Increasing number of healthcare cyber-attacks and threats, rise in healthcare R&D, expanding pharmaceutical industries, increasing healthcare manufacturers, and emphasis on health care digitalization are major factors expected to drive the market growth
The Global Medical Device Security Market size is expected to reach USD 9.78 billion by 2028 registering a CAGR of 8.5% over the forecast period according to the latest report by Reports and Data. Major factors driving market revenue growth are rising number of healthcare cyber-attacks and expanding pharmaceutical industries. Increasing healthcare devices manufacturers coupled with growing digitalization will also drive market growth.
Medical devices that are linked to the internet provide healthcare facilities with multiple ways to better track and manage patients. They do, however, provide opportunities for cyberattacks aimed at stealing highly personal information or disrupting treatment efforts. The technologies and practises that prevent attackers from gaining unauthorised access or control over medical devices and the data they produce are referred to as medical device cybersecurity.
Medical devices are increasingly being connected to healthcare networks and other medical devices in order to have capabilities that increase the efficiency of health care providers to manage patients. Regulatory bodies that authorise the sale of such devices may refuse to approve them for use by general public if these same features increase the risk of potential cybersecurity threats. Medical devices are vulnerable to security breaches, which could jeopardise the device's safety and efficacy. Medical device manufacturers must be careful in recognising threats and hazards associated with their devices including cybersecurity dangers according to the US Food and Drug Administration. This has enhanced growth of the medical device protection market significantly.
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Key players operating in the market are Cisco Systems, IBM, GE Healthcare, Symantec, CA Technologies, Philips, DXC Technology, CloudPassage, FireEye, Check Point Software Technologies, Sophos, Imperva, Fortinet, Palo Alto Networks, ClearDATA, Zscaler.
Some Key Highlights in the Report:
- The endpoint security segment accounted for largest revenue share in the global market in 2020 due to growing adoption of smart medical devices.
- The wearable and external medical devices segment is expected to register a robust CAGR during the forecast period.
- The service segment is expected to register largest revenue share in the global market. Rising demand for continuous consultation has raised demand for maintenance services to protect medical devices from growing number of cyberattacks.
- The healthcare providers segment accounted for largest revenue share among end user outlook in the global market in 2020 due to increasing Remote Patient Monitoring (RPM) services.
- North America region is expected to account for largest revenue share over the forecast period due to rapid technological development in medical devices and increasing need for securing the same from cyber threats.
- Revenue from the Asia Pacific medical device security market is expected to grow at a significant rate due to increasing government initiatives and growing investments for digitalization in health care industry.
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the global medical device security market on the basis of type, device, component, end user and region:
Type Outlook (Revenue, USD Million; 2018 – 2028)
- Network Security
- Endpoint Security
- Cloud Security
- Application Security
- Others
Device Outlook (Revenue, USD Million; 2018 – 2028)
- Wearable and External Medical Devices
- Hospital Medical Devices
- Internally Embedded Medical Devices
Component Outlook (Revenue, USD Million; 2018 – 2028)
- Solution
- Risk & Compliance Management
- Identity & Access Management (IAM)
- Encryption
- Antivirus/Antimalware
- Other Solutions
- Services
- Training & Education Services
- Consulting
- Professional services
- Support & Maintenance
- Design & Integration
- Other Services
End User Outlook (Revenue, USD Million; 2018 – 2028)
- Healthcare Providers
- Medical Device Manufacturers
- Healthcare Payers
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Regional Outlook (Revenue, USD Billion; 2018 – 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Finally, all aspects of the Medical Device Security market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.
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