Medical Device Security Market (Component - Solutions, and Services; Device Type - Hospital Medical Devices, Embedded Medical Devices, and Wearable Medical Devices; End-user - Hospitals & Clinics, Medical Device Manufacturers, and Other End-users): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025

A recent report published by Infinium Global Research on medical device security market provides in-depth analysis of segments and sub-segments in the global as well as regional medical device security market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional medical device security market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global medical device security market. According to the report, the global medical device security market is projected to grow at a CAGR of 8.3% over the forecast period of 2019-2025.

Market Insight

The growing use of technologically advanced devices in the medical and healthcare field has also led to a new hostile environment for such devices, which presents a serious threat to the security of these devices. The medical devices are now prone to the cyber-attacks and theft of patient’s personal data which are critical for the privacy of the patients. Several governments have stepped in and implemented strict guidelines with the help of organizations including the FDA and NIST. Today, many medical device end-points are internet connected. These end-points are more likely to be hacked. The end-point security has become more important in order to protect the data and the system from unauthorized access.

Factors including growing incidences of cyber-attacks and security breaches on medical devices and the rise in the penetration of interconnected medical devices are the key drivers for the global medical device security market. Moreover, the increase in the geriatric population and rise in the prevalence of chronic diseases globally have increased the demand for sophisticated medical devices, which contributes to the growth of the medical device security market. Furthermore, stringent government regulations and the need for compliance are propelling the growth of the market. However, the low healthcare budget and lack of security infrastructure are some of the factors that are hampering the growth of the global medical device security market. Though, the technological advancements including the development of cloud-based security solutions and the sensor-based medical devices are anticipated to increase the demand for medical device security in the future.

By geography, the global medical device security market is divided into four regions including North America, Europe, Asia-Pacific inclusive of Australia and the Rest of the World. North America is leading among the other regions in the global medical device security market, attributing to the largest share in the market. The large share of the North America market is due to the rise in the number of cyber-attacks on medical devices, an increase in awareness among healthcare professionals about cybersecurity and a rise in government initiatives for improving cybersecurity. While the Asia-Pacific medical device security market has registered the fastest growth rate. The high growth rate of the market attributes to the growing demand for connected medical devices, improving healthcare infrastructure and raising awareness regarding medical device security and security of patient health information (PHI) due to the increasing instances of cyber-attacks.

Segment Covered

The report on global medical device security market covers segments such as component, device type, and end-user. On the basis of component, the sub-markets include solutions, and services. On the basis of device type, the sub-markets include hospital medical devices, embedded medical devices, and wearable medical devices. On the basis of end-user, the sub-markets include hospitals & clinics, medical device manufacturers, and other end-users.

Companies Profiled:

The report provides profiles of the companies in the market such as Cisco Systems, Inc., GE Healthcare, Symantec Corporation, International Business Machines (IBM) Corporation, CA Technologies, Inc., Koninklijke Philips N.V., Check Point Software Technologies Ltd., McAfee, LLC, Palo Alto Networks, Inc., Sophos Group plc, and Zscaler, Inc.

Report Highlights: