Medical Device Security Market – Anticipated To Witness High Growth In The Near Future

PUNE, India, 2020-Apr-17 — /EPR Network/ —

The Factors such as increasing instances of healthcare cyberattacks and threats, growth in geriatric population and subsequent growth in chronic disease management, government regulations and need for compliance, growing demand for connected medical devices, and increasing adoption of cybersecurity solutions are driving the growth of the market.

The Global Medical Device Security Market is projected to reach USD 6.59 Billion by 2023 from 4.36 Billion in 2018, at a CAGR of 8.6%.

Objectives of the study are:

• To define, describe, and forecast the global medical device security market by component (solution and services), type, device type, end user, and region
• To provide detailed information about factors affecting the growth of the market (drivers, restraints, opportunities, and challenges)
• To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
• To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players

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Market Segmentation in Detailed: 

On the basis of component, the market is broadly divided into solutions and services. The services segment is expected to dominate the market in 2018. The large share of this segment is primarily attributed to the the growing demand for continuous consultation, support & maintenance services to protect connected medical devices and healthacre IT infrastructure from the growing number of cyberattacks. The solutions segment is further categorized into identity & access management, antivirus/antimalware, compliance management, encryption, intrusion detection system/intrusion prevention system, data loss prevention, disaster recovery, distributed denial of service and other solutions.

On the basis of type, the endpoint security segment is expected to dominate the market in 2018. The large share of this segment is attributed to factors such as increasing number of connected medical devices, networks are becoming more vulnerable to new and sophisticated threats such as zero-day malware, trojans, and APTs. Additionally, the trend of BYOD, social media usage, and cloud-synchronizing tools are also driving the demand for endpoint security.

Based on device type, the market is segmented hospital medical devices, internally embedded medical devices, and wearable and external medical devices. The wearable and external medical devices segment is expected to register the highest CAGR during the forecast period. This growth is attributed to the demand for Home Healthcare vowing to the high and rising prevalence of chronic diseases and the growing need to reduce healthcare costs. These factors are increasing the demand and uptake of wearable and external medical devices for remote patient monitoring.

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North America is expected to command the largest share of the market in 2018 primarily driven by increasing instances of cyberattacks on medical devices, growing adoption of connected medical devices, increasing awareness among healthcare professionals regarding cybersecurity, and government initiatives to implement security solutions are driving the medical device security market in the region. Asia Pacific is expected to grow at the highest CAGR during the forecast period.

The prominent players in the global 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), and Zscaler (US)