Industry Overview
The healthcare IoT security market was valued at 71.8 billion in 2020 and is anticipated to reach USD 198.3 billion in 2027, registering a CAGR of 32.4% during the forecast period 2021-2027. The healthcare IoT security market provides end-to-end data security on a cloud-based platform. Many pharmaceutical industries and medical centers have collaborated with healthcare IoT security companies to provide customers’ data. Modernization and technological advancement have propelled hospitals to use digital platforms to track and monitor patients’ health. Moreover, increased focus on active patient engagement and patient-centric care, rise in high-speed network technologies for IoT connectivity are the factors that propel the healthcare IoT security market. Owing to the rising demand for security in providing data about patient's and real-time data, many countries like America, Europe, India, Japan, China, Australia, etc., are investing in the healthcare IoT security market.
.JPG "Healthcare IoT Security Market Highlights")
The COVID-19 outbreak has shown a positive impact on the healthcare IoT security market as during emergencies, there was a need to isolate patients according to symptoms and treat them accordingly. So, sharing of patients’ data was risky and can hinder patient credibility, resulting in the need for highly secure systems.
Market Segmentation
Insight by Component
Based on component, the global healthcare IoT security market is divided into solutions and services. The solutions segment is divided into analytics, encryption, data loss protection, identity and access management, unified threat management, and others. The service segment includes consulting services, risk assessment services, design & integration services, managed security services, and others. The service segment dominates the market in 2020 owing to rising concerns for data privacy and security among consumers. Moreover, the solutions segment is anticipated to have a high CAGR during the projected period due to the rising need for robust security solutions to avoid the loss of crucial patient and healthcare data and prevent misuse of sensitive information.
Insight by Security
Based on security, the global healthcare IoT security market is divided into network security, endpoint security, content security, application security, cloud security, and others. Cloud security is anticipated to have substantial growth owing to the usage of cloud-based infrastructure in the healthcare sector to enhance performance, operational flexibility, efficiency and reduce infrastructural cost.
Insight by Application
Based on application, the global healthcare IoT security market is divided into clinical operations & workflow management, telemedicine (remote patient monitoring, store & forward telemedicine, and interactive telemedicine), connected imaging, medication management, inpatient management, and others. Telemedicine is growing at a significant pace owing to the adoption of IoT technology in managing patient data and tracking information about patients. Moreover, inpatient management is anticipated to grow at a high CAGR as provides continuous measurement of a patient’s physiological functions for guiding management decisions and making therapeutic interventions.
Insight by Connectivity Technology
Based on the connectivity technology, the market is segmented into Near Field Communication (NFC), Cellular, Satellite, Wi-Fi, Bluetooth Low Energy (BLE), and ZigBee. Among the technology, cellular technology is anticipated to have a high CAGR during the forecast period owing to its portability, usability, and versatility for connected medical devices and offers remote patient monitoring.
Insight By End-User
Based on end-user, the global healthcare IoT security market is categorized into hospitals, surgical centers, and clinics, clinical research organizations, government and defense institutions, and research and diagnostic laboratories. The hospital segment is anticipated to generate the largest revenue during the forecast period owing to the fast deployment of IoT devices for inpatient and outpatient monitoring, asset tracking to update inventory management for medical workers, and automation of HVAC systems to reduce the spread of infections.
Industry Dynamics
Industry Trends
The healthcare IoT security market is growing rapidly owing to the digitalization of healthcare and has become crucial for hospitals and the healthcare ecosystem to adopt IoT. The dependency on connected devices, rising improvements in connections, growing prominence of smart wearable devices equipped with IoT sensors are the trends in the healthcare IoT security market.
Growth Drivers
The drivers for the growth of the healthcare IoT security market include growing implementation of cloud computing in healthcare facilities, rising demand for real-time data processing of patient records, growing vulnerabilities in connected devices, awareness among consumers in online booking of doctors' appointments using hospital services, increasing susceptibility of IoT devices to new security attacks and data breaches, rising government concerns about healthcare IoT security, adoption of smart devices for hospital management, has led to the growth of IoT security in healthcare.
Challenges
The lack of technological awareness regarding IoT threats in healthcare, inter-region regulations for data privacy, lack of consistency in interconnectivity, interoperability, and security issue are the challenges in the healthcare IoT security market. Moreover, easy passwords, poor authentication, loss of data while transferring owing to a poor network may hamper the growth of the healthcare IoT security market.
Opportunities
There is an opportunity in the emerging economies to have an infrastructure for electric vehicles such as charging stations. Moreover, the government is providing subsidiaries to create opportunities for electric vehicle production and other development activities. All these advancements in the field of the automotive industry will bring numerous new opportunities for the wire harness market.
Geographic Overview
North America dominates the market in healthcare IoT security by adopting healthcare services to IoT security and privacy, increased penetration of smart devices and IoT enabled devices, the rising popularity of wearable devices, and the presence of industry players in the region. Moreover, the rising healthcare expenditure, increasing geriatric population, rising propagation of cybercrimes in healthcare propel the growth of the healthcare IoT security market in the region.
Competitive Insight
The industry players are striving to get traction in the competitive market by adopting strategies such as product penetration, product differentiation, mergers & acquisitions, collaborations, and partnerships to sustain in the market.
Medtronic partnered with IBM Watson to introduce a new feature IQcast, in its existing product Sugar.IQ, available for iOS mobile devices in the US. The app would offer patients a hypoglycemic event to monitor their low glucose level by predicting the occurrence anywhere between 1 to 4 hours in advance.
Some of the key players operating in the healthcare IoT security market: Cisco Systems, Inc., Inside Secure SA, Dell Inc., Intel Corporation, Deutsche Telekom AG, IBM, Oracle, Fortinet, Inc., Agile Cybersecurity Solutions, LLC, and Check Point Software Technologies Ltd.
.png "Healthcare IoT Security Market Size and Market Analysis")
Source:VynZ Research
