Global Medical Device Security Market Share Is Likely to Grow at a CAGR Value of 12.80% by 2028

28-Jul-2022 | Facts and Factors

According to Facts and Factors, the global medical device security market size was worth USD 725.10 million in 2021 and is estimated to grow to USD 1493.66 million by 2028, with a compound annual growth rate (CAGR) of approximately 12.80% over the forecast period. The report analyzes the medical devices security market’s drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the medical device security market.

Global Medical Device Security Market Size

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Medical device security refers to the methods and strategies that can be applied to prevent attacks on medical devices. Attacks could lead to the unauthorized use of medical equipment and the disclosure of private information generated by it. The market expansion is being driven by the rising demand for linked medical devices in the healthcare industry. In addition, healthcare, healthcare organizations are using medical device security solutions to reduce the risk of cyberattacks and enhance the security of medical devices, fueling market expansion. Rising demand for linked medical devices in the healthcare industry and increased cyberattacks on connected medical devices are the main reasons fueling the expansion of the global medical device security market trends.

Browse the full “ Medical Device Security Market Size, Share, Growth Analysis Report By Security Types (Endpoint Security, Application Security, Network Security, Cloud Security, Others), By Device Types (Wearable and External Medical Devices, Hospital Medical Devices, Internally Embedded Medical Devices), By End Users (Healthcare Providers, Medical Device Manufacturers, Healthcare Payers), and By Region- Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/medical-device-security-market

Additionally, the market is expected to develop due to the rapid use of IoT-based medical devices in the healthcare industry. But it's anticipated that a lack of awareness of medical security devices among emerging nations and constrained healthcare security resources would restrain market expansion. On the other hand, the rise in cloud-based medical device security adoption is anticipated to provide lucrative prospects for the growth of the global market throughout the forecast period.

The adoption of cloud-based medical device security is expanding globally, another market development factor. Hospital technology experts reported ‘serious security events’ at a rate of 82% in 2018, with the average data breach costing $3.86 million. In order to strengthen data security, the healthcare sector uses cloud computing services to store electronic records, patient data, and other hospital data in a private cloud. However, the lack of infrastructure and strict government regulations faced by emerging nations could impede the expansion of the sector.

The global medical device security market is segmented based on component, security type, device type, end user, and region. The market is broadly segmented into solutions and services based on components. In addition, security is divided into endpoint security, network security, application security, cloud security, and other categories based on the type of security. Based on device type, it is categorized into hospital medical devices, internally embedded medical devices, external medical devices & consumer wearables. Finally, end users classify it into healthcare institutions, medical device manufacturers, and healthcare payers.

The medical device security market in North America is being driven by many factors, including an increase in the number of cyberattacks on medical devices, a rise in the adoption of connected medical devices, and an increase in healthcare professionals' awareness of cybersecurity and government initiatives to implement security solutions.

Asia Pacific region is forecasting significant expansion at the fastest growth rate in the global medical device security market due to the rise in the use of connected medical devices that function with the aid of healthcare IoT and the rising concern regarding data security in the healthcare sector of developing economies in this region. On the other hand, due to the limited adoption of cutting-edge technology in this region's underdeveloped healthcare sector, the Middle East and Africa region is growing at a moderate rate in the worldwide medical device security market.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 725.10 Million

Projected Market Size in 2028

USD 1493.66 Million

Growth Rate

CAGR 12.80%

Base Year

2021

Forecast Years

2022–2028

Key Market Players

General Electric, Koninklijke Philips N.V., CISCO SYSTEMS, Sophos Ltd., IBM, DXC Technology Company, FireEye, Inc, Check Point Software Technologies Ltd, Palo Alto Networks, Fidelis Cybersecurity, Inc and Others

Key Segment

By Types, By Device Types, By End User and By Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

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Key players functioning in the medical device security market include General Electric, Koninklijke Philips N.V., CISCO SYSTEMS, Sophos Ltd., IBM, DXC Technology Company, FireEye, Inc, Check Point Software Technologies Ltd, Palo Alto Networks, Fidelis Cybersecurity, Inc

Recent developments:

  • To help health systems protect against risk, GE Healthcare launched Skeye, a new medical device cybersecurity offering, in February 2020.
  • Philips introduced Integrated Cybersecurity Services to Protect Connected Medical Devices in November 2020.
  • In order to provide vendor-neutral solutions for safeguarding connected medical systems and devices, Philips partnered with CyberMDX, a pioneer in linked medical device security, in October 2020.
  • Intent-Based Networking from Cisco® will be used to lay the foundation for the hospital's digital operations, according to a January 2018 announcement from Cisco. Felix Platter Hospital is located in Basel, Switzerland.

The medical device security market is segmented as follows:

By Types

  • Endpoint Security
  • Application Security
  • Network Security
  • Cloud Security
  • Others

By Device Types

  • Wearable and External Medical Devices
  • Hospital Medical Devices
  • Internally Embedded Medical Devices

By End Users

  • Healthcare Providers
  • Medical Device Manufacturers
  • Healthcare Payers

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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