Medical Device Security Market Worth 6.59 Billion | Growing Demand for Connected Medical Devices & Increasing Adoption of IoT

PUNE, India, 2020-Jun-02 — /EPR Network/ —

[249 Pages Report] The Global Medical Device Security Market was valued at USD 4.04 Billion in 2017 and is projected to reach USD 6.59 Billion by 2023, at a CAGR of 8.6% during the forecast period.

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.

Research Methodology:

The study estimates the medical device security industry size for 2018 and projects its demand till 2023. In the primary research process, various sources from both demand side and supply side were interviewed to obtain qualitative and quantitative information for the report. Primary sources from the supply side include various industry CEOs, vice presidents, marketing directors, technology and innovation directors, and related key executives from the various players in the market. Primary sources from the demand side include hospitals and clinics, medical device manufacturers, and healthcare payers. For the market estimation process, both top-down and bottom-up approaches were used to estimate and validate the market size of the market. All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Browse 175 market data Tables and 48 Figures spread through 249 Pages and in-depth TOC – Request Research Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=70612561

Market Segmentation in Depth:

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.

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.

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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 Inc. (US), GE Healthcare (US), Symantec Inc.(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).