Healthcare IoT

Increasing Cases of Cybercrimes is Propelling the Growth of Healthcare IoT Security

The incorporation of the Internet of Things (IoT) technology has successfully added a new dimension in the healthcare industry through a variety of services and solutions. IoT offers a list of benefits with primary aim to use data for monitoring the ongoing treatment and post-treatment patient care.

However, with the huge amount of data being generated, the risk of cybercrimes and breach of patient-related information are on the rise. Misuse of healthcare information can adversely affect the health of the patients, leading to death in some cases. With the possibility of getting such crucial information hacked, the entire ecosystem of the healthcare industry will significantly get affected and increases the risk of data vulnerability.

These risks have fueled the need for devices and solutions to address the growing concerns for security and privacy of data. BIS Research recently published a market intelligence report titled “Global Healthcare IoT Security Market – Analysis and Forecast, 2019 -2028,” analyzing the expected growth of the healthcare IoT security market in the coming future. As per the report, the global healthcare IoT security market generated $932.5 million as revenue in 2018 and is anticipated to reach $27,775 million by 2028, witnessing a growth at 41.38% during the forecast period, 2019 – 2028.

Along with the increasing cases of cybercrimes in the medical sector, the report by BIS Research also identifies other factors leveraging the growth of the market such as the growing geriatric population, rising incidence of chronic and infectious disorders namely, diabetes, cancer, and cardiovascular diseases, and the escalating demand for remote monitoring.

Moreover, the report also discusses the market for four prominent regions, namely North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World, amongst which the APAC region is expected to grow at the fastest CAGR during the forecast period.

Apart from region, the global healthcare IoT security market is divided into two broad segments, i.e. solutions and services. The solutions segment which constitutes of network, endpoint, content, application, and cloud security, dominated the market in 2018 and is expected to continue its dominance during the forecast period as well. This growth can be attributed to the enhanced connectivity of IoT devices with caregivers across the globe.

The services segment is also expected to grow at a rapid rate, with risk assessment services dominating the market. Other services under the segment include consulting, design and integration, managed security, and others.

The healthcare IoT security market is currently dominated by prominent companies such as Cisco Systems, Dell Corporation, Intel Corporation, IBM Corporation, and Checkpoint Software Technology, to name a few. Further, the company profiles and the strategies undertaken by leading companies in the market are also discussed in the report to provide a better market estimation.

Lack of standard IoT regulations and technical awareness regarding the threats of IoT across the healthcare sector are the major challenges hampering the growth of the market. However, with a wide range of services, escalating demand for data security, and future opportunities such as increasing cloud storage for sensitive data, the global healthcare IoT security market is projected to grow at a robust rate in the coming years.