Healthcare IoT Security Global Market Report 2024

The healthcare IoT security market size has grown exponentially in recent years. It will grow from $2.12 billion in 2023 to $2.74 billion in 2024 at a compound annual growth rate (CAGR) of 29%. The historical growth in the industry can be attributed to several factors, including the imperative for robust protection, regulatory mandates emphasizing the significance of healthcare data security, ongoing digital transformation within the healthcare sector, economic growth, and the trend of urbanization.

The healthcare IoT security market size is expected to see exponential growth in the next few years. It will grow to $7.6 billion in 2028 at a compound annual growth rate (CAGR) of 29%. The anticipated growth in the forecast period can be attributed to a variety of factors, including escalating cybersecurity concerns, a growing adoption of IoT in healthcare to improve patient care, increasing apprehensions about data privacy, and government initiatives in the healthcare sector. Noteworthy trends expected in this period encompass advancements in IoT technologies, the integration of blockchain for data integrity, the development of innovative and specialized security solutions for healthcare IoT, overall technological advancement, and a rise in strategic partnerships within the industry.

The surge in cybersecurity concerns is anticipated to drive the expansion of the healthcare IoT security market. Cybersecurity concerns encompass potential threats, risks, and vulnerabilities associated with digital systems and information technology. Healthcare IoT security solutions play a pivotal role in mitigating cybersecurity risks within the healthcare sector, safeguarding private patient information and medical records from unauthorized access and data breaches. For instance, reports from the Australian Cyber Security Centre revealed a notable 13% increase in cybercrime reports during 2021-2022, totaling 76,000 cases. Similarly, AAG reported in September 2023 that 39% of UK companies encountered cyberattacks in 2022, with cybercrime affecting over 53.35 million individuals in the United States. Consequently, the escalating concerns regarding cybersecurity are fostering the growth of the healthcare IoT security market.

Key players in the healthcare IoT security market are focusing on the development of innovative products tailored to address evolving cybersecurity threats, particularly in medical devices. Security solutions for medical devices encompass a range of measures, technologies, and practices aimed at safeguarding the confidentiality, integrity, and availability of medical devices and the sensitive data they handle. For example, Palo Alto Networks Inc. introduced Medical IoT Security in December 2022, a zero-trust security solution designed to address the unique security challenges in healthcare environments. This solution stands out for its ability to swiftly and securely deploy and manage emerging connected technologies within healthcare organizations. By adopting a zero-trust cybersecurity approach, Palo Alto Networks Medical IoT Security ensures enhanced security by consistently verifying every user and device, eliminating implicit trust. Leveraging machine learning capabilities, the solution empowers healthcare organizations to establish device rules and automate security responses, thereby enhancing overall cybersecurity posture. Additionally, it facilitates the automation of Zero Trust policy recommendations and enforcement, offering comprehensive protection against cybersecurity threats in healthcare IoT environments.

In June 2021, Microsoft Corporation, a leading US technology company, completed the acquisition of ReFirm Labs for an undisclosed sum. This strategic move is poised to bolster Microsoft's security portfolio by seamlessly incorporating ReFirm Labs' specialized capabilities and the Centrifuge firmware platform. Notably, ReFirm Labs, a distinguished US-based firm specializing in medical device security, brings invaluable expertise to Microsoft's evolving security offerings.

Major companies operating in the healthcare iot security market report are Microsoft Corporation, Deutsche Telekom AG, Dell Corporation, Intel Corporation, IBM Corporation, Cisco Systems, Oracle Corporation, Klynveld Peat Marwick Goerdeler, Palo Alto Networks Inc., Fortinet Inc, Symantec Corporation (NortonLifeLock), Checkpoint Software Technology, Trend Micro Inc., AO Kaspersky Lab, Kaspersky Lab, Sophos Group Plc, Claroty, Eurotech SpA, Atmel Corporation, Inside Secure SA, CloudWave, Cynerio, ICterra, Medigate by Claroty, Asimily, Waracle, CyberMDX, SecureFLO LLC, Agile Cyber Security Solutions LLC, Intelen Inc., Security Mentor.

North America was the largest region in the healthcare IoT security market in 2023. The regions covered in the healthcare iot security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the healthcare iot security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Healthcare Internet of Things (IoT) security involves a network of interconnected devices capable of collecting and transmitting data autonomously. These solutions are designed to manage and minimize security risks associated with medical IoT devices, ensuring the safeguarding of patient data and healthcare processes.

The primary components of healthcare IoT security include solutions and services. Solutions encompass a comprehensive set of measures, technologies, and practices implemented to address and mitigate security challenges and risks. Various types of security measures, such as application security, cloud security, endpoint security, network security, and other security protocols, are employed. These solutions find application across diverse end-users, including hospitals, surgical centers, clinics, government and defense institutions, clinical research organizations, and research and diagnostic laboratories.

The healthcare IoT security market research report is one of a series of new reports that provides healthcare IoT security market statistics, including the healthcare IoT security industry global market size, regional shares, competitors with a healthcare IoT security market share, detailed healthcare IoT security market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare IoT security industry. This healthcare IoT security market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The healthcare internet of things (IoT) security market includes revenues earned by entities by device authentication, data encryption, network security, endpoint security, and access control. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The healthcare internet of things (IoT) security market consists of sales of trusted platform modules (TPMs) and biometric security solutions. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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