Medical Device Security Market Worth $6.59 Billion – Growing Demand for Connected Medical Devices

PUNE, India, 2021-Feb-23 — /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™.

Revenue Growth Opportunities: The Global Medical Device Security Market is projected to reach USD 6.59 Billion by 2023, at a CAGR of 8.6% during the forecast period.

Major Market Growth Drivers:

# 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
# Increasing Adoption of Byod and IoT

Growth Opportunities:

# Sensor-Based Wireless Mobile Medical Devices
# Rise in the Adoption of Advanced Cloud Security Solutions in Healthcare

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On the basis of component;

Broadly divided into solutions and services. The services segment is expected to dominate the medical device security market. 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. The encryption solutions segment is projected to grow at the highest rate during the forecast period, owing to factors such as growing demand for advanced encryption-based services which are integrated with other security solutions to deliver enhanced Data Protection at a lower cost and these solutions secure user data on-premise as well as in the cloud.

Based on device type,

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 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.

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Geographical Scenario:

Segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2018, North America is expected to dominate the medical device security 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.

Global Leaders:

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).