About Healthcare IOT Security
The IoT in healthcare offers many benefits, ranging from monitoring and treating patients from using data for analytics. The importance of security and privacy of IoT is more important than anywhere else because, besides the patient’s generated data (PGD), their life can also be at risk. Data should be protected both at the device level and the hospital network level. Currently, 58 percent of healthcare organizations have introduced the IoT into their infrastructure, and by 2019, 86 percent will have, according to a report in the HIPAA Journal.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 38.6% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.The Players having a strong hold in the market are IBM Corporation, Cisco Systems, Intel Corporation, and Oracle Corporation. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Healthcare IOT Security market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
IBM Corporation (United States), Cisco Systems (Unites States), Intel Corporation (United States), Oracle Corporation (United States), Kaspersky Labs (Russia), Sophos Group (United Kingdom), Checkpoint Software Technology (Israel), Symantec Corporation (United States), Klynveld Peat Marwick Goerdeler (Netherlands) and Dell Corporation (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Trend Micro (Japan), VERIMATRIX (France), Fortinet Inc. (United States), Intel Inc. (United States), Eurotech SpA (Italy), Deutsche Telekom AG (Germany), Atmel Corporation (United States), Security Mentor (United States) and Agile Cyber Security Solutions, LLC (United States).
Segmentation Overview
AMA Research has segmented the market of Global Healthcare IOT Security market by Type (Hardware, Software and Services), Application (Patient monitoring and communication, Patient drug supply, Electronic health implants, Hospital and building management, Patient engagement, Data collection and Others) and Region.
On the basis of geography, the market of Healthcare IOT Security has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End-User, the sub-segment i.e. Healthcare Providers will boost the Healthcare IOT Security market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Security, the sub-segment i.e. Application Security will boost the Healthcare IOT Security market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Provision of Root Keys and Certificates at the Time of Manufacturing and Device Identity and Integrity
Market Growth Drivers:
Rising security concerns of patient’s data breaches in the healthcare industry are the key driving factor for the market. Also, the confidentiality and integrity of devices and data, and the availability of communications will further fuel the demand for the growth of the market. and Decreased Control over Devices Functioning Outside a Local Network, and Increased Flow of Data In and Out of Local Networks
Challenges:
Correct Integration of IoT IAM with the Traditional Enterprise IAM, Hardware Security Modules (HSMs) and Data Security Platforms and Authentication and Authorization Security
Restraints:
High Cost of Installation to Provide Machine to Machine Communication
Opportunities:
Emergence of IoT in Healthcare Applications including Remote Health Monitoring, Management Of Chronic Diseases, Fitness Program and Elderly Care and Compliance with Treatment and Medication at Home by Patients and Remote Monitoring and Response by CareGivers
Market Leaders and their expansionary development strategies
In January 2022, Claroty, the security company for cyber-physical systems (CPS) across industrial, healthcare, and enterprise environments, has acquired of Medigate, a leading healthcare IoT security company. The acquisition uniquely positions Claroty to secure the Extended Internet of Things (XIoT) by delivering unmatched visibility, protection, and threat detection for all connected organizations via one comprehensive solution.
In December 2022, Palo Alto Networks announced Medical IoT Security — the most comprehensive Zero Trust security solution for medical devices — enabling healthcare organizations to deploy and manage new connected technologies quickly and securely. Zero Trust is a strategic approach to cybersecurity that secures an organization by eliminating implicit trust by continuously verifying every user and device.
The Health Insurance Portability and Accountability Act (HIPAA) covers data privacy and security provisions for safeguarding health information but does not specifically govern IoT devices. and The U.S. Food and Drug Administration (FDA) works closely with the U.S. Department of Homeland Security (DHS), private sector organizations, medical device manufacturers, health care delivery organizations, security researchers and end-users to improve the cybersecurity of medical devices.
Key Target Audience
Healthcare IT Companies, Government Research Organizations, Hospitals and Clinics and Regulatory Agencies
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.