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Global Healthcare IoT Security Market Size was valued at USD 0.8 Billion in 2022. The Healthcare IoT Security market Component is projected to grow from USD 0.9 Billion in 2023 to USD 1.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.70% during the forecast period (2023 - 2032). Growing customer privacy issues, increasing loMT usage in the healthcare industry, and growing government concerns regarding healthcare IoT security, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
The Internet of Things has unavoidably had an impact on the healthcare industry. As connected technology becomes more prevalent in daily life, the healthcare sector is observing a surge in health-connected devices and the growth of the connected medical device industry. The IOMT integrates data (patient information or performance data), people (patients, clinicians, and carers), and processes (healthcare delivery and patient support) through the use of linked medical devices and medical mobile applications. Patients and healthcare practitioners are embracing linked devices and IOMT since they offer numerous benefits such real-time patient monitoring, more individualized care, and increased safety.
The demand for real-time data processing of patient information is fueling global expansion in the market for healthcare IoT security. Customers who use hospital services that maintain a schedule between the customer and the doctor are more inclined to schedule medical appointments online. Both patients and doctors save time by getting off the waiting list. Hospital workers must complete HIPPA training in order to maintain security, as patient-doctor confidentiality is a concern in all 213 of the world's countries. These days, our smartphones and watches act as health monitoring tools, keeping an eye on things like heart rate, blood pressure, glucose, insulin, and oxygen levels. To stop cybercrimes, these gadgets must be secured.
An already underway significant technological revolution in the healthcare industry has been accelerated by the outbreak. IoT devices, often known as internet-connected gadgets, have recently grown in popularity and significance in the healthcare sector. Wearable, implantable, and other healthcare-related IoT gadgets including security cameras, thermometers, and smartpens are already commonplace. These IoT device types are profitable for the majority of hospitals and other healthcare organizations.
Despite the benefits, speed, and knowledge that IoT has brought to the business, it has also increased risk, putting healthcare professionals and even patients in danger. Security is not a priority in the design of IoT hardware. Medical equipment cyber security is not standardized or verified. Because IoT devices lack standardized interfaces and controls, it is almost impossible to build a single security policy, update software, or even use strong passwords on them without an IoT security solution. It is predicted that this will increase demand for healthcare IoT security. Thus, driving the Healthcare IoT Security market revenue.
The global Healthcare IoT Security market segmentation, based on Component, includes solutions and services. Solutions segment dominated the global market in 2022. There is a greater need to prevent data loss since the healthcare industry gathers and keeps huge volumes of sensitive patient data that, if revealed, might be utilized improperly and lead to illicit activity. Hospitals and other healthcare organizations are increasingly looking for security solutions with greater encryption.
The global 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 global market in 2022. Cloud security improves healthcare organizations' performance and increases business flexibility because it offers more flexible operations, higher efficiency, and lower costs. More powerful cloud security solutions must therefore be developed in response to this.
The global Healthcare IoT Security market segmentation, based on End User, includes hospitals & clinics, surgical centers, and research & diagnostic laboratories. Pharmaceutical & biotechnological companies segment dominated the global Healthcare IoT Security market in 2022. As hospitals and clinics utilize more smart gadgets and new smart beds that monitor oxygen, blood, and other data, the risk of cyberattacks is rising. The average amount of money spent by hospitals on identity theft protection.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The North America Healthcare IoT Security Market dominated this market in 2022 (45.80%). There is an increasing need for solutions to avoid ransomware threats and other cyber security attacks as more IoT medical devices are implemented in the region. The sector has profited greatly from growing medical cost-cutting initiatives, secure data transfer on health IoT devices, and a shift from a fee-for-service to a value-based strategy. Further, In the North American area, the U.S. Healthcare IoT Security market had the biggest market share, while the Canada Healthcare IoT Security market had the quickest rate of expansion.
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.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Europe Healthcare IoT Security market accounted for the healthy market share in 2022. The primary factors generating the largest revenue share in the life sciences sector are technological improvements and numerous government initiatives supporting the use of digital platforms. Numerous initiatives launched to enhance clinical and eHealth interoperability have also propelled the business. Further, In the European region, the German Healthcare IoT Security market had the biggest market share, and the U.K. Healthcare IoT Security market had the quickest rate of growth.
The Asia Pacific Healthcare IoT Security market is expected to register significant growth from 2023 to 2032. Governments prioritize eHealth solutions to fit the diverse demographics of nations like China, India, South Korea, and others. The 2020 report claims that the Chinese government uses telemedicine and digital healthcare to assist in outlying and rural areas. During the projection period, it is expected that India's growth will accelerate. The government's significant digital investments and India's fast expanding population are creating enormous potential for the healthcare sector. Moreover, In the Asia-Pacific region, the Indian Healthcare IoT Security market had the quickest rate of growth while China's Healthcare IoT Security market had the greatest market share.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Healthcare IoT Security market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Healthcare IoT Security sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Healthcare IoT Security industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Healthcare IoT Security sector. 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 top manufacturer and distributor of medical devices with expertise in the design, development, manufacturing, and distribution of clinical systems, imaging agents for use in medical scanning, drug discovery, biopharmaceutical production, cellular technologies, and a range of healthcare IT products. Furthermore, GE HealthCare provides services including computerized data management, performance improvement and performance solutions, and remote diagnosis and repair services for medical devices produced by the company and others. The corporation manages its global activities through subsidiaries and affiliates. The corporation is based in Chicago, Illinois, in the United States. In October 2022, GE Healthcare and AMC Health merged to better serve patients who require post-acute and chronic care.
Software-related services from Microsoft Corp. (Microsoft) include development, licensing, and support. The company provides a wide variety of operating systems, video games, cross-device productivity tools, desktop and server management tools, and server applications. Additionally, training and certification services are provided. Additionally, it creates, produces, and markets hardware items including PCs, tablets, game consoles, and other cutting-edge gadgets. The company offers a wide range of services, including consultancy, cloud-based solutions, and solution support. Through original equipment manufacturers, distributors, resellers, online marketplaces, Microsoft shops, and other partner channels, Microsoft markets, distributes, and sells its products. The company has activities throughout the Middle East, Africa, Asia-Pacific, and the Americas. Microsoft's corporate headquarters are in the American city of Redmond, Washington. Microsoft made advancements in cloud computing for healthcare and the life sciences public in March 2022, including the general release of Azure Health Data Services and updates to Microsoft Cloud for Healthcare.
· 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
July 2022: Securitas announced that it had acquired Stanley Security and Healthcare. Securitas will benefit from this acquisition as it works toward becoming a partner in global security solutions.
June 2022: With the help of wearable wireless sensors, Portrait Mobile, a new remote patient monitoring technology from GE Healthcare, helps doctors identify patient deterioration earlier than with traditional methods.
· 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 0.8 Billion |
|
Market Size 2023 |
USD 0.9 Billion |
|
Market Size 2032 |
USD 1.7 Billion |
|
Compound Annual Growth Rate (CAGR) |
18.70% (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 |
The global Healthcare IoT Security market size was valued at USD 0.8 Billion in 2022.
The global market is projected to grow at a CAGR of 18.70% during the forecast period, 2023-2032.
North America had the largest share in the global 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 global market.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65309
Published on :
Sep 2023
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