Medical Device Security Market is expected to grow USD 17.0 billion at CAGR of 13.0% From 2020-2027
The medical device security market size is expected to reach USD 17 billion by 2027 at 13% CAGR during the forecast period 2020 to 2027. The advancements in the healthcare industry have aided in introducing medical facility management systems (MFMS). In addition, these devices are vulnerable to manipulation and represent a danger to the confidentiality of important medical data and the confidentiality of patients.
Furthermore, the increasing number of cyber-attacks has increased the level of worry about safety in recent years, which is a good thing. Over the next few years, it is anticipated that this trend will increase the availability of medical device security products. According to forecasts, progress in cloud-based technologies is expected to accelerate market expansion by driving the widespread use of intelligence agencies throughout the healthcare industry. Moreover, the need for telemedicine is likely to increase in the next years, which would be expected to propel the market on its upward path up to a certain point. One important factor driving the medical device security market growth is the rapidly growing elderly population. However, the limited healthcare security expenditures continue to be a hindrance to the expansion of the sector.
This report contains all the information on the global market analysis and its strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other essential factors. And a detailed analysis of the market forecast for 2027 is also included in the report.
Covid 19 Analysis OF Medical Device Security Market
The medical device security market outlook is predicted to increase significantly as a result of the introduction of COVID-19. Medical device security expenditure is predicted to rise due to the pandemic's increased demand for connected devices in different healthcare organisations, which has led to a surge in spending on the sector.
In addition, the COVID-19 outbreak has wrought significant alterations in people's everyday routines, as well as their places of employment and surroundings. Pre-COVID-19 forecasts for 2027 were much lower than current projections. This market is predicted to develop considerably at a higher CAGR over the next few years due to the increasing population of clients worldwide and the increased need for connected devices in healthcare organisations. For these reasons, company messaging has emerged as an attractive medium for communicating with customers.
Medical Device Security Market Dynamic
In addition to an expansion in desire for connected medical devices within the medical industry, as well as a surge in hacking attacks on telemedicine, the following are the important drivers driving the development of the worldwide medical device security industry trends: Additionally, the increase in the use of Internet of Things (IoT) oriented medical devices in the medical industry has a beneficial influence on the market's development.
The increasing use of cloud-based medical device security worldwide is likely to provide lucrative chances for industry growth during the projection period.
Nevertheless, a lack of knowledge of medical surveillance equipment in developing nations and a lack of funding for healthcare security is projected to impede the market's expansion.
Nevertheless, over the forecast period, low absorption of technically sophisticated medical equipment, a lack of awareness about the accessibility of sophisticated medical data security solutions, and a shortage of health spending are expected to act as restraints on the global medical device security growth industry.
Cumulative Growth Analysis
Connected devices are being used by healthcare organisations throughout the globe for various reasons, including monitoring patient health, tracking patients, staff, and things, and constantly storing information for the enterprise. The medical device security market is growing due to the use of medical device security solutions by healthcare companies, which have access to critical information. Improved connectivity in hospitals for better patient care, reducing administrative mistakes and decreasing total hospital costs contributes to the market's rapid expansion.
According to the American Medical Association, remote monitoring and management by clinicians increased significantly between 2016 and 2019. In the AMA's evaluation of doctors' motivations and demands for the use of electronic clinical tools, satellite tracking came in second only to TVs in increasing widespread adoption from 14 per cent to 28 per cent.
Value Chain Analysis
According to the reports, The Global Medical Device Security Market has been categorised based on the component, kind, and end-user that the device is intended for. The market has been split into two categories: solutions and services. Solutions are comprised of software and hardware components. The market has been classified into many types, including network security, endpoint security, application security, cloud security, and others, depending on the kind. The medical device security market has been classified into three groups based on their users: healthcare providers, wearable medical devices makers, and healthcare players.
The market is segmented on the component, kind, end-user, and regions. The global Medical Device Security Market value is expected to witness decent growth during the forecast period.
The Application is segmented into network security, endpoint security, application security, cloud security, etc.
The market is segmented into healthcare providers, medical device makers, and healthcare players.
According to the reports, Medical device security market is dominated by four major areas: Europe, the Americas, Asia Pacific, and the Middle East and Africa. These are the 4 regions that comprise up the international medical device security sector. With many players offering stringent security solutions to the healthcare sector, the increasing use of IoT devices, and the additional danger of cyber-attacks in this area, it is no surprise that North and South America account for the largest share of medical device security revenue share.
The increased prevalence of cybercrime, the enhanced use of sophisticated connected medical devices, and the enhanced research & design spendings for incorporating extremely effective security mechanisms in the healthcare sector in this region are all contributing to the region's significant expansion in the overall medical device security industry. The European area is forecast to experience significant expansion in the global medical device security market.
This is primarily attributable to the rising use of connected medical devices that function with the help of online Things in health coverage and the increasing fear about data protection in emerging economies in this country's healthcare sector. The Asia Pacific region is anticipated to grow at the highest rate in the global market, owing to the growing use of connected medical devices that function with the help of the internet of Things in healthcare, and the growing concern about data security in emerging economies in this region's healthcare industry. The Middle East and Africa region are developing at a modest rate in the worldwide medical device security market share due to the limited adoption of contemporary technology in the medical sector in the country's underdeveloped regions.
With so many players, it's hard to keep up with the pace of change in the medical device security sector. The flexibility of software and IT businesses to join the market freely contributes significantly to the industry's dynamic character. To increase their market share, these companies are developing new products and collaborating with other companies to build strategic alliances.
Major Key Players
The following report comprises of –
Medical Device Security Market Segmental Analysis
Medical Device Security Market, by Region
|Market Size||2027: USD 17.0 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Type, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Cisco Systems (US), IBM (US), GE Healthcare (US), Symantec (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).|
|Key Market Opportunities||Increasing adoption of cybersecurity solutions|
|Key Market Drivers||
The valuation of the Medical Device Security Market is estimated to witness a growth of USD 17.0 Billion over the review period
Global medical device security market is set to expand at a CAGR of 13.0% during the forecast period 2020 to 2027.
The major players profiled by MRFR that are operating in the global medical device security market are Cisco Systems (the U.S.), IBM (the U.S.), GE Healthcare (the U.S.), Symantec (the U.S.), CA Technologies (the U.S.), Philips (Netherlands), DXC Technology (the U.S.), CloudPassage (the U.S.), FireEye (the U.S.), Check Point Software Technologies (Israel), Sophos (the U.K.), Imperva (the U.S.), Fortinet (the U.S.), Palo Alto Networks (the U.S.), and ClearDATA (the U.S.).
The Europe region is projecting noteworthy growth in the global medical device security market owing to the increased incidences of cybercrime, rise in utilization of advanced connected medical devices and increased research and development expenditure for introducing highly effective security solutions in the healthcare sector in this region.
Rapid adoption of connected medical devices in the healthcare sector of developed and developing regions has increased the concerns regarding theft of personal medical data. Rise in incidences of cybercrime and misuse of personal data is inducing high demand for advanced medical device security modules, leading to the significant expansion of the global medical device security market.