Medical Device Security Market | Growing at a CAGR of 8.6% | Increasing Instances of Healthcare Cyberattacks and Threats

PUNE, India, 2020-Sep-07 — /EPR Network/ —

According to the new market research report “Medical Device Security Market by Solution (Encryption, Antivirus, Identity & Acess Management), Services (Professional, Managed), Type (Network Security, Endpoint Security), Device Type, End User (Healthcare Provider) – Global Forecast” published by MarketsandMarkets™.

The Global Medical Device Security Market is projected to reach USD 6.59 Billion, at a CAGR of 8.6% during the forecast period.

Major Market Growth Drivers:

• Increasing Instances of Healthcare Cyber attacks 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
• Increasing Adoption of Byod and IoT

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The endpoint security segment is estimated to have the largest share of the market.

Based on type, the medical device security market is broadly divided into application security, endpoint security, network security, cloud security, and other security types (email, web, and database security). The endpoint security segment is expected to dominate the market in 2018. The large share of this segment is attributed due to the 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 bring your own device (BYOD), social media usage, and cloud synchronizing tools are also driving the demand for endpoint security.

The wearable and external medical devices are expected to witness the highest growth during the forecast period.

Based on device type, the market is segmented into 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 owing 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.

The healthcare providers segment is estimated to have largest share of the market in 2018.

Based on end user, the medical device security market is segmented into healthcare providers, medical device manufacturers, and healthcare payers. The healthcare providers segment is expected to account for the largest share of the market in 2018. The large share of this segment is attributed to the high demand for connected networked medical devices among healthcare providers owing to the various benefits offered by these devices.

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Geographically, the medical device security market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2018, North America is expected to dominate the market followed by Europe. The market in North America is 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 market in the region.

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).