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What is the Projected Compound Annual Growth Rate (CAGR) of the Healthcare IoT Security Market from 2025 to 2034, and What Factors Influence It?

In recent times, there’s been an exponential growth in the size of the healthcare IoT security market. The value of this market is projected to spike from $2.74 billion in 2024 to $3.55 billion in 2025, signaling a compound annual growth rate (CAGR) of 29.6%. This substantial growth, observed in the historic period, is due to a myriad of factors including the urgent requirement for improved protection, regulatory mandates stressing the significance of safeguarding healthcare data, ongoing digital evolution in the healthcare sector, along with economic growth and urbanization.

The market size of IoT security in healthcare is anticipated to experience a massive expansion in the forthcoming years. It is projected to escalate to $9.76 billion by 2029, with a compound annual growth rate (CAGR) of 28.8%. This surge during the prediction period can be ascribed to the growing fears surrounding cybersecurity, the elevated incorporation of IoT in healthcare to improve patient care, escalating concerns over data privacy, and government interventions. Notable trends during this prediction period include the progression in IoT technologies, the incorporation of blockchain to maintain data integrity, the creation of innovative, specialized security solutions for the IoT in healthcare, technological evolution, and escalating partnerships.

What Key Drivers Are Accelerating the Growth of the healthcare iot security Market During the Forecast Period?

The escalation of concerns regarding cybersecurity is predicted to fuel the expansion of the healthcare IoT security market in the future. These fears stem from potential dangers, risks, and susceptibilities associated with utilizing digital systems and information technology. By ensuring the safety of confidential patient data and medical history, healthcare IoT security minimizes cybersecurity hazards in the healthcare industry. For example, during the fiscal year 2022-2023, the Australian Cyber Security Centre received over 94,000 cybercrime reports, as reported by the Department of Defence Australia, an Australian government department, in November 2023. This showcases a surge of 23 percent as compared to the previous year, 2021-2022. Consequently, the escalating concerns surrounding cybersecurity are facilitating the growth of the healthcare IoT security market.

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Who Are the Leading Players Fueling Growth in the Healthcare IoT Security Market?

Major companies operating in the healthcare iot security market report are:

• Microsoft Corporation_x000D_

• Deutsche Telekom AG_x000D_

• Dell Corporation_x000D_

• Intel Corporation_x000D_

• IBM Corporation_x000D_

What Are the Emerging Trends Shaping the Future of the Healthcare IoT Security Market?

Leading firms in the healthcare IoT security sector are creating groundbreaking products such as security solutions for medical tools, with the aim to cater to clients with cutting-edge elements. These security solutions for medical devices encompass methods, technologies, and procedures curated for safeguarding the confidentiality, integrity, and availability of medical devices and their sensitive information. For example, Palo Alto Networks Inc., a cybersecurity firm based in the US, introduced Medical IoT Security, an innovative zero-trust security solution, in December 2022. What sets Palo Alto Networks Medical IoT Security apart is its ability to swiftly and securely install and govern the booming connected technologies in healthcare institutes. This solution, with its core strategy being zero-trust for cybersecurity, offers reinforced security by continuously authenticating every user and device, leaving no room for implicit trust. Palo Alto Networks Medical IoT Security leverages machine learning to enable healthcare entities to form device rules with automatic security responses. Furthermore, it streamlines the automation of Zero Trust policy suggestions and reinforcement.

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How Are Market Segments in the Healthcare IoT Security Industry Positioned for Long-Term Growth?

The healthcare IoT security market covered in this report is segmented –

1) By Component: Solution, Services

2) By Security Type: Application Security, Cloud Security, Endpoint Security, Network Security, Other Security Types

3) By End-use: Hospitals, Surgical Centers, and Clinics, Government and Defense Institutions, Clinical Research Organizations, Research and Diagnostic Laboratories

Subsegments:

1) By Solution: Identity And Access Management (IAM), Data Encryption And Tokenization, Intrusion Detection And Prevention Systems (IDPS), Device Authentication And Management, Secure Network Communication

2) By Services: Consulting Services, Risk Assessment And Management, Managed Security Services, Training And Education Services, Support And Maintenance Services

Which Regions Are Driving Growth in the Healthcare IoT Security Market?

North America was the largest region in the healthcare IoT security market in 2024. The regions covered in the healthcare iot security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Defines the Scope of the Healthcare IoT Security Market?

Healthcare Internet of Things (IoT) security refers to a network of linked devices that can collect and distribute data without the need for people. These solutions aim to mitigate the security risks associated with medical IoT devices and ensure the protection of patient data and care.

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