Proving the Business Case for the Internet of Things

Security concerns fuel growth in IoT healthcare

Steve Rogerson
May 8, 2019
 
The global healthcare IoT security market was $932.5m in 2018, and is estimated to grow to over $27.8bn by 2028, according to a report from Research & Markets.
 
The global healthcare IoT security market is expected to grow at a double-digit compound annual growth rate between 2019 and 2028, primarily driven by the increased data privacy and security concerns among consumers. The increase in the number of healthcare IoT security services owing to the increased proliferation of cyber crimes in healthcare is further bolstering the healthcare IoT security market.
 
The IoT is rapidly being adopted by major healthcare organisations for patient health management as well as to enhance the operational efficiency of these organisations. Cost efficiency, reliability and better health management of the patients are among the most important goals that can be achieved with the help of IoT usage in the healthcare sector.
 
Individuals today are using various kinds of networked devices to learn more about their health and daily regime. Home monitoring of aging population with regards to medical emergencies and medical adherence has become possible through the use of mhealth applications and smart pills.
 
Along with the global increase in the use of mhealth applications and wearables, IoT security is expected to play a crucial role in the protection of the big data health information collected and communicated from various smart devices to the caregivers and patients.
 
However, along with the rewards of the IoT are the concerns regarding security and privacy of the patient healthcare data. Mobile and wearable devices, pacemakers, insulin pumps, and other medical systems in the IoT create more access points for hackers. Healthcare data acquire major value in the black market in the same way as credit card details and other financial data.
 
North America held the largest market share in 2018 and accounted for over 46.7% of the revenue share owing to increased proliferation of cyber crimes in healthcare. However, Asia-Pacific is projected to be the fastest-growing market and is anticipated to grow at a CAGR of over 45% from 2019 to 2028. Furthermore, owing to the increased usage of smart devices for health management, the rest of the world is also expected to make significant investments in the market.
 
The global healthcare IoT security market consists of a multitude of companies catering to different needs within an IoT security environment. The broad segments the market could be defined under are healthcare IoT security and healthcare IoT services. The healthcare IoT services are further defined under consulting services, risk assessment services, design and integration services, and managed security services. Moreover, healthcare IoT products are further defined under network, endpoint, cloud, application and content security.
 
Healthcare IoT services are the leading segment contributing to 61.32% of the overall market in 2018. The healthcare IoT services market is primarily driven by increasing connectivity of healthcare IoT devices with the caregivers, increased proliferation of cyber crimes in healthcare, and increased data privacy and security concerns among consumers.
 
Several small-medium enterprises such as Kaspersky Labs, Security Mentor and Sophos are venturing into the market and sustaining the competition through the development of a wide range of applications in different areas of healthcare IoT security.
 
Sophos Group acquired Darkbye. The main aim of this acquisition was to accelerate the global managed security services that will eventually span endpoint, firewall, mobile devices and wireless apps, among others.
 
Microchip introduced the AWS IoT Greengrass hardware security interface with the main intention to remove the exposure of private keys to software, firmware, end users, manufacturing sites or other third parties.
 
The Apac region for network security is expected to grow at a CAGR of 41.41% during the forecast period as this region is highly populated and its geriatric population is increasing, further leading to an increase in the exchange of patient information among the healthcare providers. Therefore, the network security becomes essential.
 
Cisco collaborated with Ochsner Healthcare. Cisco TrustSec network security technology allows Ochsner to secure sensitive PCI data from the general traffic. And Alphabet's Chronical launched an enterprise version of VirusTotal for network security.