A healthcare IoT security market intelligence organization which identifies the top companies, products, and technologies in the digital health and medical technology market, MedTech Breakthrough, has recently unveiled the results of their 2019 MedTech Breakthrough Awards program. The results showcase companies and technologies driving innovation in health and medical-related technology solutions.
Market Potential and Pitfalls
IoT is extensively being adopted by top healthcare organizations to improve the operational efficiency and patient health management of the organizations. With the use of IoT, reliability, cost efficiency, and better health management of the patients can be achieved. The utilization of wearables and mHealth is increasing at a rapid pace. IoT security will play a major role in the protection of big data communicated and collected from several smart devices to the patients and healthcare providers. Such factors are considered to promote the growth of healthcare IoT security market.
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The market’s course is chiefly directed by the surging data privacy and security concerns among the consumers. With the rising number of healthcare IoT security services due to the extensive proliferation of cybercrimes in the healthcare sector, the market is considered to flourish. Individuals are also using several types of networked devices to gather knowledge regarding their daily regime and health. Home monitoring for the geriatric population catering to medical adherence and medical emergencies has become easy with the help of smart pills mHealth applications. These factors are estimated to favor the market growth in the coming years.
On the contrary, along with the rewards of IoT, concerns associated with privacy, and security of the patient healthcare data are predicted to curb the growth of the market. Pacemakers, mobile and wearable devices, insulin pumps, and other systems in the IoT create access for the hackers. Such factors are likely to restrict the growth of the market in the coming years.
Geographically, the healthcare IoT security market spans across America, Asia Pacific, Europe, and Rest-of-the-World (RoW).
Considering the global scenario, the Americas are predicted to command the largest share in the global market. In this region, North America is predicted to acquire the largest share due to the augmenting adoption of healthcare IT solutions, along with the high availability of sophisticated infrastructure in the region. The presence of developed nations like Canada and the U.S. is likely to boost the growth of the regional market. These economies have highly invested in R&D activities, which influences the development of innovative technologies.
The Asia Pacific region is estimated to exhibit the fastest rate during the assessment period. The growth cam is ascribed to the increased investments by the medical devices and pharmaceutical companies. The surging adoption of advanced technologies has further contributed to the growth of the regional market. Due to the health management of the surging geriatric population, the adoption of IoT has increased, where security becomes a primary factor.
As per a detailed analysis by Market Research Future (MRFR), the global healthcare IoT security market is predicted to garner a stellar CAGR of 40% during the forecast period (2016-2021). IoT in healthcare is likely to revolutionize the industry and enhance patient care as new technologies impact crucial health services. Internet of Things (IoT) can be defined as the inter-networking of infrastructure and smart devices comprising buildings embedded with software, electronics, sensors, actuators, and network connectivity which assists these objects to collect and exchange data with minimum human interference.
Global Healthcare IOT Security Market: Segmental Analysis
The healthcare IoT security market is segmented on the basis of devices, solutions, and services.
By mode of devices, the healthcare IoT security market is segmented into IoT stationary medical devices, real-time health monitoring devices, IoT smart devices, and IoT ingestible devices.
Based on solutions, the healthcare IoT security market is segmented into end-point security, network security, application security, content security, and cloud security.
The services segment comprises risk assessment services, consulting services, managed security services, design & integration services, and others.
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The prominent players dominating the global healthcare IoT security market comprises IBM Corporation (U.S.), Inside Secure SA (France), Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), Sophos Ltd. (U.K.), Oracle Corporation (U.S.), and others.
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