Report Code: A10566
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.
During COVID-19 pandemic, there has been an increase in demand for External Medical Devices & Consumer Wearables segment. This is mainly attributed due to growing demand for wireless connectivity devices & external medical devices among the healthcare institutions and growing number of smartphone-based healthcare apps among the hospitals & general public.
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.
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.
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.
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.
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.
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.
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.
Key Benefits For Stakeholders
Medical Device Security Market Report Highlights
|By Component|| |
|By Deployment Mode|| |
|By Security Type|| |
|By Devices Type|| |
|By End User|| |
|By Region|| |
|Key Market Players||DXC Technology Company, SOPHOS LTD., INTERNATIONAL BUSINESS MACHINES CORPORATION, Cisco Systems, Inc., MCAFEE, LLC, GENERAL ELECTRIC COMPANY, CLOUDPASSAGE, CLEARDATA, PALO ALTO NETWORKS, Check Point Software Technologies Ltd.|
Loading Table Of Content...
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.
Start reading instantly.
This Report and over 71,213+ more Reports, Available with Avenue Library. T&C*.
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of the scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time for readers
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers