Healthcare IOT Security Market Valued USD 4.7 Billion in 2015 & Expected To Grow Further With a CAGR of 40% By 2021
January 12, 2018 --
The internet of things has penetrated almost every sector due to increasing interconnectivity. The rise of IoT in healthcare has opened new vistas in the form of personalized healthcare, time and cost reduction, telemedicine to name a few. The rise of security concerns however have not followed a linear path with IoT, but have been exponentially related. The rising awareness of the problem along with the increasing number of smart devices has led the rise of global IoT security market. Other driving factors are increasing bandwidth and automation, excellent uptake and increasing penetration of information ecology.
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IOT is rapidly being adopted by major healthcare organizations for the patient health management as well as to enhance the operational efficiency of these organizations. Cost efficiency, reliability and better health management of the patients are one of the most important goals that can be achieved with the help of IOT usage in the healthcare sector. Globally, since the usage of mHealth applications and wearables is continuously increasing, IOT Security will play a crucial role in the protection of the big data (health information) collected and communicated from various smart devices to the care givers and patients.
According to a recent study report published by the Market Research Future, The Global healthcare IOT security Market valued USD 4.7 billion in 2015 and has been evaluated as a moderately growing market with a CAGR of 40% during 2016-2021.
The growth of Healthcare IOT Security Global Market is fragmented with developed regions dominating the market and will continue to do so. Increasing collaborations between IT sector and health care device manufacturers seem to be the most prominent factor that drives the market growth. The market is comparatively unitary but which will increasingly be fragmented into smaller players especially from developing nations, where costs are low. The constraints of the market growth are weaker which can be overcome such as poor legal framework, sink costs and short lifecycle of technology. The net effect of all these factors is the growth of the sector with a significant rate of CAGR, states the MRFR Research Analyst while commenting upon this deep diving study report, presented through more than 100 market data tables and figures, widely spread over 210 pages.
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Healthcare IOT Security Global Market – Key Players
Major players in the IT sector now expand their operations in the IoT healthcare market through collaboration or acquisition of the healthcare service providers. For instance, the tech giant International Business Machine (IBM) Corporation collaborated with Medtronic PLC to provide IoT services for Medtronics medical devices data. Through this collaboration, IBM can benefit from lucrative opportunities in the healthcare industry with innovative IoT implementation.
Identified and profiled in MRFR analysis; some of the major players operating in the global Healthcare IOT Security market Inside Secure SA (France), IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), Intel Corporation (U.S.), Oracle Corporation (U.S.), Sophos Ltd. (U.K.), and others
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Healthcare IOT Security Global Market – Segments:
The Global healthcare IOT securityMarket is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation on the basis of Device Type : Comprising Real time health monitoring devices, IOT stationary devices, IOT smart devices (mHealth), and IOT ingestible devices
Segmentation on the basis of Solutions: Comprising Network security, End-point security, Content security, Application security, Cloud Security
Segmentation on the basis of Services : Comprising consulting services, risk assessment services, design & integration services, managed security services, and others.
Segmentation on the basis of Regions : Comprising Geographical regions - North America, Europe, APAC and Rest of the World.
Healthcare IOT Security Global Market – Synopsis & Scenario
IOT Security solutions will continue to hold maximum market value of $25.99 Billion in 2022 because of increasing connectivity of healthcare IOT devices with the caregivers globally; new access points get created for hackers to conduct cybercrimes. Therefore, implementation of security solutions becomes essential.
Whereas, In services, risk assessment services acquired major share of the market in 2015. Risk assessment services will continue to acquire major share of approximately 28% in future as well in order to identify and mitigate risks related to IOT Security in the healthcare sector
Increasing ageing population, surging healthcare expenses and an increase in the occurrence of chronic diseases is driving healthcare stakeholders to follow remote health management and patient monitoring seriously.
Healthcare IOT Security Global Market – Regional Analysis
Globally Americas commands the largest market share towards healthcare IOT security market. The European market for healthcare IOT security is expected to grow at a significant rate of CAGR and is expected to reach millions of by the end of the forecasted period.
North America currently is the leading region in the IOT Security implementation in the healthcare sector with revenue of $2.2 billion in 2015 because of increased usage of smart IOT devices for health management
Asia-Pacific is the fastest growing region for healthcare IOT security market, which is expected to grow at a considerable rate of CAGR. APAC is expected to grow at a highest CAGR than other regions because of the health management of the increasing ageing population, IOT adoption will increase and therefore security becomes crucial
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