Healthcare IoT security is a trending topic today. The Internet of Things (IoT) has remarkably changed health care in a relatively short time. The increase of IoT in healthcare has opened new avenues in the form of personalized healthcare, time and cost reduction, telemedicine to name a few. Healthcare is expected to become one of the most exciting verticals for IoT transformation in the recent future.
The increasing security concerns, however, have not followed a linear path with IoT, but have been exponentially related. The increasing awareness towards the security concerns along with the growing number of smart devices in healthcare has led the rise of global healthcare IoT security market size. Moreover, factors such as the increased bandwidth and automation, excellent uptake and increasing penetration of information ecology are escalating the market on the global platform.
Acknowledging the exponential accruals, the market is garnering pervasively, Market Research Future (MRFR) in its recently published study report asserts that the global healthcare IoT security market will be valued at USD 25.99 BN by 2021, registering a massive CAGR of 40% throughout the assessment period (2016-2021). In 2015, the market valued at USD 4.7 BN.
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Healthcare organizations are rapidly adopting IoT devices for patient health management and thus, to enhance operational efficiency. Reliability, cost efficiency, and better health management of the patients are some of the key goals in the healthcare sector that can be achieved with the help of IoT.
With the increasing usages of mHealth applications and wearables, IoT security is expected to play a crucial role in the protection of the big data (health information) collected and communicated from various smart devices to the caregivers and patients.
On the other hand, factors such as the inadequate legal framework, sunk costs, and short lifecycle of technology are impeding the market growth. Nevertheless, factors such as the increasing collaborations between IT sector and health care device manufacturers will support the market growth over the assessment period.
Key Players:
Key players leading the global healthcare IoT security market include IBM Corporation (U.S.), Inside Secure SA (France), Cisco Systems, Inc. (U.S.), Oracle Corporation (U.S.), Intel Corporation (U.S.), and Sophos Ltd. (U.K.) among others.
Major players in the IT sector now expand their operations in the IoT healthcare market through collaboration or acquisition of the healthcare service providers. For instance, the tech giant International Business Machine (IBM) Corporation collaborated with Medtronic PLC to provide IoT services for Medtronics medical devices data. Through this collaboration, IBM can benefit from lucrative opportunities in the healthcare industry with innovative IoT implementation.
Global Healthcare IoT Security Market: Segmentation Overview
The segmental analysis of the market has been conducted on the basis of devices, solutions, and services.
- Based on Devices, the market has been segmented into IOT stationary devices, IOT ingestible devices¸ real time health monitoring devices and IOT smart devices (mHealth).
- Based on Solutions, the market has been segmented into network security, endpoint security, application security, content security and cloud security.
- By Services, the market has been segmented into risk assessment services, managed security services, consulting services, design & integration services and others.
Regional Analysis
Globally, the North American region commands the largest market share in the global healthcare IoT security market owing to the increased usage of smart IoT devices for health management. The region heading with the highest IoT Security implementations in the healthcare sector has reached USD 2.2 BN in 2015.
Continuing with the same trends the region is expected to create a larger revenue pocket throughout the forecast period. Additional factors such as the high per capita healthcare expenses and large technological advancements are fostering the growth of the regional market.
The healthcare IoT security market in the European region is expected to account for the second-largest market, following the North American market closely. Factors boosting the growth of the regional market include technological advancement and the augmented adoption of IoT devices in healthcare.
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Well spread awareness among healthcare providers towards IoT security is a key driving force pushing up the growth in the regional market. The European market for healthcare IoT security is expected to grow at a significant rate of CAGR during the forecasted period.
The Asia Pacific region, heading with the high uptake of advanced technology, is rapidly emerging as a profitable market for healthcare IoT security. The market provides immense growth opportunities, accounting over half of the world’s total population and hence, the need for quality healthcare. The region is expected to create a substantial revenue pocket over the assessment period. Moreover, due to the health management of the increasing aging population, IoT adoption will increase, and therefore security becomes crucial.
