Medical Device Security Market

Medical Device Security Market

Market Synopsys

Global Medical Device Security market is valued at USD 470.47 Million in 2022 and is projected to reach a value of USD 614.74 Million by 2030 at a CAGR of 3.40% over the forecast period.

Medical Device Security used in the healthcare industry are increasingly being linked to hospital networks, the internet, and other devices to provide features that improve healthcare organizations’ ability to treat patients. The same characteristics increase the risk of various unauthorized access and cyber-attacks on hospitals' critical data. As a result, healthcare organizations are using Medical Device Security systems to reduce the risk of cyber-attacks and improve the security of Medical Device Security, which is driving market growth of the Medical Device Security market in the years to come. Many healthcare service providers are using cloud-based medical device storage systems to improve storage security and ensure a safe and secure transmission method to cloud storage, which is expected to drive market expansion in the upcoming years. However, emerging countries face stringent government regulations as well as a lack of infrastructure, which could stymie market growth during the forecast period. The rise in demand for connected Medical Device Security in the healthcare sector, as well as an increase in cyber-attacks on connected Medical Device Security, are the key factors driving the growth of the global Medical Device Security market trends during the forecast period. On the contrary, the increased adoption of cloud-based Medical Device Security across the globe is anticipated to fuel the growth for the global market's expansion during the forecast period. However, a lack of awareness about medical security devices among emerging countries, as well as limited healthcare security budgets, are expected to stymie market growth during the forecast period.

Market Segmentation:

The Medical Device Security market is segmented on the basis of Offering, Type, Device Type, and End User. Based on Offering, the market is segmented as Solution, Services. By Type, the market is segmented as Application Security, Endpoint Security, Network Security, Cloud Security, Other. By Device Type, the market is Hospital Medical Device Security, Internally Embedded Medical Device Security, Wearable and External Medical Device Security. By End User, the market is segmented as Healthcare Providers, Medical Device Manufacturers, and Healthcare Payers.

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Based on Type, the Endpoint Security segment is proved to be the largest in the Medical Device Security market during the forecast period

The Endpoint Security category had a major share in the global Medical Device Security market in 2021. Endpoint security is the practice of preventing malicious actors and campaigns from exploiting endpoints or entry points of end-user devices such as desktops, laptops, and mobile devices. Endpoint security is expected to dominate the market and hold the largest market share during the forecast period. The growing number of connected Medical Device Security, as well as networks becoming more vulnerable to new and sophisticated attacks such as zero-day malware, Trojans, and APIs, account for a sizable share of this segment. Furthermore, the trend of bring your own device (BYOD), social media usage, and cloud-synchronizing technologies is propelling market growth during the forecast period.

Device Type - wearable and external Medical Device Security holds the largest market share

The wearable and external Medical Device Security category had a major share in the global Medical Device Security market in 2021. During the forecast period, the wearable and external Medical Device Security sectors are expected to grow the fastest. Wearable and external Medical Device Security are expected to grow at the fastest rate during the forecast period. This rise is attributed to an increase in demand for home healthcare as a result of the high and rising prevalence of chronic diseases, as well as the growing need to reduce healthcare spending. These factors are increasing the demand for and utilization of wearable and external Medical Device Security for remote patient monitoring during the forecast period.

In the North America region, the Medical Device Security Market is growing at the highest CAGR during the forecast period.

The region of North America had the largest market share. Due to the general privacy and security concerns associated with digital patient records, the healthcare industry is one of the most regulated industries in North America during the forecast period. Regulations such as the Health Insurance Portability and Accountability Act (HIPAA) and the Health Information Technology for Economic and Clinical Health (HITECH) Act are ensuring steady growth in the penetration rates of cybersecurity solutions in the country's healthcare sector. In March 2019, over 12 healthcare sector companies and groups submitted a proposal to the FDA to update the guidelines for the cybersecurity of premarket Medical Device Security. Initiatives like these are expected to increase the adoption of cybersecurity in the country's healthcare sector during the forecast period.

The region's Medical Device Security market is being driven by rising instances of cyberattacks on Medical Device Security, rising adoption of connected Medical Device Security, rising cybersecurity awareness among healthcare professionals, and government initiatives to implement security solutions.

Asia Pacific is expected to develop at the fastest CAGR during the forecast period. This market's expansion can be attributed to factors such as increased adoption of connected Medical Device Security, improved healthcare infrastructure, increased awareness about the security of patient health information (PHI), and growing awareness about Medical Device Security solutions as the number of cyber-attacks on Medical Device Security increases.

Competitive Landscape

The key players in the Medical Device Security market are launching different strategies for the development of Medical Device Security market such as new product development, geographic enhancement, mergers and amp; acquisitions, and product enhancement among others to increase their presence in the market and in market shares as well. Some of the major key players in the Medical Device Security market are "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)

Medical Device Security Market is segmented as follows:

Medical Device Security Market is tabulated as follows: