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Medical Device Security Market Market is expected to grow with a CAGR 3.50% from 2022 to 2028

As stated by our extensive report, providing insights on component, deployment model, type, device type, and end-user the global Medical Device Security Market market accounted for 455.30 USD Million in 2021.

In the past few decades, the disease prevalence across the globe is increasing at an unprecedented level. Thus, the rise in the number of patients visiting hospitals due to various health disorders worldwide is increasing.  Medical devices used in healthcare industries are progressively more connected to the hospital networks, the internet, and other devices to provide features that surge the ability of healthcare organizations to treat patients. These factors also increase the risk of unauthorized access and cyber-attacks. Thus further increasing the demand for medical device security further propelling the market growth.

Furthermore, the demand for electronic document management is increasing tremendously. In the past few years, the adoption of technology such as Health Information Management (HIM) and Electronic Medical Records (EMR) systems is increasing at its wildest level along with the rising need for retaining patient data securely according to state, federal, and local laws. However, awareness regarding medical security devices in emerging economies may hinder market growth over the forecast period. Also, limited healthcare security budgets may act as another restraining factor for the market over the forecast period.

Additionally, the introduction of Internet of Things (IoT) solutions and Artificial Intelligence (AI) in the healthcare sector has witnessed to provide the thrust to the market growth. In addition, the introduction of such technologies may offer lucrative opportunities to major players. This, compels them to invest their money heavily in R&D. additionally, increasing several government initiatives and fundings along with safety regulations may propel the market growth over the forecast period. 

North America holds the major share in the market owing to the well-developed and established healthcare industry. Additionally, the growing adoption of cloud-based technology in the region along with rising incidences of data breaches across various healthcare organizations is further propelling the market growth over the forecast period. Asia Pacific is anticipated to grow at the fastest CAGR over the forecast period. This growth is attributed to rising in the adoption of connected medical devices in hospitals as well as growing awareness about medical device security solutions in developing countries such as India and China among others.

Some of key players in Medical Device Security Market market include, Cisco Systems (US), IBM (US), GE Healthcare (US), Symantec (US), CA Technologies (US), Philips (Netherlands), DXC Technology (US), CloudPassage (US), FireEye (US), Check Point Software Technologies (Israel), Sophos (UK), Imperva (US), Fortinet (US), Palo Alto Networks (US), ClearDATA (US).