The Medical Device Security Market is expected to grow to more than USD 500 Mn up from USD 335.5 Mn. Over the years, a vast range of medical devices has surfaced to exhibit a compound annual growth rate (CAGR) of 8.8% during the projected years (2018-2023).
At the same time, these medical devices have continued to improve with the help of other technologies such as IoT, bigdata, sensor, AI, etc. It is projected that demand for medical device security solutions will rise further in the forthcoming owing to rapid IoT integration. However, all technologies have their pros and cons. There are substantial advantages for modern medical devices that are transforming healthcare. Digitization of healthcare has enabled interconnectivity of medical devices which on the flipside has made them susceptible to cyber malignancy (hacking, data-theft, privacy breach and patient data-theft). Growing concern over cyber-attacks is prompting healthcare providers to invest in security solutions.
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The growing network of connected medical devices is opening application opportunities. Developers are actively focusing of product innovation and creation of security solutions that future-ready.
Some of the to-notch companies operating in the global medical device security market include –
CA Technologies (the U.S.)
Cisco Systems (the U.S.)
Fortinet (the U.S.)
DXC Technology (the U.S.)
ClearDATA (the U.S.)
Palo Alto Networks (the U.S.)
FireEye (the U.S.)
IBM (the U.S.)
GE Healthcare (the U.S.)
Check Point Software Technologies (Israel)
Symantec (the U.S.)
CloudPassage (the U.S.)
Imperva (the U.S.)
Sophos (the U.K.)
MRFR’s report includes a detailed segmental analysis of the market based on type, component, end-user and region.
On the basis of type, the market has been segmented into network security, application security, cloud security, endpoint security and others. Of these, the endpoint security segment accounts for the lion’s share of the market in terms of revenue.
On the basis of component, the market has been segmented into services and solutions. The services segment covers professional services and manages security services. Under professional services, consultancy, training & education, support & maintenance, and design & integration services are also covered. The solution segment covers risk & compliance management, intrusion detection system/ intrusion prevention systems, distributed denial of service solutions, disaster recovery solutions, antivirus/ antimalware solutions, encryption solutions, identity & access management solutions, data loss prevention solutions among others. In terms of value, the solution segment currently accounts for the larger market share.
On the basis of end-user, the market has been segmented into healthcare players, healthcare providers and medical device manufacturers. The healthcare providers segmented hold the pole position in term of value. The segment is expected retain its spot over 2023.
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On the basis of region, the market has been segmented into Americas, the Middle East and Africa (MEA), Europe and Asia Pacific (APAC). Americas currently account for the largest market share in terms of revenue. This primarily owing the presence of several market participant in the region. In addition, rapid adoption of advanced healthcare technologies in countries such as the U.S., Mexico and Canada is view to favour the market in Americas. Market is also being driven by factor such as rising incidence of data-theft and implementation IoT in healthcare.
After Americas, Europe represent the brightest market for medical device security. The EU continues to make efforts towards tackling cybercrime is sectors such as healthcare, automotive, retail among other. In Europe, integration of advanced technologies in healthcare is necessitating the deployment on robust security solutions. At the same time, the medical device security market is also benefiting from the strong R&D efforts to make healthcare services more effective.
Growth in of the market in APAC is projected to be relatively faster as compared to in other regions during the forecast period. Local policymakers are making to upgrade the healthcare are match international standard.
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