Healthcare IoT Security Market Size Phenomenon: Surging at 17.33% CAGR by 2031

InsightAce Analytic Pvt. Ltd. announces the release of market assessment report on "Global Healthcare IoT Security 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 2031"

The global healthcare IoT security market is estimated to reach over USD 1.61 billion by 2031, exhibiting a CAGR of 17.33% during the forecast period.

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The epidemic has expedited a huge technology transition in the healthcare sector. Internet-connected devices, or IoT devices, have recently gained popularity in the healthcare industry and have taken on significant importance in patient care. Despite the advantages, speed, and information that IoT in healthcare has brought to the industry, it has also brought about a great deal of risk, endangering healthcare providers and patients. IoT hardware is not made with security in mind. Therefore it is projected that demand for healthcare IoT security will rise. These devices make it feasible to analyze and continuously monitor medical data, which is not normally possible. Additionally, they give healthcare professionals quick access to the most recent information, enabling them to deliver better care. As the Covid19 epidemic continues to influence all sectors of the global economy, hospitals and healthcare facilities are adopting telemedicine technology at a faster rate.

List of Prominent Players in the Healthcare IoT Security Market:
• Cisco Systems, Inc.
• Inside Secure SA
• Dell Corporation
• Intel Corporation
• ATMEL Corporation
• Symantec Corporation
• EUROTECH SPA
• Fortinet, Inc.
• Oracle Corporation
• Deutsche Telekom AG

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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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