Guillaume Corpart
As wireless technology and AI make their way from standard computing into device integrations, it’s opening vast opportunities for what’s possible in modern healthcare. Everything from infusion pumps to MRI machines to pacemakers and more now have wireless connectivity. For both providers and patients, this creates new possibilities for education, transparency, and treatment.
These devices have now become such an integral aspect of healthcare that they have their own moniker: The Internet of Medical Things (IoMT). These are just a few possibilities that were unthinkable several years ago, thanks to the development of IoMT:
- Remote patient monitoring (RPM) of people with chronic health conditions.
- Data collection from wearable health devices.
- Location tracking and ambulance routing for high-risk patients.
- Medication tracking.
The opportunities both in and outside of medical facilities are great. Doctors and nurses can check in on a patient’s well-being remotely in between patient checkups. And this can happen in the same hospital, or even hundreds of miles away. The potential of telemedicine and remote care is being super-charged by the advent of the IoMT. [1]
Possible Vulnerabilities
Of course, every new technology, however promising, comes with its own set of risks, and the IoMT is no different. While the medical possibilities of this tech are great, so are the potential risks of cybersecurity threats or possibly even cyberattacks. “Cybersecurity readiness in healthcare remains an important challenge across the region, and it should remain a priority in the years ahead,” says Alejandro Valenzuela, Global Director of Product Marketing for GE Healthcare. [2]
What’s more, some tech teams may be more focused on the medical aspects of their technology rather than the wireless capabilities, leaving them more vulnerable to attacks. Here are some of the potential vulnerabilities that have been identified for the IoMT:
- Weak or hardcoded passwords
- Insecure networks or interfaces
- Vulnerable software updates
- Outdated components
- Lack of physical hardening
- Insecure default settings
- Improper device management
- Insecure data transfer and storage
- Lack of privacy protection [3]
Regional Cybersecurity Concerns
Since Latin America’s digital infrastructure is not as developed as that of other regions in the world, it has been identified as an area where the risks are especially acute. Regional firms in Latin America are well aware of this risk, as well. A recent WEF survey found that 42% of Latin American firms lack confidence in their country’s cyber readiness. These numbers are much higher than similar firms in Africa (36%), Asia (20%), Europe (15%), and North America (15%). [3]
The market also seems to indicate that Latin America is aware of these IoMT cybersecurity risks and is willing to make the investments to correct some of the current deficiencies. Recent market data indicates that the Latin American cybersecurity market was valued at $1.16b in 2024 and is projected to grow to $5.47b by 2033. That’s a compound annual growth rate (CAGR) of 18.81%. [4]
Protecting Your Devices
Clearly, the region is willing to make the necessary investments to improve cybersecurity and hopefully minimize risks in the future for the IoMT. In the meantime, however, the current infrastructure lags behind the rest of the world, putting your devices and software at risk. This puts the responsibility on the equipment manufacturers themselves to build robust security protocols directly into their devices, rather than relying on regional and hospital-wide IT systems to handle this security for them.
Key Takeaways for Health Care Companies
For medtech manufacturers and suppliers of cutting-edge, connected devices that are part of the IoMT, the potential cybersecurity risks are a challenge that must be addressed in the coming years. However, if your technology already handles these challenges well, or you have plans to address these concerns in the near future, it could serve as a major market advantage and a key differentiator for your company when it comes to potential sales.
Latin American healthcare as a whole is growing more technologically advanced, and the market is more receptive to the connected equipment that makes up the IoMT than ever before. Current estimates and projections place the overall IoMT market value at over $7.5b in 2024, with a projection of over $25b by 2033. That’s a CAGR of 14.3% over the next 10 years. [5]
What’s more, concerns over cybersecurity risks in the region are active and spreading, as the survey data and market projections for healthcare cybersecurity seem to indicate.
What that means for IoMT suppliers is that firms with secure, reliable, and safe medtech have the clear market advantage. By making this a point of emphasis on your strategic roadmap, you’ll have the advantage over your competitors in the years ahead.
Of course, the ultimate test is to educate your potential customers on the true advantages of your products, and how they have all the latest tools, technologies, and security protocols to protect your data and prevent any potential cyberattacks. Cybersecurity should be a key element when training your sales reps on the products they plan to sell.
Next Steps
You can rely on Global Health Intelligence and our suite of data analytics tools, like HospiScope, to identify specific areas of opportunity and determine where demand for IoMT devices runs the highest.
Contact GHI to learn more about the rise of IoMT and cybersecurity across Latin America, and how you can adjust your company’s strategy to meet the changing healthcare landscape that will result. Our team of researchers can provide the analysis you need to gain valuable insights to support strategic decision-making in your industry.
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Sources:
- https://www.techtarget.com/iotagenda/definition/IoMT-Internet-of-Medical-Things
- https://www.fortinet.com/resources/cyberglossary/iot-device-vulnerabilities
- https://privatebank.jpmorgan.com/latam/en/insights/markets-and-investing/ideas-and-insights/the-cybersecurity-imperative-latin-americas-challenge-and-opportunity
- https://www.marketdataforecast.com/market-reports/latin-america-healthcare-cybersecurity-market
- https://www.businessmarketinsights.com/reports/latin-america-iot-medical-devices-market
