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Surge in incidents of ransomware attacks on healthcare IoT devices and rising focus on improving healthcare infrastructure are some key factors driving market
VANCOUVER, BC, CANADA, January 6, 2022 /EINPresswire.com/ -- Rising concerns for security of critical infrastructure in the healthcare sector is a major factor driving global healthcare Internet of Things (IoT) security market revenue growth.
According to Emergen Research The Global Healthcare Internet of Things (IoT) Security Market Size is expected to reach USD 5.52 Billion at a steady revenue CAGR of 21.6% in 2028.
Advancements in technology have been leading to further development of new devices and IT administrators face difficulties detecting all devices. Healthcare sector is increasingly introducing IoT devices into their networks. Adoption of IoT has improved healthcare facilities and patient care, but growth has also been impeded by increasing incidence of cyberthreats.
The report will help readers stay updated with the latest market trends and maintain their competitive outlooks in the modern-day fast-paced business environment. The report comes with a concise summary of the details regarding the historical market data, current market trends, future growth prospects, product landscape, key marketing strategies, technological progress, as well as the emerging market trends and opportunities.
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Market Scope and Market Size:
IoT devices are providing patients more freedom and ensuing enhanced compliance by simplifying monitoring and treatment. These devices provide analysis and continuous monitoring of medical data that would not be possible without technology. They also offer healthcare providers instant access to up-to-date information so they can provide better care.
Emergence of COVID-19 has forced healthcare workers to deploy connected devices and track and isolate a substantially large number of COVID-19 patients. These devices enable provision of remote services and can reduce burden on healthcare providers.
The global Healthcare Internet of Things (IoT) Security market is broadly segmented on the basis of product type and application. The segmental growth helps the reader get a lucid picture of the niche pockets of growth, as well as the strategies deployed by the market players to drive the growth of these segments. This section of the report helps them understand and determine the core application areas and the differences between the target markets.
Key Market Contenders:
The section of this report focusing on the competitive terrain of the global Healthcare Internet of Things (IoT) Security market endows the reader with every significant detail and information about the leading competitors on the market. The report provides an exhaustive study and accurate statistics on revenue (on both global and regional levels) related to the prevalent competition in the market. The report offers additional details on this fundamental market segment, including major businesses, company description, total revenue & sales, recent developments, latest product launches, and revenue accumulated by these players over the forecast period.
Some major companies operating in the global market include Cisco Systems Inc., Oracle Corporation, Intel Corporation, Trend Micro Inc., Kaspersky Lab, Deutsche Telekom AG, Dell Corporation, Inside Secure SA, Agile Cyber Security Solutions, LLC., and Symantec Corporation.
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Some Key Highlights From the Report
Solution segment accounted for a relatively larger revenue share in 2020 due to increased focus on preventing potential loss of data. Healthcare sector gathers volumes of sensitive information about patients, which if leaked can be misused and result in grievous illegal activities and legalities. Demand for security solutions with enhanced encryption from hospitals and other healthcare providers has been increasing significantly in the recent past and is expected to continue to support revenue growth of the solution segment over the forecast period.
Endpoint security segment accounted for a significantly robust revenue share in 2020 as endpoint security is a critical path to secure healthcare data and access privileged hospital networks. Unauthorized and malicious activities on endpoint lead to data theft, compromise integrity of data, and provide a backdoor for additional attacks.
Hospitals, surgical centers, and clinics segment accounted for largest revenue share in 2020 due to increased incidence of cyberattacks. Hospitals are increasingly deploying smart devices and new smart beds monitor up to 35 data points including oxygen, blood, and pressure sensors. Compromised data from electronic health records are sold on dark web for USD 1,000 per record, and hospitals spend an average USD 430 per record to mitigate medical identity theft.
North America accounted for largest revenue share in 2020 due to high demand from the US. Sales of wearable devices is substantially high in the US, and has increased substantially during the first and second waves of the COVID-19 pandemic. Rising trend of personalized medicine and increasing popularity of wearable devices is expected to continue to contribute to growth of the North America healthcare IoT security market going ahead.
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Emergen Research has segmented the global healthcare IoT Security market on the basis of component, security type, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
Unified Threat Management
Identity And Access Management
Data Loss Protection
Risk Assessment Services
Managed Security Services
Design & Integration Services
Security Type Outlook (Revenue, USD Billion; 2018–2028)
End-use Outlook (Revenue, USD Billion; 2018–2028)
Hospitals, Surgical Centers, and Clinics
Clinical Research Organizations
Government and Defense Institutions
Research and Diagnostic Laboratories
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.
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