Medical Device Security Market to Reach 559.68 USD Million by 2028

Vantage Market Research

Mar 16, 2022

The Global Medical Device Security Market is expected to reach 559.68 USD Million by 2028, growing at a CAGR of 3.50% from 2022 to 2028. The increasing instances of healthcare cyberattacks and threats and growth in the geriatric population and subsequent growth in chronic disease management are anticipated to augment the growth of the market during the forecast period.

Key Findings:

  • The services segment held a significant share in 2021. This is attributable to the increasing demand for continuous support, maintenance services, and consultation to defend the connected medical devices and healthcare infrastructure from the growing number of cyber-attacks. The solutions segment is also projected to grow at a significant CAGR owing to the increasing demand for advanced encryption-based services to deliver enhanced data protection at a lower cost.
  • The endpoint security segment is projected to grow at a significant CAGR during the forecast period. This is attributable to the rising prevalence of chronic diseases and the increasing demand for home healthcare services.
  • The wearable and external medical devices segment is projected to grow at a considerable CAGR during the forecast period. This is attributable to the increasing number of connected medical devices due to which the networks are becoming more vulnerable to sophisticated threats.
  • The healthcare providers segment held a significant share in 2021. This is attributable to the rising demand for connected medical devices among healthcare providers.
  • Asia Pacific is expected to grow at the fastest CAGR during the forecast period. China accounted for the largest share in APAC in 2021. This is attributable to the increasing government initiatives to encourage the implementation of modern security technologies in the healthcare sector by emerging economies such as India, and China in the region. Furthermore, the improving healthcare infrastructure is also anticipated to support the regional growth of the market.

Some of key players in Medical Device Security 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)..

The increasing aging population is anticipated to augment the growth of the Medical Device Security market in the years to come. Most of the people today are expected to live till their sixties and beyond. The world is experiencing an increase in both the size and the ratio of older people in the population in each country. As per WHO estimations, 1 in 6 people in the world will be aged 60 years or over by 2030 and the proportion of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion. Further, the world’s population of aged people that is 60 years or older is expected to double (2.1 billion) by 2050, and the population aged 80 years and above is expected to triple between 2020 and 2050 and reach 426 million. This shift in the distribution of population towards older ages that is population aging started in high-income countries like Japan where 30% of the population is already over 60 years old and it is now seen in low- and middle-income countries as well. With older age, people get more prone to common conditions which include chronic disorders, diabetes, depression, and dementia, and hence with the increase in disease rate the data generated also increases. This in turn is expected to create demand for medical device security services across the globe.

However, the limited healthcare security budgets and lack of awareness about healthcare security is expected to hamper the growth of the market in the years to come. Moreover, the introduction of sensor-based wireless mobile medical devices along with rise in the adoption of advanced cloud security solutions in healthcare are expected to create immense opportunities for the growth of the market within the forecast period.

North America held the largest shares in 2021. The US held the largest share in North America for the Medical Device Security market. This is attributable to the increasing awareness among healthcare professionals regarding cyber security in the region. Furthermore, rising government initiatives to implement security solutions is also expected to fuel the regional growth of the market. Additionally, the growing adoption of connected medical devices in the region is also expected to support the growth of the Medical Device Security market in the region.