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Surge in incidents of ransomware attacks on healthcare IoT devices and rising focus on improving healthcare infrastructure
VANCOUVER, BC, CANADA, August 1, 2022 /EINPresswire.com/ — North America accounted for largest revenue share in 2020 due to high demand from the US. Sales of wearable devices is substantially high in the US, and has increased substantially during the first and second waves of the COVID-19 pandemic. Rising trend of personalized medicine and increasing popularity of wearable devices is expected to continue to contribute to growth of the North America healthcare IoT security market going ahead.
The global Healthcare Internet of Things (IoT) security market size is expected to reach USD 5.52 Billion at a steady revenue CAGR of 21.6% in 2028, according to latest analysis by Emergen Research. Rising concerns for security of critical infrastructure in the healthcare sector is a major factor driving global healthcare Internet of Things (IoT) security market revenue growth.
Advancements in technology have been leading to further development of new devices and IT administrators face difficulties detecting all devices. Healthcare sector is increasingly introducing IoT devices into their networks. Adoption of IoT has improved healthcare facilities and patient care, but growth has also been impeded by increasing incidence of cyberthreats.
IoT devices are providing patients more freedom and ensuing enhanced compliance by simplifying monitoring and treatment. These devices provide analysis and continuous monitoring of medical data that would not be possible without technology. They also offer healthcare providers instant access to up-to-date information so they can provide better care. Emergence of COVID-19 has forced healthcare workers to deploy connected devices and track and isolate a substantially large number of COVID-19 patients. These devices enable provision of remote services and can reduce burden on healthcare providers.
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Some prominent companies included in the report are:
Cisco Systems Inc., Oracle Corporation, Intel Corporation, Trend Micro Inc., Kaspersky Lab, Deutsche Telekom AG, Dell Corporation, Inside Secure SA, Agile Cyber Security Solutions, LLC., and Symantec Corporation.
Some Key Highlights from the Report
Solution segment accounted for a relatively larger revenue share in 2020 due to increased focus on preventing potential loss of data. Healthcare sector gathers volumes of sensitive information about patients, which if leaked can be misused and result in grievous illegal activities and legalities. Demand for security solutions with enhanced encryption from hospitals and other healthcare providers has been increasing significantly in the recent past and is expected to continue to support revenue growth of the solution segment over the forecast period.
Endpoint security segment accounted for a significantly robust revenue share in 2020 as endpoint security is a critical path to secure healthcare data and access privileged hospital networks. Unauthorized and malicious activities on endpoint lead to data theft, compromise integrity of data, and provide a backdoor for additional attacks.
Hospitals, surgical centers, and clinics segment accounted for largest revenue share in 2020 due to increased incidence of cyberattacks. Hospitals are increasingly deploying smart devices and new smart beds monitor up to 35 data points including oxygen, blood, and pressure sensors. Compromised data from electronic health records are sold on dark web for USD 1,000 per record, and hospitals spend an average USD 430 per record to mitigate medical identity theft.
The report mainly studies the Healthcare Internet of Things (IoT) Security market size, recent trends and development status, investment opportunities, market dynamics(e.g. driving factors, limiting factors) and industry news(e.g. mergers, acquisitions and investments). Technological innovations and advancements will further optimize the performance of the product so that it is more widely used in downstream applications. In addition, Porter’s five force analyses (potential entrants, suppliers, substitutes, buyers, and industry
Emergen Research has segmented the global healthcare IoT Security market on the basis of component, security type, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
Unified Threat Management
Identity And Access Management
Data Loss Protection
Risk Assessment Services
Managed Security Services
Design & Integration Services
Security Type Outlook (Revenue, USD Billion; 2018–2028)
End-use Outlook (Revenue, USD Billion; 2018–2028)
Hospitals, Surgical Centers, and Clinics
Clinical Research Organizations
Government and Defense Institutions
Research and Diagnostic Laboratories
Further, the research report includes the growth rate of the global Healthcare Internet of Things (IoT) Security market, tables, facts, figures, and statistics of the key segments.
Middle East & Africa
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Thinking One Step Ahead
In today’s competitive world you need to think one step ahead to chase your competitors, our research offers reviews about key players, major collaborations, merger & acquisitions along with trending innovation and business policies to present better insights to drive the business into right direction
Rapid Business Growth Factors
In addition, the market is growing at a fast pace and the report shows us that there are a couple of key factors behind that. The most important factor that’s helping the market grow faster than usual is the tough competition.
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Highlights of the Healthcare Internet of Things (IoT) Security Market Report:
This research report focuses on the Healthcare Internet of Things (IoT) Security Market overview, market share, demand and supply ratio, and import/export details, supply chain analysis, and others.
The report includes different approaches and procedures used by established market players for efficient business decisions.
The report offers detailed information regarding the production value, strategies adopted by the key market players, their products/services offerings, and many more.
Key Coverage of report:
Market share valuations of the segments on a country and global level.
Market share analysis of the major market players.
Opportunities and growth prospects for the new market entrants.
Market forecast for all the segments, sub-segments of the market.
Market Trends (drivers, restraints, opportunities, challenges, threats, investment opportunities, and approvals)
Strategic endorsements in the key business segments on the basis of market valuations.
Competitive landscape mapping of the key development patterns.
Company profiling with detailed strategies, financial details, and recent developments.
Latest supply chain trends and technological advancements.
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