Healthcare Internet of Things (IoT) Security Market Surges: Projected to Reach USD 3.56 Billion by 2033 with a Striking 19.1% CAGR
Market.Us
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The healthcare industry is increasingly adopting IoT devices to improve patient care, enhance operational efficiency, and enable remote monitoring and diagnostics. The growing number of IoT devices in healthcare networks expands the attack surface and increases the potential vulnerabilities, driving the need for robust IoT security solutions.
New York, Jan. 10, 2024 (GLOBE NEWSWIRE) -- According to the market.us, the Healthcare Internet of Things (IoT) Security Market Size is expected to achieve a value of around USD 3.56 Billion by the year 2033, indicating notable expansion compared to its 2023 assessment of USD 0.62 Billion. This signifies a compound annual growth rate (CAGR) of 19.1% over the forecast period ranging from 2024 to 2033.
Healthcare Internet of Things (IoT) Security refers to protocols and measures implemented within the healthcare sector to protect devices that utilize IoT technology for the exchange of health data between devices connected via IoT technology, such as fitness trackers or remote patient monitoring systems. As these IoT-enabled devices may contain patient health records, their security is of critical importance; protection from unauthorized access, data breaches, or malware threats must be prioritized to maintain patient privacy and data integrity.
The Healthcare IoT Security Market meets the growing need for reliable security solutions within healthcare IoT environments. It includes products and services ranging from data encryption software to device monitoring tools and compliance solutions. Factors driving market growth include increasing adoption of IoT technologies within healthcare settings, increased awareness of cybersecurity threats, and compliance requirements mandated by data protection regulations. Hardware security for physical device protection, cloud security for data processing in the cloud, and compliance solutions that adhere to industry regulations are key components in upholding patient privacy in healthcare IoT devices. Continuous investment in these measures is necessary in this dynamic sector - authentication mechanisms, device management practices, and meeting regulatory standards must all work in harmony to prevent unauthorized access and uphold device integrity.
Healthcare Internet of Things (IoT) Security Market Growth
Key Takeaway:
Healthcare IoT Security Market is set to reach USD 3.56 Billion by 2033, with a robust 19.1% CAGR from 2024 to 2033.
In 2023, Solutions dominated, claiming 57.1% market share, highlighting the industry's reliance on advanced security tools.
Cloud Security played a crucial role, holding a 35.8% market share in 2023, vital for safeguarding healthcare data.
Hospitals and Clinics secured a significant 61.8% market share in 2023, emphasizing the urgent need for enhanced data protection.
In 2023, North America led with a 46.2% market share and USD 0.28 Billion valuation, driven by robust infrastructure and strict regulatory compliance.
Global potential for market expansion in Europe, Asia-Pacific, and other regions, fueled by increased cybersecurity awareness and growing healthcare IT infrastructure.
Factors affecting the growth of the Healthcare Internet of Things (IoT) Security industry
Increased Connectivity and Interoperability: With an explosion of connected medical devices and systems entering the healthcare IoT ecosystem, there has been an ever-increasing need for seamless connectivity and interoperability within its ecosystem. As more devices exchange sensitive patient data, security concerns become ever more pressing; hence the healthcare IoT security industry thrives off securing different devices so they can work seamlessly to provide comprehensive patient care services.
Rising Cybersecurity Threats: Healthcare organizations have become targets of cyberattacks as they collect and store sensitive patient data. Cybercrime attacks continue to become more frequent and sophisticated; in response to this threat landscape, IoT security solutions continue to advance quickly to keep pace. Healthcare IoT security industry growth can be seen through efforts undertaken by healthcare organizations in an attempt to safeguard patient records while keeping abreast with changing cybersecurity challenges.
Compliance Requirements: Governments and regulatory bodies worldwide are setting stringent data protection and privacy regulations that impact healthcare IoT security solutions, such as HIPAA in the US or GDPR in Europe. Adherence to such standards has become paramount, prompting solutions that ensure compliance to ensure data protection and privacy are developed further by IoT companies in healthcare IoT security solutions such as those listed here.
Awareness and Education Initiatives: As healthcare becomes more interconnected, awareness of IoT risks has grown. Healthcare professionals and organizations increasingly recognize the significance of cybersecurity education and training to mitigate threats effectively; in turn, this benefits healthcare IoT security industries through investment into solutions and technologies that promote a culture of cybersecurity that bolsters industry growth overall.
Regional Analysis
North America held an impressive 46.2% market share and had an estimated value of USD 0.28 Billion at the close of 2023 in terms of the Healthcare IoT Security Market. The region's strong technological infrastructure, particularly within healthcare and IT, was key in driving the adoption of IoT security solutions. North America witnessed an upsurge in demand for robust IoT security solutions due to stringent regulatory frameworks and proactive approaches towards data compliance; healthcare organizations in particular prioritizing meeting regulatory standards were driving this demand for robust security solutions.
Cyber threats to healthcare institutions triggered an explosion in demand for IoT security solutions among North American hospitals, who recognized their need to take comprehensive steps to safeguard patient data and maintain system integrity. North America stands out as an innovator, investing heavily in research and development and becoming a pioneer in developing cutting-edge IoT security solutions tailored to healthcare. While North America dominated the market, Europe and Asia-Pacific also demonstrated impressive potential for expansion due to growing cybersecurity awareness, expanding healthcare IT infrastructure expansion, and IoT integration in healthcare settings.
Healthcare Internet of Things (IoT) Security Market Regions
Scope of the Report
Report Attributes
Details
Market Value (2023)
USD 0.62 Billion
Forecast Revenue 2033
USD 3.56 Billion
CAGR (2024 to 2033)
19.1%
North America Revenue Share
46.2%
Base Year
2023
Historic Period
2018 to 2022
Forecast Year
2024 to 2033
Market Drivers
Healthcare sectors face mounting cybersecurity threats due to their increasing reliance on connected devices that leave patient data open for attack. HIMSS Cybersecurity Survey data indicates a 45% surge in cyber threats targeting medical systems since last year, underscoring the urgent need for IoT security solutions. Deloitte's Global Healthcare Outlook emphasizes the significance of IoT devices ranging from patient monitors and smart medical tools, like HIPAA compliance measures, which mandate strict security protocols. Compliance is legally necessary and this has led many healthcare providers to invest in IoT security solutions as a safeguard to patient data.
Market Restraints
Healthcare organizations face budgetary constraints that restrict their ability to improve IoT security. Only 3-4% of their budget is allotted for IT spending and integration of advanced security solutions is limited as a result. As reported by The Journal of Medical Internet Research, this hinders improvements to IoT security within healthcare environments. A further obstacle lies within a lack of standard protocols and interoperability among IoT devices - two issues that pose additional obstacles to improvement. Communication issues among devices impede the efficacy of security protocols, so interoperability challenges must be met to create an integrated security infrastructure. As HIMSS notes, one key barrier lies in limited awareness and education among healthcare professionals regarding IoT security risks and best practices - leading to inadequate decisions being made regarding its implementation into healthcare environments.
Market Opportunities
The Healthcare Internet of Things (IoT) Security Market is experiencing phenomenal expansion, thanks to global telehealth adoption. As remote patient monitoring and virtual consultations increase significantly, IoT security solutions are projected to experience an astounding compound annual growth rate of 17.3% through 2028. Demand is rising dramatically as more businesses adopt advanced IoT solutions to protect sensitive patient data. Additionally, 5G technology's introduction in healthcare is revolutionizing IoT applications and necessitating more stringent security measures; therefore, the global 5G healthcare market should experience considerable expansion. Strategic collaborations between healthcare organizations and technology providers are on the rise, focusing on integrated IoT security solutions. This trend not only drives innovation but also addresses complex security challenges within healthcare IoT environments - fuelling market expansion.
Report Segmentation of the Healthcare Internet of Things (IoT) Security Market
Component Insight
In 2023, the Solutions segment took a prominent lead in the Healthcare Internet of Things (IoT) Security Market, securing a substantial 57.1% market share. This sector significantly influenced the industry landscape by offering robust tools to protect healthcare IoT ecosystems. These cutting-edge solutions encompassed advanced technologies and software, addressing critical aspects like data privacy, device authentication, and network integrity. As healthcare organizations embraced IoT technologies for enhanced patient care and operational efficiency, the demand for resilient security solutions surged. Simultaneously, Services played a crucial role, providing consulting, implementation, and support services that aided healthcare providers in deploying and managing effective security measures. The dynamic market highlighted the synergy between solution providers, focusing on advanced security measures, and service providers, offering expert guidance and ongoing support in navigating the complexities of healthcare IoT security.
Security Insight
In 2023, the Healthcare Internet of Things (IoT) Security Market witnessed a significant presence, notably led by Cloud Security, holding a substantial 35.8% market share. Among the pivotal security types, Application Security played a crucial role in ensuring the secure functioning of medical applications, focusing on protecting software systems integral to healthcare. Network Security acted as a digital guardian, safeguarding healthcare networks from cyber threats and ensuring the integrity of data transmission. Endpoint Security emerged as a vital element within healthcare network security, concentrating on protecting individual devices, including medical equipment, from potential vulnerabilities. Notably, Cloud Security took the spotlight, addressing data privacy, access control, and encryption concerns in the increasingly adopted cloud-based solutions by healthcare organizations.
Healthcare Internet of Things (IoT) Security Market Size
End-User Insight
In 2023, the Healthcare Internet of Things (IoT) Security Market made a notable impact on hospitals and clinics, which held an impressive 61.8% market share. This success can be attributed to an increasing need for enhanced data protection within healthcare environments, with hospitals and clinics as primary hubs of patient care prioritizing IoT security solutions to protect patient records and data collection processes - such as patient monitoring. Utilization of IoT technologies such as monitoring tools as well as data collection/collection methods highlights cybersecurity's essential role in safeguarding healthcare data confidentiality/integrity.
Ambulatory Surgical Centres were an essential player in the Healthcare IoT Security Market, accounting for an enormous share. Their increasing adoption of IoT devices to enhance operations and patient care drove substantial demand for robust security solutions in these centers. Research and Diagnostic Laboratories represented only a smaller market share but expressed significant enthusiasm in adopting IoT technologies into their workflows and accepted these devices for research advancement purposes despite their smaller presence.
Recent Developments in the Healthcare Internet of Things (IoT) Security Market
In October 2023, Microsoft boosted healthcare IoT security by acquiring ReFirm Labs, a medical device security firm, enhancing protection against cyber threats.
In November 2023, IBM introduced "IBM Trustworthy Healthcare," providing a suite of solutions for securing healthcare data and devices, including tailored features like threat detection and incident response.
In August 2023, Intel collaborated with Cerner to develop secure chipsets for medical devices, incorporating advanced security features into hardware to resist hacking attempts.
In December 2023, Cisco expanded the "Cisco SecureX" platform to offer customized healthcare-specific security capabilities, ensuring unified visibility and control over medical devices within healthcare networks.
Market Segmentation
Component
Solutions
Services
Security Type
Application Security
Network Security
End-point Security
Cloud Security
End-Use
Hospitals and Clinics
Ambulatory Surgical Centres
Research and Diagnostic Laboratories
By Geography
North America
US
Canada
Europe
Germany
France
The UK
Spain
Italy
Russia
Netherland
Rest of Europe
Asia Pacific
China
Japan
South Korea
India
New Zealand
Singapore
Thailand
Vietnam
Rest of APAC
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
South Africa
Saudi Arabia
UAE
Rest of MEA
Competitive Landscape
In the dynamic landscape of healthcare IoT security, collaboration among key industry players is crucial. Microsoft stands out for its innovative solutions, utilizing advanced encryption and authentication mechanisms to ensure data integrity in the interconnected healthcare world. IBM brings expertise in data analytics and AI, focusing on immediate threat detection through AI-powered algorithms. Oracle, a significant industry giant, fortifies healthcare IoT systems with secure data storage and access controls, offering scalable cloud-based solutions. Intel Corporation, renowned for hardware innovations, prioritizes hardware-level security measures, emphasizing secure device authentication and communication. Beyond these leaders, diverse contributors, from security software providers to niche-focused startups, collectively drive innovation and cooperation in shaping the Healthcare IoT Security Market.
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