According to the published report by Market Research Future (MRFR), the global medical device security market is anticipated to grow at a desirable rate of 8.8% over the review period between 2018 and 2023. The market valuation is slated to jump from USD 335.5 million in 2017 to 556.5 million by the end of 2023. In recent times, rising instances of cyber-attacks have intensified the need for a security system in the healthcare sector, thereby accelerating the demand for medical device security solutions. Advancements in cloud-based technology are expected to steer the growth of the market as well. The growing demand for connected medical devices is also expected to push the global medical device security market in a positive direction. The vast geriatric population is another important driver behind its market expansion. However, restriction with healthcare security budgets can cause a hindrance to the growth of the market in the forthcoming years.
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The global medical device security market segmentation is done on the basis of type, end-user, and component.
By component, the market divides into services and solutions. The solutions segment holds a majority of the market share percentage.
The solutions segment is narrowed down into antivirus/ antimalware solutions, risk & compliance management, identity & access management solutions, intrusion detection system/ intrusion prevention systems, encryption solutions, distributed denial of service solutions, data loss prevention solutions, disaster recovery solutions, and others.
The services segment is narrowed down into managed security services and professional services. Furthermore, the professional services segment breaks down into training & education, consulting services, design & integration, and support & maintenance.
By type, the market includes cloud security, network security, endpoint security, application security, and others. The endpoint security segment holds a majority of the market share in this segmentation category.
By end-user, the market includes medical device manufacturers, healthcare providers, and healthcare players. The healthcare providers segment dominates the global medical device security market.
The global medical device security market is geographically distributed into four major regions, namely Asia Pacific, Americas, Europe, and the Middle East and Africa.
The Americas hold the maximum share percentage in the global market landscape. This is due to the presence of various key players that are providing the healthcare sector with advanced security services, higher threat of cyber-attacks, and rapid implementation and adoption of Internet of Things (IoT) in this region.
Following the Americas, the European region holds the second largest market standing of medical device security. This is due to the rise in the utilization of advanced connected medical devices, growing occurrences of cybercrime, and continuous R&D expenditure done for the introduction of security solutions with high efficiency in the healthcare industry.
The Asia Pacific region is expected to garner the fastest growth in the global market. The rising usage of connected medical devices, operating with the help of IoT, and the rising concern associated with data security in the healthcare industry of developing nations are significantly contributing to the market’s positive growth trajectory.
Finally, the Middle East and African regions are expected to grow at a snail’s pace as compared to other regions in the global medical device security market due to the lack of penetration of advancing technologies in the healthcare sector of the underdeveloped regions in this area.
The medical device security market holds various key players under the umbrella, including IBM (the U.S.), CA Technologies (the U.S.), GE Healthcare (the U.S.), Cisco Systems (the U.S.), CloudPassage (the U.S.), Fortinet (the U.S.), Check Point Software Technologies (Israel), DXC Technology (the U.S.), Sophos (the U.K.), Philips (Netherlands), ClearDATA (the U.S.). Imperva (the U.S.), Palo Alto Networks (the U.S.), Symantec (the U.S.), FireEye (the U.S.), and others.
Feb 13th, 2019, a global leader in healthcare IoT research, Zingbox, was named in the Constellation ShortList™ for Medical Device Security in Quarter 1 of 2019.
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