Healthcare IoT Security Market
Healthcare IoT Security Market to reach over USD 41.01 billion by the year 2030;
Market Synopsis-
InsightAce Analytic Pvt. Ltd. announces the release of market assessment report on “Global Artificial Intelligence-powered (AI) Spatial Biology Market By Solution (Endpoint Security, Content Security, Application Security, And Cloud Security), Service (Consulting Services, Risk Assessment Services, Design And Integration Services, Managed Security Services, And Others (Training And Education, Email Security, Among Others)) – Trends, Industry Competition Analysis, Revenue and Forecast Till 2030”
The global healthcare IoT security market is estimated to reach over USD 41.01 billion by 2030, exhibiting a CAGR of 40.57% during the forecast period.
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The Double-Edged Sword of IoT in Healthcare: Benefits and Security Concerns
The COVID-19 pandemic has significantly accelerated a technological shift in healthcare: the rise of Internet of Things (IoT) devices. These internet-connected gadgets have become increasingly important in patient care, offering numerous advantages:
• Enhanced Patient Monitoring: IoT devices allow for continuous monitoring of medical data that would be impossible with traditional methods. This empowers healthcare providers with real-time insights to improve the quality of care.
• Faster Access to Information: IoT facilitates faster access to critical medical information for healthcare personnel, leading to better-informed decisions and improved patient outcomes.
• Telemedicine Adoption: The pandemic has spurred the adoption of telemedicine, allowing remote patient consultations and improved accessibility to care.
However, the rapid integration of IoT in healthcare comes with security risks:
• Prioritizing Innovation over Security: Security is not always prioritized during the design of these devices, leaving patients and healthcare providers vulnerable to cyberattacks and data breaches.
• Increased Security Threats: As more devices connect to healthcare networks, the attack surface expands, creating a greater need for robust security solutions.
The Need for Secure IoT Solutions
Given these potential risks, the demand for robust IoT security solutions in healthcare is expected to rise significantly. Balancing the benefits of innovation with the need for watertight security is crucial to ensure patient safety and the continued advancement of IoT in healthcare.
This revised version highlights the benefits of IoT in healthcare first, then transitions to the security concerns. It emphasizes the need for a balanced approach to ensure the safe and successful integration of this technology.
List of Prominent Players in the Healthcare IoT Security Market:
• EUROTECH SPA
• Fortinet, Inc.
• Oracle Corporation
• Deutsche Telekom AG
• Cisco Systems, Inc.
• Inside Secure SA
• Dell Corporation
• Intel Corporation
• ATMEL Corporation
• Symantec Corporation
Market Dynamics:
Drivers-
The requirement for real-time data processing of patient records is driving growth in the healthcare IoT security market internationally. Customers are more likely to plan healthcare appointments online through hospital services that keep a timetable between the patient and the doctor. Eliminating the waiting line saves time for both patients and physicians.
Since patient-doctor confidentiality is a problem for all 213 nations worldwide, the Health Insurance Portability and Accountability Act (HIPPA) training is required of hospital staff to uphold security. Nowadays, our smartphones and watches serve as health monitoring devices, monitoring things like blood pressure, glucose, insulin, oxygen, and heart rate. These devices need to be protected to prevent cybercrimes.
Challenges:
Easy passwords, weak authentication, data loss during transfer owing to a poor network, and other cybercrimes are the main dangers to the healthcare IoT security sector. The challenge of maintaining data on-premise has grown over time due to an increase in patient inventory and a rise in the global population. Consequently, cloud-based storage became a possibility. On the one hand, this made it simple for doctors and patients to exchange information and communicate, but on the other, it made internet-connected devices more vulnerable to cyberattacks and hacking because of insecure networks and ineffective fireball defenses.
Regional Trends:
In the forecast period, North America to hold the largest market share for healthcare IoT security worldwide. The presence of major businesses providing cutting-edge IoT security solutions and services to the region’s diverse industries is responsible for this region’s huge market share. Additionally, the National Institute of Standards and Technology (NIST) Internet of Things Cybersecurity Improvement Act was passed by the American government in 2020 to improve IoT device cybersecurity.
As a result, the growth of this market in the region is further accelerated by encouraging government activities around the region and investments made by significant IoT security businesses. The primary drivers of the greatest revenue share in the life science sector are technological improvements and numerous government initiatives encouraging the usage of digital platforms. The industry is also driven by several initiatives launched to develop eHealth and clinical interoperability.
The Asia Pacific is projected to be the rapidly growing regional market. The main drivers of the region’s growth include an improving health IT infrastructure, growing measures to promote connected health services, and a progressively expanding use of cutting-edge technologies like smart wearables. The need for IoT technology is anticipated to be fueled by the expanding investments made in this region by the pharmaceutical and medical device industries.
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Recent Developments:
• In February 2022, Forescout Technologies, the industry leader in Active Defense for the Enterprise of Things, announced today the acquisition of CyberMDX, a premier healthcare cybersecurity solution that provides visibility and attack avoidance for medical devices and clinical networks. Forescout’s position as the market leader in out-of-the-box support for the largest collection of connected device types across IT, IoT, OT, and IoMT devices is further strengthened by the purchase.
• In January 2022, Claroty, a cybersecurity firm for cyber-physical systems (CPS) in industrial, healthcare, and enterprise environments, announced today the completion of its purchase of Medigate, a leading healthcare IoT security company. Claroty is now ideally positioned to safeguard the Extended Internet of Things (XIoT) by providing unparalleled visibility, security, and threat detection for all linked enterprises through a single comprehensive solution.
Segmentation of Healthcare IoT Security Market-
By Solution
• Endpoint Security
• Content Security
• Application Security
• Cloud Security
By Services
• Consulting Services
• Risk Assessment Services
• Design and Integration Services
• Managed Security Services
• Others (E-mail Security, Training and Education, among Others)
By Region-
• North America-
o US
o Canada
o Mexico
• Europe-
o Germany
o UK
o France
o Italy
o Spain
o Rest of Europe
• Asia-Pacific-
o China
o Japan
o India
o South Korea
o South East Asia
o Rest of Asia Pacific
• Latin America-
o Brazil
o Argentina
o Rest of Latin America
• Middle East & Africa-
o GCC Countries
o South Africa
o Rest of the Middle East and Africa
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This release was published on openPR.
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