Medical Device Security Market worth $6.59 Billion – Cisco Systems (US), Symantec (US) are Leading Key Players

PUNE, India, 2021-May-18 — /EPR Network/ — The 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”, is projected to reach USD 6.59 Billion, at a CAGR of 8.6%.

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

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The endpoint security segment is estimated to have the largest share of the market in 2018.

Based on type, 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.

Geographical View in-detailed:

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 cyber attacks on medical devices, growing adoption of connected medical devices, increasing awareness among healthcare professionals regarding cyber security, and government initiatives to implement security solutions are driving the market in the region.

Global Key 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).

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Cisco Systems is the leading player in the medical device security market, accounting for a share of 28.6% in 2017. Cisco provides its products and services in North America, Europe, APAC, MEA, and Latin America. The company mainly focuses on organic and inorganic growth strategies such as product launches and collaboration to sustain and enhance its presence in this market. For instance, in June 2017, the company launched Digital Network Architecture which was a major evolution network security. Also, in May 2017, Cisco and IBM collaborated to provide better protection to their customer against cybercrime as well as Cisco launched first fully-automated remote PHY solution, named Infinite Broadband Remote PHY solution (RPHY) for cable access networks.

Symantec is second leading player in the medical device security market, commanding a share of 12.1% in 2017. The company offers threat protection, information protection, cybersecurity, web security, storage, and system management products and solutions, globally. Additionally, the company offers professional and managed services, where professional services include cybersecurity services, education services, and consulting services. The company also offers premium technical support to customers. The company has product offerings for Endpoint and Hybrid Cloud Security, Information Protection, Web and Cloud Security, Messaging Security, and Website Security. The company pursues organic as well as inorganic growth strategies.