New York, October 11, 2021 – Reports and Data has published its latest report titled “Medical Device Security Market, By Security Type (Network Security, Endpoint Security, Cloud Security, Application Security, Others), By Medical Device Type (Hospital Medical Devices, Wearable And External Medical Devices, Internally Embedded Medical Devices), By Component (Solutions, Services), By End-use (Medical Device Manufacturers, Healthcare Providers, Healthcare Payers), And Region – Global Forecast To 2028”
Substantial growth of the healthcare industry and increasing cases of cyber-attacks and data theft are among the key factors driving market revenue growth
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According to Reports and Data, the global medical device security market size was USD 5.10 billion in 2020 and is expected to reach USD 9.78 billion in 2028 and register a revenue CAGR of 8.5% during the forecast period, 2021-2028.
Drivers, Restraints, and Opportunities:
Revenue growth of the global medical device security market is majorly driven by factors such as rapid expansion of the pharmaceutical industry, integration of evolving digital technologies, increased digitization of medical devices, and increasing cases of cyberattacks and data breach in the healthcare sector. Growing demand for medical device security solutions and services among healthcare and pharmaceutical companies, surging need for advanced treatment and 24×7 monitoring of patients, emergence of state-of-the-art medical device cybersecurity tools and solutions to prevent unauthorized access to medical data and records, and rising focus of healthcare providers on improving and enhancing patient care and monitoring are other major factors boosting revenue growth of the market. Growing use of mobile and web healthcare apps and software for Remote Patient Monitoring (RPM) and personalized access to patient-generated health data is another key factor creating opportunities for the global medical device security market growth.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
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Wearable and External Medical Devices Segment to Account for Fastest Revenue CAGR:
Based on medical device type, the wearable and external medical devices segment is projected to reach the largest revenue share in the global medical device security market over the forecast period. Increasing demand for wearable medical devices, growing trend of home healthcare, introduction of advanced home healthcare solutions, and rising trend of telemedicine and remote patient monitoring during the COVID-19 pandemic are major factors contributing to growth of this segment.
Endpoint Security Segment Dominated Other Security Type Segments in 2020:
Based on security type, the endpoint security segment was the most dominant in terms of revenue share contribution in the global medical device security market in 2020 due to many favorable factors. Increasing adoption of connected medical devices in the healthcare sector, introduction of new security systems for protection against emerging threats such as Trojans, zero-day malware, and APT, rising trend of BYOD (bring-your-own-device), social media, and advanced cloud-synchronized healthcare tools are among the major drivers for the endpoint security segment growth.
North America Accounted for a Significantly Large Revenue Share in 2020:
Among regional markets, North America was the most dominant regional market with the largest revenue share contribution in 2020. Rapid digitization in the healthcare industry, increasing initiatives by regulatory agencies including the US FDA to raise awareness of healthcare cyberattacks and increase security of medical devices, technological advancements in medical devices, and development of cutting-edge medical device cybersecurity solutions and services are key drivers for the North America medical device security market revenue growth. The regional market growth is further fueled by the presence of state-of-the-art healthcare infrastructure and leading industry players in the region, including GE Healthcare, Cisco Systems, and Palo Alto Networks.
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Major Companies in the Market Include:
- Cisco Systems
- Koninklijke Philips N.V.
- GE Healthcare
- CA Technologies
- DXC Technology
- Check Point Software Technologies
- Palo Alto Networks
For the purpose of this report, Reports and Data has segmented the global medical device security market based on security type, medical device type, component, end-use, and region:
Security Type Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Network Security
- Endpoint Security
- Cloud Security
- Application Security
Medical Device Type Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Hospital Medical Devices
- Wearable and External Medical Devices
- Internally Embedded Medical Devices
Component Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Risk & Compliance Management
- Identity & Access Management (IAM)
- Encryption solutions
- Antivirus/Antimalware solutions
- Professional services
- Training & Education Services
- Support & Maintenance
- Design & Integration
End-use Outlook (Revenue, USD Billion; Volume, 2018-2028)
- Medical Device Manufacturers
- Healthcare Providers
- Healthcare Payers
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Regional Outlook (Revenue, USD Billion; Volume, 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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