Increasing integration of IoT devices in healthcare sector, availability of high-speed internet, and rising concerns regarding security of IoT devices are some key factors expected to drive market growth
According to Emergen Research, the global healthcare Internet of Things (IoT) security market size was USD 1.15 billion in 2020 and is expected to reach USD 5.52 Billion in 2028 and register a revenue CAGR of 21.6% during the forecast period, 2018-2028.
Internet of Things (IoT) is at the core of the rapidly digitalizing healthcare ecosystem and IoT security has become critical to hospitals and healthcare systems with the growing penetration of IoT in healthcare sector. Healthcare facilities are heavily dependent on connected devices and increasing improvement in connections, availability of smaller devices equipped with IoT sensors, and rising popularity of wearable devices among individuals across the globe are key factors expected to drive market revenue growth over the forecast period. In addition, increasing vulnerabilities in connected devices and growing susceptibility of IoT devices to new security attacks and data breaches has further increased importance of IoT security in IoT-based healthcare system and is another factor expected to fuel revenue growth of the market over the forecast period.
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Internet of Things (IoT) provides smart services and remote monitoring across the healthcare ecosystem via a set of interconnected network and devices. Over the recent years, IoT technology has significantly improved patient care and outcomes and healthcare facilities and over 640 million IoT devices are currently in use in the healthcare field across the globe. Wearable devices such as wearable glucose monitors, implantable devices such as smart pacemakers, defibrillators, and insulin fusion pumps, and security cameras among others are the most commonly available IoT devices in healthcare industry.
IoT can automate patient care workflow by enabling interoperability, artificial intelligence machine-to-machine (M2M) communication, and secure information exchange across healthcare facilities. Combination of IoT and medical equipment have led to significant improvement in healthcare facilities and patient outcomes who need constant and real-time monitoring and intervention. However, increasing applications of IoT have also made it vulnerable to security attacks, data breaches, and malware. Increasing sharing and collection of patient data, rising complexity and incompatible issues due to IoT infrastructure, and unavailability of standardized security protocols are key reasons for these vulnerabilities.
Cybesecurity in healthcare domain has become a crucial component as hackers are increasingly taking advantages of weaknesses in IoT devices and systems. Rising incidence of security risks such as breaches of authentication, authorization, and privacy have increased demand for robust security architecture for securing IoT-based healthcare systems and is expected to significantly contribute to revenue growth of the market.
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Solutions Segment to Account for Largest Revenue Share:
Solutions segment is expected to account for largest revenue share over the forecast period owing to increasing demand for robust security solutions to prevent loss of critical patient and healthcare data and prevent misuse of sensitive information.
Cloud Security Segment to Register Significant Revenue Growth:
Increasing adoption of cloud-based infrastructure in healthcare sector to improve performance and operational flexibility, enhance efficiency, and reduce infrastructure costs and increasing number of security challenges associated with cloud-based systems are key factors contributing to revenue growth of the cloud security segment.
Hospitals Segment to Dominate other End-Use Segments:
Hospitals segment is expected to dominate other end-use segments in terms of revenue share over the forecast period attributable rapid deployment of IoT devices in hospitals for inpatient and outpatient monitoring, asset tracking to streamline inventory management for healthcare workers, and automating HVAC systems to minimize spread of infections and reduce hospital expenditures, among others.
North America to Lead in Terms of Revenue Share:
North America is expected to account for largest revenue share over the forecast period owing to increasing adoption of smart devices and IoT-enabled devices to boost performance and efficiency of healthcare facilities, growing demand for and popularity of wearable devices, introduction of robust IoT security solutions, and presence of key providers in the region.
Major Companies in the Market Include:
- Cisco Systems Inc.
- Oracle Corporation
- Intel Corporation
- Trend Micro Inc.
- Kaspersky Lab
- Deutsche Telekom AG
- Dell Corporation
- Inside Secure SA
- Agile Cyber Security Solutions, LLC
- Symantec Corporation
For the purpose of this report, Emergen Research has segmented the global healthcare IoT Security market on the basis of component, security type, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
- Unified Threat Management
- Identity And Access Management
- Data Loss Protection
- Risk Assessment Services
- Consulting Services
- Managed Security Services
- Design & Integration Services
Security Type Outlook (Revenue, USD Billion; 2018–2028)
- Application Security
- Network Security
- Endpoint Security
- Cloud Security
- Others Security
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Hospitals, Surgical Centers, and Clinics
- Clinical Research Organizations
- Government and Defense Institutions
- Research and Diagnostic Laboratories
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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