Swift expansion of IoT across a multitude of sectors has led to the implementation of IoT security in the healthcare sector. Market Research Future, a firm which specializes in market reports related to the healthcare sector among others, recently published a report on this market. The global healthcare IoT security market is currently valued at $4.8 billion and is predicted to be valued at $15.82 billion growing at a CAGR of 22%.
Introduction of smart devices and infrastructure has greatly led to the diversification of the healthcare sector. Diversified and coordinated efforts between IT division and healthcare device manufacturers are one of the most noticeable factors that are driving the market development of this industry. Increased security and safety offered by IoT security has increased the appeal of this sector to a great extent.
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Industry Segments
The global healthcare IoT security market has been segmented on the basis of by components into hardware, software, network and others. On the basis of applications into monitoring and telemedicine, clinical operation and imaging and workflow optimization. Furthermore, by end-users the categories include healthcare providers, patients, research laboratories, and government.
Detailed Regional Analysis
Globally North America is the largest market for Global healthcare IoT security market. Europe is the second-largest market for Global healthcare IoT security market. However, the developing regions market particularly Asia Pacific will be the fastest growing and will be the key to the future, as this region comprises 60% of the world population. With the healthcare IOT adoption for managing growing chronic illnesses increasing, IOT security will become crucial in the near future. Data privacy and security concerns among the healthcare organizations and patients’ related to healthcare IOT are also driving the growth of the market.
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Global Competitive Analysis
The sector is undergoing considerable transformation which has accelerated the growth pace of the sector. The industry players in the segment are utilizing their primary resources to initiate a trend of solid, volume-driven growth that has been observed in the market with the development of different varieties of product types. The best long-term growth opportunities for this sector can be harnessed by ensuring ongoing process improvements and maintaining financial flexibility to invest in the optimal strategies. However, with companies aiming to capture a considerable share of the market segment as early as possible, they implementing and experimenting with various advantage points.
IBM Corporation, Cisco Systems Inc., Intel Corporation, Oracle Corporation, Sophos Group Plc., Symantec Corporation, Trend Micro Inc., and others are some of the industry players in the market.
Industry Updates:
June 2017 ZingBox, a vendor of Internet of Things security systems, will collaborate with VMware, which markets an IoT infrastructure management system, to deliver enhanced security to enterprise Internet of Things implementations. Following the WannaCry ransomware epidemic, Internet of Things (IoT) ZingBox will also offer healthcare organizations free access its security service, the company announced recently.
Dec 2017 Samsung announced its ARTIK secure “s” systems-on-modules and services for the ARTIK IoT Platform to strengthen device-to-cloud security for organizations building their healthcare IoT infrastructure. ARTIK platform’s built-in hardware and software solutions ensure reliability, safety and privacy for connected products. The applications include healthcare monitors and smart factory gateways among some of the applications. The ARTIK IoT platform provides a complete end-to-end software, hardware and cloud solution for companies to easily link and more safely operate their products in a world that is increasingly connected.
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May 2017 Cisco has announced its IoT Threat Defense and said that among the first uses of the new architecture is securing services vital to medical care. The architecture and services combination can be used to segment internet of things devices connected to hospital and other organization’s networks. The Cisco IoT Threat Defense architecture includes technologies for network behavior analytics, device visibility, firewall, remote access, cloud security and malware protection. In addition to its initial use securing medical data, Cisco listed the other two industries where IoT Threat Defense already has a play as automated manufacturing and power generation and delivery.
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