Global Healthcare Internet of Things (IoT) Security Market Size to Reach USD 12.07 Billion in 2032 | Emergen Research

Vancouver, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The Global Healthcare Internet of Things (IoT) Security Market size is expected to reach USD 12.07 Billion at a steady revenue CAGR of 21.6% in 2032, according to latest analysis by Emergen Research. Surge in ransomware attacks on healthcare IoT devices and rising concerns regarding threats to security of information and data in the healthcare sector are some key factors driving market revenue growth.
Healthcare industry has witnessed rapid changes due to advent of IoT devices and various advancements in technologies that are being deployed in the sector. IoT is being used in telemedicine and remote tracking, and in monitoring and maintaining medical equipment and healthcare assets. Increasing application of IoT in the healthcare sector has opened up major opportunities for cyber criminals to misuse and profit from device vulnerabilities. Ransomware tops the list of cyberthreats for healthcare organizations. IoT devices capture real-time data and are a major target for cyber criminals. Data can be used to create fake IDs using sensitive information such as social security number and medical history, file fraudulent insurance claims, or to buy equipment or drugs to sell later.

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IoT devices are used for outpatient or inpatient monitoring and asset tracking to help healthcare workers deliver better care. Connected medical devices streamline workflows that improve lives of patients and healthcare professionals, but also provide a larger surface for attacks. Attacks are becoming more sophisticated and require more advanced solutions to protect data. Major breaches in the recent past depict the seriousness of growing medical cyberthreats and have forced regulatory bodies and healthcare organizations to place serious emphasis on healthcare IoT security.

Increasing availability of high-speed Internet and reduction in costs of sensors is positively impacting adoption of IoT devices in the healthcare sector. Major priority of healthcare organizations is to protect patients and their personal information, which means thorough work with developers on privacy and security issues.

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Scope of Research

MAJOR COMPANIES and Competitive Landscape

The global healthcare IoT security market is fragmented, with a number of small- and medium-sized players accounting for majority revenue share. Established companies are engaged in various research and development activities and initiatives to develop and deploy new and more efficient technologies and solutions in the healthcare IoT security market. Some major players operating in the market are:

• 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

Strategic Development

In July 2021, Cynerio, which is a developer of cybersecurity platforms for medical devices, launched a global channel partner program for VARs, MSPs, and MSSPs that serve hospitals and healthcare systems. The software detects and remediates threats against IoT devices in the medical sector.
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Some Key Highlights From the Report

• Services segment revenue is expected to expand at a rapid rate during the forecast period due to increased deployment of security solutions to protect data at healthcare facilities. This is resulting in increased adoption of consulting and risk assessment services to manage smooth workflow. Demand is also relatively high for skilled professionals to oversee design and integration services.
• Cloud computing improves performance of healthcare organizations and increases business flexibility by enabling operation with added agility, greater efficiency, and cost-effectiveness. Cloud environment presents various security challenges such as data protection, identity and access management, and compliance of different countries. This creates major demand for security solution in cloud security.
• Government and defense institutions segment revenue is expected to expand at a rapid rate during the forecast period. IoT helps to minimize time and improve search & rescue operation efforts of army units. Connected devices enables army units to monitor health and track location of soldiers using Wireless Body Area Sensor Networks (WBASNs) and GPS modules, such as temperature sensor, and heartbeat sensor, among others. Growing number of healthcare connected devices in the defense sector is also driving rising demand for healthcare IoT security solutions.
• Market revenue in Asia Pacific is expected to register a rapid growth rate during the forecast period due to increasing availability of high-speed Internet, major deployment of IoT sensors and devices, and increasing government initiatives to improve healthcare sector. Opening of several new hospitals and need to improve overall healthcare facilities is another factor driving growth of healthcare IoT security market in the region.

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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; 2019–2032)
  • Solution
    1. Encryption
    2. Analytics
    3. Unified Threat Management
    4. Identity And Access Management
    5. Data Loss Protection
    6. Others
  • Services
    1. Risk Assessment Services
    2. Consulting Services
    3. Managed Security Services
    4. Design & Integration Services
    5. Others
• Security Type Outlook (Revenue, USD Billion; 2019–2032)
  • Application Security
  • Network Security
  • Endpoint Security
  • Cloud Security
  • Others Security
• End-use Outlook (Revenue, USD Billion; 2019–2032)
  • Hospitals, Surgical Centers, and Clinics
  • Clinical Research Organizations
  • Government and Defense Institutions
  • Research and Diagnostic Laboratories
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. U.K.
    3. France
    4. Spain
    5. BENELUX
    6. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. Israel
    4. Rest Of MEA

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