Healthcare IoT Security Market Set for Explosive Growth Driven by Increasing Adoption of Connected Devices in Healthcare Expected to Reach $41.01 Billion by 2030

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 pandemic has accelerated a significant technological transformation within the healthcare sector. Internet of Things (IoT) devices have gained substantial traction in healthcare, playing a crucial role in patient care. While IoT technology offers numerous benefits, including enhanced speed and access to information, it also introduces substantial risks, posing security threats to both healthcare providers and patients. IoT hardware, which was not originally designed with security in mind, is expected to drive an increasing demand for healthcare IoT security solutions. These devices enable the continuous analysis and monitoring of medical data, which was previously difficult to achieve, and provide healthcare professionals with real-time access to critical information, thereby improving the quality of care. As the COVID-19 pandemic continues to impact global industries, the adoption of telemedicine technologies within hospitals and healthcare facilities is accelerating.

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:
Market Drivers:
The increasing need for real-time processing of patient records is a significant factor driving the global growth of the healthcare IoT security market. Patients are increasingly scheduling healthcare appointments online, utilizing hospital services that facilitate seamless communication between patients and doctors. This approach reduces waiting times, benefiting both patients and healthcare providers. Given the importance of patient-doctor confidentiality across all 213 countries worldwide, adherence to the Health Insurance Portability and Accountability Act (HIPAA) is critical for hospital staff to maintain security. Additionally, the widespread use of smartphones and wearable devices for health monitoring, including tracking vital signs such as blood pressure, glucose, insulin levels, oxygen saturation, and heart rate, has increased the need for robust security measures to protect against cybercrimes.

Challenges:
The healthcare IoT security market faces significant threats, including weak passwords, insufficient authentication, data loss during transmission due to poor network conditions, and other cybercrimes. As the volume of patient data grows due to increased patient numbers and a rising global population, the challenge of maintaining data on-premise has escalated, leading to the adoption of cloud-based storage solutions. While cloud storage facilitates easier communication and data sharing between doctors and patients, it also exposes internet-connected devices to greater vulnerability, particularly due to insecure networks and inadequate firewall protections, making them susceptible to cyberattacks and hacking attempts.

Regional Trends:
North America is expected to maintain the largest share of the global healthcare IoT security market during the forecast period. This dominance is attributed to the presence of leading companies providing advanced IoT security solutions across various industries within the region. Additionally, the U.S. government's implementation of the National Institute of Standards and Technology (NIST) Internet of Things Cybersecurity Improvement Act in 2020 has further bolstered the region's market growth by enhancing IoT device cybersecurity. Government initiatives and substantial investments from prominent IoT security companies are accelerating the market's expansion in North America. Technological advancements and ongoing government efforts to promote the adoption of digital platforms are driving the growth of IoT security solutions in the life sciences sector.

The Asia Pacific region is projected to experience rapid growth in the healthcare IoT security market. Key factors contributing to this growth include improvements in health IT infrastructure, increased initiatives to support connected health services, and the expanding use of advanced technologies such as smart wearables. The growing investments from the pharmaceutical and medical device sectors in the region are expected to further propel the demand for IoT technologies, thereby driving the expansion of healthcare IoT security solutions.

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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.