Discover trends, market shifts, and competitive outlooks for the healthcare iot security industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research

What is the Anticipated CAGR of the Healthcare IoT Security Market, and What Factors Will Drive It?

The market size for IoT security in healthcare has seen rapid growth in the past few years. The market is projected to escalate from $2.74 billion in 2024 to $3.55 billion the subsequent year, with a compound annual growth rate (CAGR) of 29.6%. This upward trend in the past was largely driven by the necessity for rigorous security measures, administrative mandates underscoring the significance of securing healthcare data, ongoing digitization in the healthcare industry, economic expansion, and rising urbanization.

Anticipated to witness significant expansion in the coming years, the healthcare IoT security market is poised to reach a value of $9.76 billion in 2029, registering a compound annual growth rate (CAGR) of 28.8%. Factors fostering this growth during the forecast period include intensifying concerns over cybersecurity, the escalating incorporation of IoT in healthcare for improved patient care, rising apprehensions regarding data privacy, and government-initiated measures. The forecast period will also see certain trends becoming prominent, such as advancements in IoT technology, the application of blockchain for maintaining data integrity, the creation of innovative, bespoke security solutions specifically for healthcare IoT, technological progress, and an increasing number of partnerships.

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How Are Key Drivers in the Industry Acting as Catalysts for the Growth of the Healthcare IoT Security Market?

The escalation of cybersecurity issues is projected to fuel the expansion of the healthcare IoT security market. These concerns pertain to possible threats, risks, and vulnerabilities linked with the employment of information technology and digital systems. In the healthcare industry, IoT security serves to minimize cybersecurity hazards by ensuring the privacy and security of patient data and medical records. For example, in November 2023, the Australia-based government department, the Department of Defence Australia, reported that the Australian Cyber Security Centre had received over 94,000 cybercrime reports during the 2022-2023 fiscal year. This figure signifies a 23 percent rise from the preceding year, 2021-22. Consequently, escalating cybersecurity issues are propelling the expansion of the healthcare IoT security market.

Which Segments in the Healthcare IoT Security Offer the Most 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

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What Are the Fastest-Growing Geographies 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 Are the Current Market Growth and Trends in the Healthcare IoT Security Industry?

Leading firms in the healthcare IoT security industry are creating innovative offerings, such as security solutions for medical devices, in order to provide customers with top-tier functionality. Security solutions for medical devices encompasses a range of methods, technologies, and strategies aimed at safeguarding the confidentiality, integrity, and availability of medical devices and the sensitive data they process. As an example, in December 2022, Palo Alto Networks Inc., a prominent cybersecurity firm based in the US, introduced Medical IoT Security, a unique zero-trust security solution. The standout characteristic of Palo Alto Networks Medical IoT Security is its ability to effortlessly and securely implement and manage upcoming connected technologies for healthcare institutions. This solution, which harnesses a zero-trust tactical approach to cybersecurity, provides improved security by continually confirming each user and device, thereby removing any assumed trust. With the incorporation of machine learning (ML), Palo Alto Networks Medical IoT Security allows healthcare establishments to set device guidelines paired with automated security responses. In addition, it enables the automation of Zero Trust policy suggestions and enforcement.

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What Are the Key Elements That Define 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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