medical equipment and medical mobile applications, IOMT integrates data (patient information or performance data), people (patients, clinicians, and carers), and processes (healthcare delivery and patient support). As they provide various advantages like real-time patient monitoring, more individualised care, and increased safety, linked devices and IOMT are being adopted by patients and providers in the healthcare sector.
The requirement for real-time data processing of patient records is driving growth in the healthcare IoT security market internationally. Customers are more likely to plan healthcare appointments online through hospital services that keep a timetable between the patient and the doctor. By eliminating the waiting list, this saves time for both patients and physicians. Because patient-doctor confidentiality is a problem for all 213 nations in the world, HIPPA training is required of hospital staff in order for them to uphold security. Nowadays, our smartphones and watches serve as health monitoring devices, monitoring things like blood pressure, glucose, insulin, oxygen, and heart rate. These devices need to be protected to prevent cybercrimes.
The epidemic has expedited a huge technology transition in the healthcare sector that already exists. Internet-connected devices, or IoT devices, have recently gained popularity in the healthcare industry and have taken on significant importance in patient care. IoT devices are now used in the fields of wearable, implantable, and other healthcare-related devices such as surveillance cameras, thermometers, and smartpens. The majority of hospitals and other healthcare facilities profit from these IoT device kinds.
Despite the advantages, speed, and information that IoT in healthcare has brought to the industry, it has also brought about a great deal of risk, endangering both healthcare providers and even patients. IoT hardware is not made with security in mind. The cyber security of medical devices is not certified or standardised. Without a solution created for IoT security, it is practically hard to develop a unified security policy, update software, or even apply strong passwords on IoT devices because they lack standardised interfaces and controls. As a result, it is anticipated that demand for healthcare IoT security would rise.Thus, driving the Healthcare IoT Security market revenue.
The Healthcare IoT Security market segmentation, based on component, includes solutions and services. Solutions segment dominated the market in 2022. Due to the fact that the healthcare sector collects and stores enormous amounts of sensitive patient data, which, if disclosed, could be used inappropriately and result in illegal conduct, there is an increased need to avoid data loss. The demand for security solutions with higher encryption has grown among hospitals and other healthcare organisations.
The Healthcare IoT Security market segmentation, based on security type, includes application security, network security, end point security, and cloud security. Cloud security segment dominated the market in 2022. Because it enables more flexible operations, greater efficiency, and reduced costs, cloud security enhances the performance of healthcare organisations and boosts business flexibility. This necessitates the introduction of more potent cloud security solutions.
 The Healthcare IoT Security market segmentation, based on end user, includes hospitals & clinics, surgical centers, and research & diagnostic laboratories. Pharmaceutical & biotechnological companies segment dominated the Healthcare IoT Security market in 2022. The potential of cyber-attacks is growing as hospitals and clinics increasingly use smart devices and new smart beds that monitor oxygen, blood, and other data. Hospitals spend an average amount of cash on identity theft protection.
Figure 1: Healthcare IoT Security Market, by End User, 2022 & 2032 (USD Billion)Â
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Healthcare IoT Security Market dominated this market in 2022 (45.80%). Because more IoT medical devices are being adopted in the area, there is a growing requirement for solutions to stop ransomware threats and other cyber security attacks. Rising medical cost-cutting activities, the security of data transfer on health IoT devices, and a switch from a fee-for-service to a value-based strategy have all tremendously benefited the sector. Further, the U.S. Healthcare IoT Security market held the largest market share, and the Canada Healthcare IoT Security market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: HEALTHCARE IOT SECURITY MARKET SHARE BY REGION 2022 (USD Billion)Â
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Healthcare IoT Security market accounted for the healthy market share in 2022. Technological advancements and various government efforts promoting the use of digital platforms are the main factors driving the most substantial revenue share in the life sciences sector. The business is also fueled by numerous projects initiated to advance clinical and eHealth interoperability.Further, the German Healthcare IoT Security market held the largest market share, and the U.K Healthcare IoT Security market was the fastest growing market in the European region.
The Asia Pacific Healthcare IoT Security market is expected to register significant growth from 2023 to 2032. on accommodate the different demographics of countries like China, India, South Korea, and others, the governments give priority on eHealth solutions. The Chinese government, according to the 2020 report, uses telemedicine and digital healthcare to help in remote and rural areas. India's growth is predicted to pick up during the projection period. India's rapidly growing population and the government's large digital investments are opening up tremendous opportunities for the healthcare industry. Moreover, China’s Healthcare IoT Security market held the largest market share, and the Indian Healthcare IoT Security market was the fastest growing market in the Asia-Pacific region.
Healthcare IoT Security Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Healthcare IoT Security market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Healthcare IoT Security Industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Healthcare IoT Security Industry to benefit clients and increase the market sector. In recent years, the Healthcare IoT Security Industry has offered some of the most significant advantages to medicine. Major players in the Healthcare IoT Security market, including Inside Secure SA, IBM Corporation, Cisco Systems Inc., Intel Corporation, Oracle Corporation, Sophos Group Plc, Symantec Corporation, Trend Micro Inc., Checkpoint Software Technology, Kaspersky Labs, Fortinet Inc, Intelen Inc., Eurotech SpA, Deutsche Telekom AG, SecureFLO LLC, Dell Corporation, Atmel Corporation, Security Mentor, Klynveld Peat Marwick Goerdeler, and Agile Cyber Security Solutions, LLC, are attempting to increase market demand by investing in research and development operations.
GE HealthCare Technologies Inc. (GE HealthCare) is a leading provider of medical devices, specialising in the design, development, production, and distribution of diagnostic imaging, clinical systems, drug discovery, biopharmaceutical production, cellular technologies, imaging agents for use in medical scanning, and a variety of healthcare IT products. Additionally, GE HealthCare offers services including computerised data management, performance enhancement and performance solutions, and remote diagnosis and repair services for medical devices made by the business and others. The corporation uses subsidiaries and affiliates to run its operations all over the world. Chicago, Illinois, in the United States, serves as the company's headquarters. In order to serve patients with chronic and post-acute care, GE Healthcare and AMC Health joined in October 2022.
Microsoft Corp. (Microsoft) offers a variety of software-related services, including development, licencing, and support. The company offers a wide range of server applications, desktop and server administration tools, video games, cross-device productivity tools, business solution tools, and operating systems. It also offers training and certification services. It also develops, manufactures, and sells hardware products like PCs, tablets, game consoles, and other cutting-edge technology. Among the many services the business provides are consulting, cloud-based solutions, and solution support. Microsoft markets, distributes, and sells its goods through original equipment manufacturers, distributors, resellers, online marketplaces, Microsoft stores, and other partner channels. The business has operations in the Americas, Europe, Asia-Pacific, Middle East, and Africa. The headquarters of Microsoft are located in Redmond, Washington, in the United States. In March 2022, Microsoft announced breakthroughs in cloud technology for healthcare and the life sciences, including the general availability of Azure Health Data Services and upgrades to Microsoft Cloud for Healthcare.
Key Companies in the Healthcare IoT Security market include
Inside Secure SA
IBM Corporation
Cisco Systems Inc.
Intel Corporation
Oracle Corporation
Sophos Group Plc
Symantec Corporation
Trend Micro Inc.
Checkpoint Software Technology
Kaspersky Labs
Fortinet Inc
Intelen Inc.
Eurotech SpA
Deutsche Telekom AG
SecureFLO LLC
Dell Corporation
Atmel Corporation
Security Mentor
Klynveld Peat Marwick Goerdeler
Agile Cyber Security Solutions, LLC
Healthcare IoT Security Industry Developments
July 2022:The acquisition of Stanley Security and Healthcare by Securitas was announced. This purchase will aid Securitas in its goal of becoming a partner in security solutions.
June 2022:Portrait Mobile, a new remote patient monitoring system from GE Healthcare, uses wearable wireless sensors to assist physicians in spotting patient deterioration earlier than using conventional approaches.
Solutions
Services
Application Security
Network Security
End Point Security
Cloud Security
Hospitals & Clinics
Surgical Centers
Research & Diagnostic Laboratories
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 0.4 Billion |
| Market Size 2023 | USD 0.5 Billion |
| Market Size 2032 | USD 1.9 Billion |
| Compound Annual Growth Rate (CAGR) | 18.80% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Security Type, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Inside Secure SA, IBM Corporation, Cisco Systems Inc., Intel Corporation, Oracle Corporation, Sophos Group Plc, Symantec Corporation, Trend Micro Inc., Checkpoint Software Technology, Kaspersky Labs, Fortinet Inc, Intelen Inc., Eurotech SpA, Deutsche Telekom AG, SecureFLO LLC, Dell Corporation, Atmel Corporation, Security Mentor, Klynveld Peat Marwick Goerdeler, and Agile Cyber Security Solutions, LLC |
| Key Market Opportunities | Health insurers with IoT-connected intelligent devices |
| Key Market Dynamics | Rising adoption of loMT in healthcare industry, increased data privacy concerns among consumers, and increased government concerns over healthcare IoT security |
Healthcare IOT Security Market Highlights:
Frequently Asked Questions (FAQ) :
The Healthcare IoT Security market size was valued at USD 0.4 Billion in 2022.
The market is projected to grow at a CAGR of 18.80% during the forecast period, 2023-2032.
North America had the largest share in the market
The key players in the market are Inside Secure SA, IBM Corporation, Cisco Systems Inc., Intel Corporation, Oracle Corporation, Sophos Group Plc, Symantec Corporation, Trend Micro Inc., Checkpoint Software Technology, Kaspersky Labs, Fortinet Inc, Intelen Inc., Eurotech SpA, Deutsche Telekom AG, SecureFLO LLC, Dell Corporation, Atmel Corporation, Security Mentor, Klynveld Peat Marwick Goerdeler, and Agile Cyber Security Solutions, LLC
The Solutions Component dominated the market in 2022.
The Cloud Security Type had the largest share in the market.
Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
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