What Has Been The Evolution of the Healthcare IoT Security Market in Recent Years?
The healthcare iot security market has seen considerable growth due to a variety of factors.
• In recent times, there's been an exponential growth in the size of the healthcare IoT security market. The value of this market is projected to spike from $2.74 billion in 2024 to $3.55 billion in 2025, signaling a compound annual growth rate (CAGR) of 29.6%.
This substantial growth, observed in the historic period, is due to a myriad of factors including the urgent requirement for improved protection, regulatory mandates stressing the significance of safeguarding healthcare data, ongoing digital evolution in the healthcare sector, along with economic growth and urbanization.
How Will the Healthcare IoT Security Market?
The healthcare iot security market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of IoT security in healthcare is anticipated to experience a massive expansion in the forthcoming years. It is projected to escalate to $9.76 billion by 2029, with a compound annual growth rate (CAGR) of 28.8%.
This surge during the prediction period can be ascribed to the growing fears surrounding cybersecurity, the elevated incorporation of IoT in healthcare to improve patient care, escalating concerns over data privacy, and government interventions. Notable trends during this prediction period include the progression in IoT technologies, the incorporation of blockchain to maintain data integrity, the creation of innovative, specialized security solutions for the IoT in healthcare, technological evolution, and escalating partnerships.
Which Factors Are Boosting Growth In The Healthcare IoT Security Market?
The escalation of concerns regarding cybersecurity is predicted to fuel the expansion of the healthcare IoT security market in the future. These fears stem from potential dangers, risks, and susceptibilities associated with utilizing digital systems and information technology. By ensuring the safety of confidential patient data and medical history, healthcare IoT security minimizes cybersecurity hazards in the healthcare industry. For example, during the fiscal year 2022-2023, the Australian Cyber Security Centre received over 94,000 cybercrime reports, as reported by the Department of Defence Australia, an Australian government department, in November 2023. This showcases a surge of 23 percent as compared to the previous year, 2021-2022. Consequently, the escalating concerns surrounding cybersecurity are facilitating the growth of the healthcare IoT security market.
What Key Areas Define The Segmentation Of The Global Healthcare IoT Security Market?
The healthcare IoT security market covered in this report is segmented –
1) By Component: Solution, Services
2) By Security Type: Application Security, Cloud Security, Endpoint Security, Network Security, Other Security Types
3) By End-use: Hospitals, Surgical Centers, and Clinics, Government and Defense Institutions, Clinical Research Organizations, Research and Diagnostic Laboratories
Subsegments:
1) By Solution: Identity And Access Management (IAM), Data Encryption And Tokenization, Intrusion Detection And Prevention Systems (IDPS), Device Authentication And Management, Secure Network Communication
2) By Services: Consulting Services, Risk Assessment And Management, Managed Security Services, Training And Education Services, Support And Maintenance Services
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How Are Emerging Trends Reshaping The Dynamics Of The Healthcare IoT Security Market?
Leading firms in the healthcare IoT security sector are creating groundbreaking products such as security solutions for medical tools, with the aim to cater to clients with cutting-edge elements. These security solutions for medical devices encompass methods, technologies, and procedures curated for safeguarding the confidentiality, integrity, and availability of medical devices and their sensitive information. For example, Palo Alto Networks Inc., a cybersecurity firm based in the US, introduced Medical IoT Security, an innovative zero-trust security solution, in December 2022. What sets Palo Alto Networks Medical IoT Security apart is its ability to swiftly and securely install and govern the booming connected technologies in healthcare institutes. This solution, with its core strategy being zero-trust for cybersecurity, offers reinforced security by continuously authenticating every user and device, leaving no room for implicit trust. Palo Alto Networks Medical IoT Security leverages machine learning to enable healthcare entities to form device rules with automatic security responses. Furthermore, it streamlines the automation of Zero Trust policy suggestions and reinforcement.
Who Are the Key Players In The Healthcare IoT Security Market?
Major companies operating in the healthcare iot security market report are:
• Microsoft Corporation
• Deutsche Telekom AG
• Dell Corporation
• Intel Corporation
• IBM Corporation
• Cisco Systems
• Oracle Corporation
• Klynveld Peat Marwick Goerdeler
• Palo Alto Networks Inc.
• Fortinet Inc
• Symantec Corporation (NortonLifeLock)
• Checkpoint Software Technology
• Trend Micro Inc.
• AO Kaspersky Lab
• Kaspersky Lab
• Sophos Group Plc
• Claroty
• Eurotech SpA
• Atmel Corporation
• Inside Secure SA
• CloudWave
• Cynerio
• ICterra
• Medigate by Claroty
• Asimily
• Waracle
• CyberMDX
• SecureFLO LLC
• Agile Cyber Security Solutions LLC
• Intelen Inc.
• Security Mentor
What Is The Most Dominant Region In The Healthcare IoT Security Market?
North America was the largest region in the healthcare IoT security market in 2024. The regions covered in the healthcare iot security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
