SAN FRANCISCO, U.S., Feb. 22, 2023 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Medical Device Security Market Size, Share, Growth Analysis Report By Security Types (Endpoint Security, Application Security, Network Security, Cloud Security, Others), By Device Types (Wearable and External Medical Devices, Hospital Medical Devices, Internally Embedded Medical Devices), By End Users (Healthcare Providers, Medical Device Manufacturers, Healthcare Payers), and By Region- Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Medical Device Security Market size & share was valued at approximately USD 725.10 million in 2021. The market is expected to grow above a CAGR of 12.80% and is anticipated to reach over USD 1493.66 million by 2028.”
Medical Device Security Market Overview:
Medical device security refers to the methods and strategies that can be applied to prevent attacks on medical devices. Attacks could lead to the unauthorized use of medical equipment and the disclosure of private information generated by it. The market expansion is being driven by the rising demand for linked medical devices in the healthcare industry.
In addition, healthcare, healthcare organizations are using medical device security solutions to reduce the risk of cyberattacks and enhance the security of medical devices, fueling market expansion.
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Key Insights from Primary Research
- As per the analysis, the Medical Device Security market is likely to grow above a CAGR of around 12.80% between 2022 and 2028.
- The Medical Device Security market size was worth around US$ 725.10 million in 2021 and is estimated to hit approximately US$ 1493.66 million by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- A rise in the incidence of chronic diseases is driving growth in the market for medical device security.
- The segments for wearable and exterior medical devices are anticipated to grow at the fastest rate during the anticipated time frame.
- Based on security, the endpoint security category, which is predicted to have the largest market share, will rule the industry.
- On the basis of region, the Asia-Pacific region is anticipated to lead the global market for medical device security.
Competitive Players
Some of the main players in the global Medical Device Security market include;
- General Electric
- Koninklijke Philips N.V.
- CISCO SYSTEMS
- Sophos Ltd.
- IBM
- DXC Technology Company
- FireEye Inc
- Check Point Software Technologies Ltd
- Palo Alto Networks
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Market Dynamics: Growth Drivers
Rising demand for linked medical devices in the healthcare industry and increased cyberattacks on connected medical devices are the main reasons fueling the expansion of the global medical device security market trends.
Additionally, the market is expected to develop due to the rapid use of IoT-based medical devices in the healthcare industry. But it's anticipated that a lack of awareness of medical security devices among emerging nations and constrained healthcare security resources would restrain market expansion. On the other hand, the rise in cloud-based medical device security adoption is anticipated to provide lucrative prospects for the growth of the global market throughout the forecast period.
The adoption of cloud-based medical device security is expanding globally, another market development factor. Hospital technology experts reported ‘serious security events’ at a rate of 82% in 2018, with the average data breach costing $3.86 million. In order to strengthen data security, the healthcare sector uses cloud computing services to store electronic records, patient data, and other hospital data in a private cloud. However, the lack of infrastructure and strict government regulations faced by emerging nations could impede the expansion of the sector.
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Medical Device Security Market: Segmentation Analysis
The global medical device security market is segmented based on component, security type, device type, end user, and region. The market is broadly segmented into solutions and services based on components. In addition, security is divided into endpoint security, network security, application security, cloud security, and other categories based on the type of security. Based on device type, it is categorized into hospital medical devices, internally embedded medical devices, external medical devices & consumer wearables. Finally, end users classify it into healthcare institutions, medical device manufacturers, and healthcare payers.
The medical device security market in North America is being driven by many factors, including an increase in the number of cyberattacks on medical devices, a rise in the adoption of connected medical devices, and an increase in healthcare professionals' awareness of cybersecurity and government initiatives to implement security solutions.
Regional Dominance:
Asia Pacific region is forecasting significant expansion at the fastest growth rate in the global medical device security market due to the rise in the use of connected medical devices that function with the aid of healthcare IoT and the rising concern regarding data security in the healthcare sector of developing economies in this region.
On the other hand, due to the limited adoption of cutting-edge technology in this region's underdeveloped healthcare sector, the Middle East and Africa region is growing at a moderate rate in the worldwide medical device security market.
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Recent Industry Developments:
- To help health systems protect against risk, GE Healthcare launched Skeye, a new medical device cybersecurity offering, in February 2020.
- Philips introduced Integrated Cybersecurity Services to Protect Connected Medical Devices in November 2020.
- In order to provide vendor-neutral solutions for safeguarding connected medical systems and devices, Philips partnered with CyberMDX, a pioneer in linked medical device security, in October 2020.
- Intent-Based Networking from Cisco® will be used to lay the foundation for the hospital's digital operations, according to a January 2018 announcement from Cisco. Felix Platter Hospital is located in Basel, Switzerland.
Key questions answered in this report:
- What is the market size and growth rate forecast for Medical Device Security industry?
- What are the main driving factors propelling the Medical Device Security Market forward?
- What are the leading companies in the Medical Device Security Industry?
- What segments does the Medical Device Security Market cover?
- How can I receive a free copy of the Medical Device Security Market sample report and company profiles?
Report Scope:
| Report Attribute | Details |
| Market Size in (2021) | USD 725.10 Million |
| Projected Market Size in (2028) | USD 1493.66 Million |
| CAGR Growth Rate | 12.80% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022 – 2028 |
| Key Market Players | General Electric, Koninklijke Philips N.V., CISCO SYSTEMS, Sophos Ltd., IBM, DXC Technology Company, FireEye, Inc, Check Point Software Technologies Ltd, Palo Alto Networks, Fidelis Cybersecurity, Inc, among others. |
| Key Segment | By Types, Device Types, End Users, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
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The global medical device security market is segmented as follows:
By Types
- Endpoint Security
- Application Security
- Network Security
- Cloud Security
- Others
By Device Types
- Wearable and External Medical Devices
- Hospital Medical Devices
- Internally Embedded Medical Devices
By End Users
- Healthcare Providers
- Medical Device Manufacturers
- Healthcare Payers
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Types, Device Types, End Users, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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