Medical IoT Security Market Size, Share, Opportunities, And Trends By Device (Infusion & Insulin Pump, Smart Pen, Wireless Smart Monitors, Others), By Application (Remote Patient Monitoring, Medical Device Usage, Others), By End-User (Hospitals, Clinics), And By Geography - Forecasts From 2023 To 2028

The medical IoT security market is estimated to grow at a CAGR of 24.12% during the forecast period.

IoT devices in healthcare present a wealth of opportunities by enabling healthcare professionals to remotely monitor patients' vital signs and health data in real-time, thereby enhancing early disease detection and personalized care. Patients, too, can actively engage in self-monitoring and gain valuable insights into their health. However, these advancements also bring challenges, such as data security and privacy concerns. As a result, The Medical IoT security industry is witnessing substantial revenue growth.

Adoption of IoT Drives Medical IoT Security Market Growth

Securing IoT devices in healthcare is imperative due to the increasing risks of data breaches and cyberattacks. In recent years, millions of patient records have been exposed, leading to privacy concerns and financial losses for healthcare organizations. The growing strength of internet-connected devices has further propelled the demand. According to the research study published in the National Library of Medicine, In 2020, the global count of internet-connected devices is estimated to be over 21 billion, marking a fivefold increase compared to the number of devices connected just four years prior.

Increasing Cyber Attacks to drive the medical IoT Security market growth.

DDoS attacks in healthcare can severely disrupt the ability to provide care by denying access to vital resources, emphasizing the need for robust IoT security in the healthcare sector. According to the US Healthcare Cybersecurity Coordination Center’s analysis report published in February 2023, ransomware DDoS attacks increase by 67 percent every year and 24 percent every quarter. Moreover, as per the same source, as of Q2 2022, UDP attacks constituted the majority at 62.53 percent of all DDoS attacks, followed by SYN, and TCP.

Rising smart Health Care Trend drives the Medical IoT Security Market

Smart healthcare services leverage advanced information technologies such as IoT, big data analytics, cloud computing, AI, and deep machine learning to revolutionize traditional healthcare delivery. These technologies enable healthcare to become more efficient, convenient, and personalized. However, the increased adoption of such technologies also raises significant privacy concerns. This underscores the critical need for robust security measures in the medical sector. Various private players are raising investments in this regard to expand their medical IoT solutions. For instance, in May 2021, Cynerio raised US$30 million in series B funding which the company stated it would use in expanding its advanced healthcare IoT cybersecurity solutions. The investments would further enable the company to expand its presence in North America.

North America is expected to lead the market.

The North American region is poised for significant expansion in the medical IoT security market. This surge can be mainly attributed to the widespread adoption of IoT technology throughout the region and the continuous advancements witnessed in the healthcare sector. Robust security measures are also being taken by the government. For example, the President’s Budget for FY 2023 for the total civilian federal IT spending is estimated to be approximately $10.9 billion of budget authority for civilian cybersecurity-related activities. Out of this, the Department of Health and Human Services (HHS) is expected to receive approximately 11.9% amounting to a total of around $7,824 million.

Key Developments

• March 2023: Fujitsu, a Japanese ICT provider, unveiled a cloud-based platform, built on Microsoft Azure, designed to securely collect, store, and leverage health and health-related data. The platform automatically converts medical data from EMR systems to adhere to HL7 FHIR standards, enabling easy data exchange. It securely aggregates various health data, including vital statistics, step counts, and calorie consumption, and can anonymize patient-encoded personal health information for hospitals and medical institutions to use in personalized healthcare. This data can also aid pharmaceutical companies in drug validation and development, streamline insurance product creation for life insurers, and comply with Japanese health data safety guidelines.
• December 2022: Palo Alto Networks introduced Medical IoT Security; a comprehensive cybersecurity solution designed specifically for medical Internet-of-Things (IoT) devices. This solution focuses on implementing Zero Trust security, which requires continuous authentication, authorization, and validation for all users, both internal and external, before granting access to applications and data. Palo Alto Networks' Medical IoT Security utilizes machine learning to assist healthcare organizations in rapidly and securely deploying new connected technologies. It can integrate with existing healthcare information management systems, automate workflows, create device rules with automated security responses, enforce access policies, assess device vulnerabilities and risks, improve compliance, and enhance network segmentation.
• August 2022: Happiest Minds Technologies, a digital transformation and IT solutions company, launched cybersecurity services tailored for the healthcare industry. These services offer end-to-end security solutions aligned with regulatory requirements and industry best practices, incorporating advanced tools and technologies such as AI, Big Data, and behavioral analytics. By focusing on HIPAA and HITRUST compliance, Happiest Minds aims to enhance healthcare organizations' security posture, ensuring resilience in the face of cyber threats.

Company Products

• Palo Alto Medical IoT security: Medical IoT Security, is a comprehensive Zero Trust security solution designed to secure medical devices in healthcare organizations. This solution aims to protect connected medical devices such as diagnostic and monitoring systems, ambulance equipment, and surgical robots from cyber threats. Palo Alto Networks' Medical IoT Security uses machine learning to automate device discovery, contextual segmentation, and policy enforcement, making it easier for healthcare organizations to implement a zero-trust approach. It also provides threat protection through integration with Palo Alto Networks' cloud-delivered security services.
• Cynerio Medical IoT security: Cynerio offers cybersecurity solutions tailored to the unique needs of healthcare environments. Their technology provides automated discovery of all connected devices on healthcare networks, regardless of their operating system, location, or manufacturer. They aim to provide full visibility and inventory of connected devices while reducing false positives, allowing healthcare organizations to address issues efficiently. Cynerio's solutions also include the detection and response to various cyber threats, such as ransomware, often responding within two hours. Additionally, they offer compliance reporting to meet various regulatory requirements related to IoT and IoMT devices.

Segmentation

• By Device
  • Infusion & Insulin Pump
  • Smart Pen
  • Wireless Smart Monitors
  • Others
• By Application
  • Remote Patient Monitoring
  • Medical Device Usage
  • Others
• By End-User
  • Hospitals
  • Clinics
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Other