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Healthcare IoT Security Market Predicted to Grow at CAGR of 22% over Next 5 Years

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Internet of Things (IoT) devices such as wearable sensors, implants, medical devices and home monitoring systems have the potential to greatly improve patient services and quality of care. The IoT could revolutionize the healthcare industry and adoption of the technology already high.

IoT devices can be controlled remotely and are highly automated. Implementing the technology can result in improvements to efficiency, accuracy and there are considerable economic benefits. However, IoT devices introduce considerable risks.

IoT devices are now being introduced, even though security is a major concern and many of the devices are not covered by existing security solutions. A recent healthcare-specific Thales Data Threat Report suggested that 60% of healthcare organisations are deploying new technologies before appropriate security is implemented. That said, investment in security technologies is increasing and healthcare organizations are working on improving security for IoT devices. There is currently strong demand for new security solutions and that is unlikely to change.

Currently the global healthcare IoT security market is valued at $4.8 billion, according to a recent Market Research Future report. Over the next five years, the market is expected to grow to $15.82 billion with a CAGR of 22%.

Market Research Future says the explosive growth in the IoT security market is driven by several factors, including the potential for huge savings to be made by increasing automation. Therefore, there is likely to be high adoption of the technology by the healthcare industry.

New smart devices are likely to come to market over the next five years which will require security solutions to protect them and the data they store, with R&D expenditure likely to increase. There is expected to be greater integration of the devices into the Internet ecology and cross transferability of IoT security to a wide range of industry sectors.

Factors that could hinder growth include shorter product lifecycles and greater sink costs associated with IoT technology. While adoption of new IoT technology is expected to be greatest in the United States, globally, growth may be limited by a lack of connectivity and bandwidth, a lack of a legal framework covering the technology and a lack of trained professionals.

Market Research Future suggests the major players in the IoT Security market over the next five years will be Cisco Systems, IBM, Intel Corporation, Sophos Group, Oracle Corporation, Trend Micro Inc., and Symantec, although many other security firms are expected to expand and develop new IoT security solutions to meet demand.

Author: HIPAA Journal

HIPAA Journal provides the most comprehensive coverage of HIPAA news anywhere online, in addition to independent advice about HIPAA compliance and the best practices to adopt to avoid data breaches, HIPAA violations and regulatory fines.

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