Global Healthcare IoT Security Market with COVID-19 Analysis is Anticipated to Reach USD 198.3 Billion in 2027

The global healthcare IoT security market is expected to witness a CAGR of 32.4% during the forecast period. The healthcare IoT security market has witnessed a steady growth owing to factors such as cloud storage. The growing global access in healthcare IoT security solutions has led to the maintenance of security and propriety in the medical industry. This is due to the growing adoption of AI with machine learning and algorithms in healthcare departments so as to track and record patient-doctor data and can be used globally as per the patients’ consent.

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Medtronic partnered with IBM Watson to introduce a new feature IQcast, in its existing product Sugar.IQ, available for iOS mobile devices in the US. The app would offer patients a hypoglycemic event to monitor their low glucose level by predicting the occurrence anywhere between 1 to 4 hours in advance.

The COVID-19 pandemic has had a positive impact on the healthcare IoT security market as various applications like telemedicine, remote patient monitoring, and interactive medicine, and inpatient monitoring are expected to grow significantly during the pandemic.

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Based on component, the global healthcare IoT security market is divided into solutions and services. The solutions segment is divided into analytics, encryption, data loss protection, identity and access management, unified threat management, and others. The service segment includes consulting services, risk assessment services, design & integration services, managed security services, and others. The service segments contribute to the largest share in the healthcare IoT security market during the forecast period owing to the rising connectivity of healthcare IoT devices with the caregivers, rising propagation of cybercrimes in healthcare, and growing data privacy and security concerns among consumers.

Asia-Pacific is anticipated to be the fastest-growing region in the healthcare IoT security market owing to the increasing penetration of the internet, the growing use of mobile data, and a substantial shift in the digitalization of healthcare infrastructure.

Some of the major players in the global healthcare IoT security market include Cisco Systems, Inc., Inside Secure SA, Dell Inc., Intel Corporation, Deutsche Telekom AG, IBM, Oracle, Fortinet, Inc., Agile Cybersecurity Solutions, LLC, and Check Point Software Technologies Ltd.

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