Global Healthcare IoT Security Market Insights Forecasts to 2033

• The Global Healthcare IoT Security Market Size was Valued at USD 0.50 Billion in 2023
• The Market Size is Growing at a CAGR of 18.89% from 2023 to 2033
• The Worldwide Healthcare IoT Security Market Size is Expected to Reach USD 2.82 Billion by 2033
• Asia Pacific is Expected to Grow at the fastest pace during the forecast period.

The Healthcare IoT Security Market Size is Anticipated to Exceed USD 2.82 Billion by 2033, Growing at a CAGR of 18.89% from 2023 to 2033.

Market Overview

Healthcare IoT security generally refers to all the practices, technologies, and strategies used for security-related purposes to the networks, systems, and connected devices of the health sector's Internet of Things, which may also include wearable health monitors, connected medical instruments applied for patient care and data management, and more related to smart hospitals. The global healthcare IoT security market is expanding because Internet of Things (IoT) devices are increasingly used in healthcare applications, including wearable health monitors, connected medical equipment, and remote patient monitoring systems, which, while improving the quality of care, also increase the risk of cyber threats and hence need adequate IoT security solutions. Increased cyberattacks, data breaches, and data protection regulations that must be implemented drive the healthcare industry to seek stronger frameworks for IoT security. The Asia-Pacific region will show a tremendous growth prospect due to increased digitization of healthcare infrastructures, cybersecurity issues awareness, and technology investment.

Report Coverage

This research report categorizes the market for Healthcare IoT Security market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the healthcare IoT security market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Healthcare IoT Security market.

Driving Factors

The rapid adoption of IoT in healthcare enhances patient care, remote monitoring, and operational efficiency in the global market for healthcare IoT security. With more wearables, medical equipment, and other connected devices being added, their interception would jeopardize private information and expose vulnerabilities to hackers, thus driving the need for stronger security measures. Increasing regulatory requirements, such as HIPAA and GDPR, are also further increasing the need for IoT security in healthcare for compliance and protection of data. The growing frequency of cyberattacks on healthcare systems and patient data is another significant driver, where increased security is required. Further, the expansion of telemedicine, digital health applications, and the use of AI and machine learning technologies in healthcare IoT systems are also pushing the growth of the market.

Restraining Factors

High implementation and maintenance costs, which are challenging for smaller healthcare organizations, are also some of the challenges the global healthcare IoT security market faces. Other challenges include a diverse range of IoT devices, which are hard to secure; integration issues with existing healthcare IT systems; and the lack of enough skilled professionals who can manage security. The changing nature of technologies and the constantly evolving threats increase the challenge of maintaining security.

Market Segmentation

The healthcare IoT security market share is classified into components, security type, and applications.

• The medical devices segment is expected to hold the largest share through the forecast period.

Based on the component, the healthcare IoT security market is categorized as medical device, systems & software, services, and connectivity technology. Among these, the medical devices segment is expected to hold the largest share through the forecast period. This is due to the high scale-adoption of medical devices resulting from rising demand for effective and economical health care methods. For instance, medical devices are interfaced with IoT sensors, thus providing health care professionals with a constant flow of real-time health data including monitoring glucose levels, heart rate, and blood pressure. In addition, the increasing demand for self-monitoring devices such as wearable devices is expected to surge the demand for connected medical devices in the healthcare sector.

• The cloud security segment is expected to hold the largest market share through the forecast period.

Based on the security type, the healthcare IoT security market is categorized as application security, network security, end point security, and cloud security. Among these, the cloud security segment holds the largest market share through the forecast period. This is because cloud security helps in flexible operation, high productivity, and the low cost associated with cloud computing. Cloud security enhances the effectiveness of health organizations and business agility. This brings the need to introduce more efficient cloud security solutions.

• The telemedicine segment is expected to hold the largest market share through the forecast period.

Based on the application, the healthcare IoT security market is categorized as telemedicine, connected imaging, and inpatient monitoring. Among these, the telemedicine segment is expected to hold the largest market share through the forecast period. This is because various factors, including organizational efforts toward moving to paperless EHR, government models and policy changes aimed at improving reimbursement models, and availability of high-speed internet connections and high-definition video cameras drive the growth of telemedicine adoption.

Regional Segment Analysis of the Healthcare IoT Security Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the healthcare IoT security market over the predicted timeframe.

North America is anticipated to hold the largest share of the healthcare IoT security market over the forecast period. This is due to the reason of increasing need for the stoppage of ransomware threats along with other forms of cyber-attacks due to increasing IoT adoption in medical equipment. The rise of cost-cutting in medicine and health-related device security transfers for IoT as well as the shift of strategy from the fee-for-service model towards value-based care highly benefits this market. Other factors such as governments taking appropriate initiatives to promote digital health and a robust health infrastructure will drive the IoT in the healthcare market in this region.

Asia Pacific is expected to grow at the fastest CAGR growth in the healthcare IoT security market during the forecast period. This is due to the development of health care infrastructure & rising health care spending in developing Asian countries, due to the increasing adoption of advanced technology to reduce medical costs & streamline the hospital workflow, which are the demand drivers for IoT in healthcare in the region. In addition, some government initiatives & supportive schemes are also motivating the adoption of such technologies.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the healthcare IoT security market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Inside Secure SA
• IBM Corporation
• Cisco Systems Inc.
• Intel Corporation
• Oracle Corporation
• Sophos Group Plc
• Symantec Corporation
• Trend Micro Inc.
• Checkpoint Software Technology
• Kaspersky Labs
• Fortinet Inc
• Intelen Inc.
• Eurotech SpA
• Deutsche Telekom AG
• SecureFLO LLC
• Dell Corporation
• Atmel Corporation
• Security Mentor
• Klynveld Peat Marwick Goerdeler
• Agile Cyber Security Solutions, LLC
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In September 2023, the strategic partnership between Infosys and NVIDIA Corporation is being expanded. The goal of this partnership was to produce the knowledge and technology required to increase productivity in a variety of sectors, including healthcare, through generative AI applications and solutions.

Market Segment

• This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the healthcare IoT security market based on the below-mentioned segments: 

Global Healthcare IoT Security Market, By Component

• Medical Device
• Systems & Software
• Services
• Connectivity Technology

Global Healthcare IoT Security Market, By Security Type

• Application Security
• Network Security
• End Point Security
• Cloud Security

Global Healthcare IoT Security Market, By Application

• Telemedicine
• Connected Imaging
• Inpatient Monitoring

Global Healthcare IoT Security Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa