In a recent published report, Kenneth Research has updated the market report for Healthcare IoT Security Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Healthcare IoT Security Market products.
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Kenneth Research has recently added a report titled Healthcare IoT Security Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021 2030. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth.
According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
According to a statistical report titled “Global Spending on Health: A World in Transition”, released in theyear 2019 by the World Health Organization (WHO), the global spending on healthcare recorded USD 7.8 trillion in 2017, which was an increase by USD 0.2 trillion from the recorded value of USD 7.6 trillion in 2016.
Recently, a significant growth in healthcare spending have been observed in the low- and middle-income nations. In the middle-income nations, healthcare spending rose by 6.3% a year between 2000 and 2017, while the economy rose by 5.9% a year. Additionally, health spending in low-income countries also observed a growth by 7.8% a year in the same period. The growth in the healthcare spending of these nations can be attributed to the increasing focus of the governments in these nations to meet the laid down targets of the Sustainable Development Goals (SDGs) of 2030. Such factors are anticipated to drive the growth of the Healthcare IoT Security Market during the forecast period.
The Global Healthcare IoT Security Market is expected to register 39.44% CAGR and is anticipated to reach USD 130,629.55 Million by 2025. Individuals today are using various kinds of networked devices to learn more about their health and daily regime. Home monitoring of aging population related to medical emergencies and medical adherence has become possible due to the increasing use of mHealth applications and smart pills.
However, the rewards of IoT also comes with the aspect of concern regarding the security and the privacy of the patient healthcare data. Mobile and wearable devices, pacemakers, insulin pumps, and other medical systems in the IoT create more access points prone to hackers. The security solutions and services play a critical role for the healthcare organizations to perform vulnerability management and secure the protected health information passing from IoT devices to the healthcare organizations.
In 2018, the worldwide GDP stood at USD 84,740.3 Billion as compared to the GDP of USD 80,144.5 Billion in 2017, marked a growth of 5.73% in 2018 over previous year according to the data quoted by International Monetary Fund. This is likely to impel the growth of Keyword market over the period 2019-2026.
The Healthcare IoT Security Market report also focuses on the analysis on the basis of geography which includes North America (U.S. and Canada), Latin America (Mexico, Brazil, Argentina, Rest of Latin America), Europe (Germany, UK, France, Spain, Italy, NORDIC, BENELUX, Poland, Russia, Hungary, Rest of Europe), Asia Pacific (China, Japan, India, Australia, New Zealand, South Korea, Malaysia, Indonesia, Rest of Asia Pacific) and Middle East and Africa (GCC, North Africa, South Africa and Rest of Middle East and Africa).
In U.S., the GDP per capita was valued at USD 62,606 in 2018 as compared to USD 59,895 marked in 2017, observed a growth of 4.53% in 2018 over previous year. Rise in GDP per capita has intensified the growth of this market in the country.
The market for healthcare IoT security is expected to register double-digit growth during the forecast period. The major factors influencing the growth of the market include increased data privacy concerns among consumers, increased government concerns over healthcare IoT security, increased usage of smart devices for health management and increased proliferation of cybercrimes in healthcare.
With the emergence of IoT in healthcare, consumers can now track their health in real time and simultaneously share healthcare information with their caregivers and healthcare organizations. However, the ease and usage of these devices are also raising security concerns among consumers. As the use of IoT increases, data privacy concerns are bound to increase and hence, will act as a key driver for the healthcare IoT security market, globally.
The global healthcare IoT security market has been segmented into components, security type, application. Based on component, the global market is divided into solution and service.Based on solution type, the global market has been segmented into analytics, encryption, data loss protection, identity and access management, unified threat management, and others. Based on service type, the global market has been segmented into consulting services, risk assessment services, design & integration services, managed security services, and others. Based on security type, the global market is segmented into application security, cloud security, endpoint security, network security, others security. Based on application, the global market is segmented into pharmaceutical, medical devices, and biotechnology.
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The prominent players in the global healthcare IoT security market are Inside Secure SA, IBM Corporation, Cisco Systems Inc., Intel Corporation, Oracle Corporation, Sophos Group plc, Symantec Corporation, Trend Micro Inc, Checkpoint Software Technology, Kaspersky Labs, Fortinet Inc, Intelen Inc, Eurotech SpA, Deutsche telekom AG, SecureFLO LLC, Dell Corporation, Atmel Corporation, Security Mentor, Klynveld Peat Marwick Goerdeler, Agile Cyber Security Solutions, LLC.
Some of the key strategies followed by the players operating in the global healthcare IoT security market are innovation, product development, acquisition, and expansion.
The global healthcare IoT security market, based on region, is segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is estimated to dominate the global healthcare IoT security market during the forecast period. The region accounted for a major market share with 41% of the global market owing to increasing healthcare IoT adoption. Therefore, data security of protected health information becomes pivotal.Europe accounted for the second-largest market share owing to the increasing concerns about security and privacy issues related to mHealth applications.
Asia-Pacific is expected to grow with the fastest CAGR of 46.24% during the forecast period. The region is becoming the global hub for clinical trials and comprises 60% of the world population. Moreover, the adoption of healthcare IoT is rapidly increasing. Therefore, the need for IoT security in the region has become crucial.
In February 2016, Cisco systems Inc. acquired Jasper technologies for USD 1.4 billion to strengthen its IoT product portfolio.
In January 2016, Kaspersky Lab partnered with WISeKey to enhance endpoint security solutions for the connected wearables.
Global Healthcare IoT Security Market, by Component
Data Loss Protection
Identity and Access Management
Unified Threat Management
Risk Assessment Services
Design & Integration Services
Managed Security Services
Global Healthcare IoT Security Market, by Service type
Global Healthcare IoT Security Market, by Application
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Global Healthcare IoT Security Market, by Region
Rest of Western Europe
Rest of Asia-Pacific
Middle East & Africa
Available Additional Customizations
Supply & Demand Analysis
Healthcare IT companies
Government research organizations
Hospitals and clinics
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