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2021

Medical Device Security Market

Medical Device Security Market Size, Share, Competitive Landscape and Trend Analysis Report by Component, Deployment Model, Type, Device Type and End User : Global Opportunity Analysis and Industry Forecast, 2020-2027

IC : Information, Infrastructure & Network Security

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Author's: Pramod Borasi| Shadaab Khan | Onkar Sumant
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The global medical device security market size was valued at $6.23 billion in 2019, and is projected to reach $17.49 billion by 2027, growing at a CAGR of 13.8% from 2020 to 2027. 

Medical devices used in healthcare industries are increasingly connected to hospital network, internet, and other devices to provide features that increase the ability of healthcare organization to treat patients. This same features also increase the risk of various unauthorized access and cyber-attacks to critical data of the hospitals. Thus, to reduce the risk of cyber-attacks and to enhance the security of medical devices, healthcare organizations are using medical device security system that drives the growth of the market. 

Medical-Device-Security-Market

The key factors that drive the growth of the global medical device security market trends include rise in demand for connected medical devices in the healthcare sector and increase in cyberattacks on connected medical devices. In addition, surge in adoption of IoT based medical devices in the healthcare sector positively impacts the growth of the market. However, lack of awareness regarding the medical security devices among the emerging countries and limited healthcare security budgets is expected to hamper the market growth. On the contrary, rise in adoption of cloud-based medical device security across the globe is expected to offer remunerative opportunities for the expansion of the global market during the forecast period. 

The endpoint security segment is expected to garner a significant share during the forecast period, owing to increase in need to provide high security to growing number of connected medical devices across the globe. However, the application security segment is expected to grow at the highest rate during the forecast period, owing to rise in demand for application security solution among the developing nations of Asia-Pacific.

Medical Device Security Market
By Component
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Solution is projected as one of the most lucrative segments.

Region wise, the medical device security market was dominated by North America in 2019, and is expected to retain its position during the forecast period. This is attributed to growing adoption of cloud-based technology across the region and rise in data breaches across various healthcare organization. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to rise in adoption of connected medical devices in hospitals and growing awareness about medical device security solution in developing nations of Asia-Pacific.

The report focuses on the growth prospects, restraints, and trends of the global medical device security market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the global medical device security market.

Medical Device Security Market
By Deployment Model
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On-Premise is projected as one of the most lucrative segments.

Segment review

The global medical device security market is segmented on the basis of component, deployment model, security type, device type, end user, and region. In terms of component, the market is fragmented into solution and services. On the basis of deployment model, the market is bifurcated into on-premise and cloud. Depending on security type, it is classified into endpoint security, network security, application security, cloud security and other. On the basis of device type, it is categorized into stationery medical devices, internally embedded medical devices and external medical devices & consumer wearable. According to end user, it is classified into healthcare institutions, medical device manufacturers, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players operating in the global medical device security market industry include Cisco Systems, Inc., CA Technologies, Check Point Software Technologies, DXC Technology, Fortinet Inc., IBM Corporation, McAfee, LLC, Palo Alto Networks, Sophos Ltd, and Symantec Corporation. These players have adopted various strategies to increase their market penetration and strengthen their foothold in the medical security device security market industry. 

Medical Device Security Market
By Security Type
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End Point Security is projected as one of the most lucrative segments.

COVID-19 impact analysis

The emergence of COVID-19 is expected to have a considerable impact on the growth of the medical device security market. The spending on the medical device security industry is expected to increase as compared to the spending planned before this pandemic, owing to increase in need for connected devices among various healthcare organization to fight against the pandemic situation. Furthermore, COVID-19 pandemic has brought radical changes to daily lives of people, work, and the surrounding environment. The current estimation of 2027 is projected to be significantly higher than pre-COVID-19 estimates. The medical device security market growth is expected to increase by the end of 2020; however, it is expected to grow significantly at a higher CAGR in the coming years, owing growing patients across the globe and rising need of connected devices in healthcare organization. These factors have become the key components in the emergence of business messaging as the ideal channel to communicate with consumers. 

Medical Device Security Market
By Device Type
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Stationary Medical Devices is projected as one of the most lucrative segments.

Top impacting factors

Rise in demand for connected medical device in the healthcare sector

Healthcare organization across the globe are using connected devices, owing to its various benefits which include monitoring of patient’s health, tracking of patients, staff and objects and for automatically collecting and storing data of the organization. In addition, various connected devices involve critical information of the organizations which need enhanced security; thus, healthcare organization are adopting medical device security solution, which drives the growth of the market. Furthermore, growing adoption of connected devices in various hospitals for enhancing patients care, decreasing errors in operations, and reducing the overall expenses of the hospitals also drives the growth of the market. In addition, many developing nations across the globe have limited access to healthcare facilities. The patients in these locations need to travel a significant distance for routine checkups or disease diagnosis at a healthcare facility. Thus, growing adoption of Telemedicine or connected medical devices in such countries will enable patients to communicate to healthcare facilities through their home which is positively impacting the growth of the market.

Medical Device Security Market
By End User
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Healthcare Institutions is projected as one of the most lucrative segments.

Rise in adoption of cloud-based medical device security across the globe

The healthcare sector across the globe is using cloud computing services to store electronic records, patient data, and other data of the hospitals on private cloud. In addition, cloud computing helps the healthcare sector to increase or decrease their data storage capacity, owing to which many healthcare service providers are shifting from traditional storage system to cloud based system. Thus, to provide enhance security features to the storage system and to ensure a safe and secure transmission system to cloud storage, various healthcare service providers are adopting cloud-based medical devices storage system, which is expected to fuel the growth of the market. Furthermore, the adoption of medical device security systems among healthcare organizations helps hospitals to securely exchange data among all the relevant healthcare stakeholders like doctors, nurses, and care-givers that, too, in real-time. In addition, large healthcare organizations deal with thousands of connected devices, which are more prone to cyber-attacks and data threat issues, providing lucrative opportunity for the market. 

Medical Device Security Market
By Region
2027
North America 
Europe
Asia-Pacific
LAMEA

Asia-Pacific would exhibit the highest CAGR of 16.0% during 2020-2027.B63

Key Benefits For Stakeholders     

  • The study provides an in-depth analysis of global medical device security market forecast along with the current trends and future estimations to elucidate the imminent investment pockets.
  • Information about key drivers, restraints, and opportunities and their impact analysis on global medical device security market share is provided in the report.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
  • The quantitative analysis of the market from 2020 to 2027 is provided to determine the market potential.

Medical Device Security Market Report Highlights

Aspects Details
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By Component
  • Solution
    • Identity & Access Management Solutions
    • Antivirus/Antimalware Solutions
    • Encryption Solutions
    • Data Loss Prevention Solutions
    • Risk & Compliance Management
    • Intrusion Detection Systems/Intrusion Prevention Systems
    • Disaster Recovery Solutions
    • Distributed Denial of Service Solutions
    • Others
  • Services
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By Deployment Mode
  • On-Premise
  • Cloud-based
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By Security Type
  • Endpoint Security
  • Network Security
  • Application Security
  • Cloud Security
  • Others
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By Devices Type
  • Stationery Medical Devices
  • Internally Embedded Medical Devices
  • External Medical Devices & Consumer Wearable
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By End User
  • Healthcare Institutions
  • Medical Device Manufacturers
  • Others
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By Region
  • North America  (U.S., Canada)
  • Europe  (UK, Germany, France, Italy, Spain, Russia, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, Australia, South Korea, Singapore, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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Key Market Players

DXC Technology Company, GENERAL ELECTRIC COMPANY, CLOUDPASSAGE, SOPHOS LTD., Cisco Systems, Inc., INTERNATIONAL BUSINESS MACHINES CORPORATION, MCAFEE, LLC, Check Point Software Technologies Ltd., PALO ALTO NETWORKS, CLEARDATA

Analyst Review

The adoption of medical device security has increased over time due to the booming healthcare industry and evolving supportive government regulations towards healthcare industry across the globe. In addition, the ability of software to increase the security and reduce compliance issues for the connected devices used in the healthcare organization positively impacts the growth of the market. The market is expected to witness significant growth in the future due to increase in use of cloud-based connected devices in healthcare organization and rise in adoption of data-oriented business models among healthcare organizations. Moreover, the ability of software to protect the confidentiality of digital data stored and transmitted over the internet increases its popularity among end users. Furthermore, technological advancements and increase in awareness among consumers of developing nations are expected to lead to a rapid growth of the market during the forecast period.

The key providers of medical device security such as Cisco Systems, Inc., CA Technologies, Fortinet Inc., IBM Corporation, McAfee, LLC, and Symantec Corporation. account for a significant share in the market. According to industry experts, although the medical device security is not a new technology, it is still expected to witness increased adoption in the upcoming years, owing to rise in usage of medical device security by various industries and surge in need to streamline business by the policy management vendors. In addition, small business users are the major users of medical device security. Therefore, increase in number of small businesses in developing nations, such as China, India, Indonesia, and Thailand, is expected to provide lucrative opportunity for the market growth. North America is expected to dominate the market during the forecast period while emerging countries in Asia-Pacific and Latin America are projected to offer significant growth opportunities.

Author Name(s) : Pramod Borasi| Shadaab Khan | Onkar Sumant

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Medical Device Security Market

Global Opportunity Analysis and Industry Forecast, 2020-2027