Emergen Research has published its latest report titled “Healthcare Internet of Things (IoT) Security Market Size, Share, Trends, By Component (Solution, Services), By Security Type (Application Security, Network Security, Endpoint Security, Cloud Security, Others Security), By End-use (Hospitals, Surgical Centers, and Clinics), and By Region Forecast to 2028”
According to Emergen Research, the global healthcare Internet of Things (IoT) market size was USD 1.15 Billion in 2020 and is expected to reach USD 5.52 Billion in 2028 and register a revenue CAGR of 21.6% during the forecast period, 2021-2028.
Cyber criminals target healthcare organizations as they store enormous volumes of sensitive data, such as intellectual property like medication procedures or vaccine research. They also include patient’s personal information, such as medical treatment, diagnosis and insurance information, which can be easily sold in black market to earn large sum of money. Therefore, as more and more of the hospital environments are connected with internet, the more are the chances of cyber threats. This is a major factor expected to boost healthcare IoT security market growth over the forecast period.
Further, COVID-19 pandemic has led to the development of remote patient monitoring, rise in mobile health clinics (MHCs) and telehealth among practitioners and patients. Healthcare organizations are providing virtual appointments as it facilitates better patient engagement, improves clinical workflows and increases practice revenue. In addition, large scale use of IoT healthcare wearable devices such as connected inhalers, ingestible sensors, connected contact lenses and development of robotic surgery poses threat to digital security. Therefore, proper security measures is required for ease in use of medical apps and connected devices, which in turn surge demand for healthcare security devices. However, increase in complexity of user interface, and high cost of IoT security software, are factors that can restrain market growth during the forecast period.
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COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Solution Segment Revenue to Expand at a Rapid CAGR:
Solution segment is expected to register a rapid revenue CAGR over the forecast period. The healthcare industry collects a large amount of sensitive information which can be misused and lead to serious criminal acts, if it is leaked. Therefore, demand for security solutions with greater encryption has risen dramatically in hospitals and other healthcare clinics.
Hospitals, Surgical Centers, and Clinics Segment to Register Significant Revenue Growth:
Hospitals, surgical centers, and clinics segment is expected to register significant revenue growth over the forecast period owing to large scale adoption of IoT in healthcare facilities, increasing number of hospitals and clinics, especially during COVID-19 pandemic, development of smart beds and introduction of IoT connected monitors in surgical centers increases the need of healthcare IoT security in the market.
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period due to increasing healthcare expenditure, rising trend of personalized medicine, and growing usage of IoT wearable devices. Further, presence of favorable reimbursement policies, and implementation of artificial intelligence and machine learning technologies in healthcare sector are other factors expected to contribute to market growth in the region.
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Major Companies in the Market Include:
- 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
For the purpose of this report, Emergen Research has segmented the healthcare IoT Security market on the basis of component, security type, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
- Unified Threat Management
- Identity And Access Management
- Data Loss Protection
- Risk Assessment Services
- Consulting Services
- Managed Security Services
- Design & Integration Services
Security Type Outlook (Revenue, USD Billion; 2018–2028)
- Application Security
- Network Security
- Endpoint Security
- Cloud Security
- Others Security
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Hospitals, Surgical Centers, and Clinics
- Clinical Research Organizations
- Government and Defense Institutions
- Research and Diagnostic Laboratories
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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