Healthcare IoT Security Market

Market Overview:

The global healthcare IoT security market size reached US$ 1.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 6.6 Billion by 2032, exhibiting a growth rate (CAGR) of 18.41% during 2024-2032. The growing need to reduce cyberattacks and threats, favorable government initiatives to encourage the adoption of IoT devices in the healthcare industry, and rising demand for enhanced safety and security of data represent some of the major factors propelling the market.

Healthcare Internet of Things (IoT) security comprises an application, network, endpoint, and cloud security that protects the electronic health records (EHRs) of healthcare facilities. It analyzes various risks and threats, protects assets, and prevents unauthorized access to information. It assists in enhancing communication between doctors and patients and providing quality care. Besides this, it aids in preventing data breaches and loss of financial and personal information of patients and organizations. As it offers real-time monitoring and transparency in healthcare processes, the demand for healthcare IoT security is increasing across the globe.

At present, the rising adoption of IoT in healthcare devices, as they offer real-time analytics and improved reliability, is contributing to the growth of the market. In addition, the growing utilization of healthcare IoT security to simplify operations and access information quickly is offering a positive market outlook. Moreover, the increasing demand for healthcare IoT security solutions due to the reduced costs of sensors is offering lucrative growth opportunities to industry investors. Apart from this, the rising employment of healthcare IoT security to provide enhanced care to patients and prevent the misusage of their personal information is strengthening the growth of the market around the world. Furthermore, the growing adoption of healthcare IoT devices to streamline workflows and improve productivity is positively influencing the market.

Healthcare IoT Security Market Trends/Drivers:

Rising need to reduce cyberattacks and threats stimulating market growth

The increasing demand for healthcare IoT security solutions due to the rising number of cyberattacks and threats in the healthcare industry is propelling the growth of the market. Besides this, these security solutions assist IoT devices in recognizing, preventing, and recovering from cyberattacks by eliminating vulnerabilities, which is contributing to the growth of the market. In addition, the rising adoption of healthcare IoT security to protect hacks of critical information of patients, such as treatment history, genetic data, current illness, and financial statements of bills, is supporting the growth of the market. Furthermore, the increasing utilization of healthcare IoT security to lower the risk of data breaches of hospital records is strengthening the growth of the market.

Favorable government initiatives propelling market growth

Governing agencies of various countries are encouraging the adoption of digital platforms in the healthcare industry, which is strengthening the growth of the market. In addition, they are supporting the usage of e-health solutions for remote monitoring of patients. They are also promoting the use of telemedicine and digital healthcare that assist in treating patients in rural and isolated areas. In line with this, they are investing in the healthcare sector to enhance the infrastructure of hospitals, clinics, surgical centers, clinical research organizations, and research and diagnostic laboratories across the globe. Furthermore, governing authorities of several countries are enhancing healthcare cybersecurity to avoid the misusage of data, which is contributing to the growth of the market.

Increasing demand for enhanced safety and security of data impelling market growth

The growing demand for enhanced safety and security of data in healthcare organizations is positively influencing the market. Apart from this, patients are increasingly demanding access to their health data for proper diagnosis. In addition, there is a rise in the demand for real-time data processing of patient records. This, coupled with the increasing focus on patient-centric care in healthcare facilities, is propelling the market growth. Besides this, the increasing adoption of healthcare IoT devices, as they can keep patients safe and healthy and provide improved security, is strengthening the growth of the market. Furthermore, the rising adoption of IoT security solutions among healthcare facilities to manage their assets more efficiently is supporting the growth of the market.

Healthcare IoT Security Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global healthcare IoT security market report, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on component, security type, and end use.

Breakup by Component:

• Solution 
  • Encryption
  • Analytics
  • Unified Threat Management
  • Identity and Access Management
  • Data Loss Protection
  • Others
• Services
  • Risk Assessment Services
  • Consulting Services
  • Managed Security Services
  • Design and Integration Services
  • Others
     

Solution represents the most popular component

The report has provided a detailed breakup and analysis of the healthcare IoT security market based on the component. This includes solution (encryption, analytics, unified threat management, identity and access management, data loss protection, and others) and services (risk assessment services, consulting services, managed security services, design and integration services, and others). According to the report, solution represented the largest segment. The rising demand for healthcare IoT security solutions, as they assist in preventing data loss and reducing the risk of illicit activity, is impelling the growth of the market. Apart from this, increasing adoption of security solutions with greater encryption among hospitals and other healthcare establishments are bolstering the growth of the market.

Healthcare IoT security services comprise risk assessment, consulting, management, and design and integration services that aid in increasing patient safety. In addition, the increasing adoption of these services, as they are more affordable compared to traditional IoT security solutions, is propelling the growth of the market.

Breakup by Security Type:

• Application Security
• Network Security
• Endpoint Security
• Cloud Security
• Others
   

Cloud security accounts for the majority of the market share

A detailed breakup and analysis of the healthcare IoT security market based on the security type has also been provided in the report. This includes application security, network security, endpoint security, cloud security, and others. According to the report, cloud security accounted for the largest market share. Cloud security, also known as cloud computing security, assists in protecting cloud data, applications, and infrastructure from potential threats. The rising adoption of cloud security to protect data related to customer orders, secret design documents, and financial records, is propelling the growth of the market.

Application security enables prevention of data theft or code within an application. It focuses on detecting, repairing, and avoiding security flaws. Apart from this, the rising demand for application security in healthcare IoT projects to maintain the confidentiality of sensitive data is strengthening the growth of the market.

Network security is designed to protect the usability and integrity of the network and data. It prevents a variety of vulnerabilities from entering and spreading on the network. The growing adoption of network security to protect proprietary information from attack is currently positively influencing the market.

Endpoint security secures end points of end user devices, such as smartphones, laptops, and computers, from malicious acts. It also protects these endpoints on a network or in the cloud from cybersecurity threats.

Breakup by End Use:

• Hospitals, Surgical Centers, and Clinics
• Clinical Research Organizations
• Government and Defense Institutions
• Research and Diagnostic Laboratories
   

Hospitals, surgical centers and clinics holds the biggest market share

A detailed breakup and analysis of the healthcare IoT security market based on the end use has also been provided in the report. This includes hospitals, surgical centers and clinics, clinical research organizations, government and defense institutions, and research and diagnostic laboratories. According to the report, hospitals, surgical centers and clinics accounted for the largest market share. Hospitals, surgical centers, and clinics rely on IoT devices, such as wearables, guided imagery, monitoring sensors, implantable, and ingestible. They are also deploying smart beds to monitor the data points of patients efficiently. In addition, the rising utilization of IoT devices, as they assist in observing patients remotely is contributing to the growth of the market. Moreover, the increasing demand for healthcare IoT security to provide reliable patient data is strengthening the growth of the market.

Moreover, the rising employment of IoT solutions in clinical research organizations for improving patient retention and recruitment process is impelling the growth of the market.

Furthermore, government and defense institutions are also promoting the utilization of digital platforms, which is contributing to the growth of the market.

Breakup by Region:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America exhibits a clear dominance, accounting for the largest healthcare IoT security market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.

North America held the biggest market share in the market on account of the increasing deployment of IoT devices in the region. Apart from this, the growing adoption of healthcare IoT security to reduce ransomware threats and cyber security assaults is offering a positive market outlook. In addition, the rising demand for enhanced security of data transfer in IoT devices, along with favorable government initiatives to improve healthcare infrastructure, is contributing to the growth of the market in the region.

Asia Pacific is estimated to expand in this domain due to the increasing popularity of wearable devices among individuals. Besides this, the rising adoption of healthcare IoT devices due to the growing demand for personalized medicine among the population is positively influencing the market in the region.

Competitive Landscape:

Key players are providing advanced threat prevention and multi-layered network security solutions across public, private, and hybrid clouds to maximize the operational efficiency of healthcare facilities. In line with this, various manufacturers are focusing on mergers and acquisitions (M&A) to expand their product portfolio and provide increased visibility and avoid attacks on medical devices and clinical networks. Moreover, they are safeguarding the Extended Internet of Things (XIoT) by providing threat detection for all connected organizations through one comprehensive solution. Apart from this, they are focusing on increasing security solutions to reduce staff workload and provide smooth functioning of healthcare IoT devices in numerous healthcare facilities. Furthermore, the rising demand for high-end security solutions in the healthcare industry that assist in mitigating risks earlier and effectively is offering lucrative growth opportunities to industry players.

The report has provided a comprehensive analysis of the competitive landscape in the global healthcare IoT security market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Check Point Software Technologies Ltd.
• Cisco System Inc.
• Fortinet Inc.
• Intel Corporation
• Microsoft Corporation
• Palo Alto Networks Inc.
• Trend Micro Inc.

Recent Developments:

• In May 2023, Check Point Software Technologies Ltd, a leading provider of cyber security solutions announced the general availability of its industry-leading Next-Generation Cloud Firewall that is integrated with Microsoft Azure Virtual WAN to provide customers with high security.
• In April 2023, Cisco System Inc, a leader in enterprise networking and security, introduced an Extended Detection and Response (XDR) that simplifies security operations in hybrid, multi-vendor, and multi-threat landscape using evidence-backed automation.
• In October 2022, Intel Corporation and Google Cloud launched a co-designed chip that can make data centers more secure and efficient.

Healthcare IoT Security Market Report Scope:

Key Questions Answered in This Report:

• How has the global healthcare IoT security market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global healthcare IoT security market?
• What is the impact of each driver, restraint, and opportunity on the global healthcare IoT security market?
• What are the key regional markets?
• Which countries represent the most attractive healthcare IoT security market?
• What is the breakup of the market based on the component?
• Which is the most attractive component in the healthcare IoT security market?
• What is the breakup of the market based on the security type?
• Which is the most attractive security type in the healthcare IoT security market?
• What is the breakup of the market based on the end use?
• Which is the most attractive end use in the healthcare IoT security market?
• What is the competitive structure of the global healthcare IoT security market?
• Who are the key players/companies in the global healthcare IoT security market?

Key Benefits for Stakeholders

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the healthcare IoT security market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global healthcare IoT security market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the healthcare IoT security industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.