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The rising adoption of Internet of Things (IoT) devices in the health sector has raised serious concerns over the market dynamics of healthcare IoT security. The use of IoT in medical care includes various types of integrated devices such as wearable’s, connected medical equipment like monitoring gadgets that help improve patient care services as well operational efficiency within hospitals among others. A key driver for healthcare IoT security market is growing concerns over cyber threats faced by interconnected health devices.
The rapid increase in connected medical devices has significantly boosted growth within the healthcare IOT Security Market worldwide.This range includes insulin pumps and fitness trackers which have now been equipped IoT functionality to facilitate real time data monitoring and enhance patient outcomes. However, these devices can be targeted at once due to their interconnectedness, hence the need for strong security measures in order to protect patients’ information and maintain the high quality of healthcare.
Market dynamics within healthcare IOT security solutions have greatly been influenced by Technological advancements through AI (Artificial Intelligence) & ML (Machine Learning) integrations. Advanced security systems with AI algorithms can readily detect abnormalities, likely cyber threats and respond to them immediately. Thus this does not only strengthen the proactive nature of safety strategies but also helps in developing predictive analysis where health organizations get ahead of potential emerging cyber risks.
COVID-19 pandemic has heavily impacted global healthcare sector thus revealing the significance of healthcare IoT Security. The quick adoption of remote patient monitoring using telemedicine or other IoT-based medical services during the COVID-19 outbreak necessitates resilient and secure IoT ecosystems. Healthcare providers understand that cyber breaches would lead to compromise in patients’ privacy as well as integrity hence any virtual care or remote monitoring tools dependent on IoT must be secured from unauthorized access.
There is a significant consideration for cost implication on healthcare IoT security solutions. Yes, robust security measures are essentially needed in the healthcare sector but there is a possibility of budget constraints among health organizations to put into place comprehensive IoT security systems. Therefore, striking a balance between cost effectiveness of security solutions and strong protection against cyber threats remains challenging as risk management strategies must be carefully considered.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Component, Security Type, End User, and Region |
Healthcare IOT Security Market Highlights:
Global Healthcare IoT Security Market Overview
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
Healthcare IoT Security Market Trends
- Rising adoption of loMT in healthcare industry is driving the market growth
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.
Healthcare IoT Security Market Segment Insights
Healthcare IoT Security Component Insights
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.
Healthcare IoT Security: Security Type Insights
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.
Healthcare IoT Security End User Insights
 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
Healthcare IoT Security Regional Insights
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
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Inside Secure SA
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IBM Corporation
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Cisco Systems Inc.
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Intel Corporation
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Oracle Corporation
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Sophos Group Plc
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Symantec Corporation
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Trend Micro Inc.
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Checkpoint Software Technology
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Kaspersky Labs
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Fortinet Inc
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Intelen Inc.
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Eurotech SpA
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Deutsche Telekom AG
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SecureFLO LLC
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Dell Corporation
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Atmel Corporation
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Security Mentor
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Klynveld Peat Marwick Goerdeler
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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.
Healthcare IoT Security Market Segmentation
Healthcare IoT Security Component Outlook
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Solutions
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Services
Healthcare IoT Security: Security Type Outlook
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Application Security
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Network Security
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End Point Security
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Cloud Security
Healthcare IoT Security End User Outlook
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Hospitals & Clinics
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Surgical Centers
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Research & Diagnostic Laboratories
Healthcare IoT Security Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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