The Global Medical Device Security Market is estimated to reach USD 6.59 Billion by the end of 2023, growing at a CAGR of 8.6% during the forecast period, In 2018 North America is expected to dominate the market
Research Methodology: –
The study estimates the medical device security industrysize for 2018 and projects its demand until 2023. In the primary research process, various sources from both the demand side and supply side were interviewed to obtain qualitative and quantitative information for the report. Primary sources from the supply side include various industry CEOs, vice presidents, marketing directors, technology and innovation directors, and related key executives from the various players in the market. Primary sources from the demand side include hospitals and clinics, medical device manufacturers, and healthcare payers.
The research report broadly segments the medical device security market by component, type, device type, end-user, and region.
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Market Segmentation In Detailed:
Based on type, the market is broadly divided into application security, endpoint security, network security, cloud security, and other security types (email, web, and database security). The endpoint security segment is expected to dominate the market in 2018. The large share of this segment is attributed due to the increasing number of connected medical devices, networks are becoming more vulnerable to new and sophisticated threats such as zero-day malware, trojans, and APTs. Additionally, the trend of bringing your own device (BYOD), social media usage, and cloud synchronizing tools are also driving the demand for endpoint security.
Based on device type, the medical device security market is segmented into hospital medical devices, internally embedded medical devices, and wearable and external medical devices. The wearable and external medical devices segment is expected to register the highest CAGR during the forecast period. This growth is attributed to the demand for home healthcare owing to the high and rising prevalence of chronic diseases and the growing need to reduce healthcare costs. These factors are increasing the demand and uptake of wearable and external medical devices for remote patient monitoring.
What Drives the Market?
The growth of the global market for Medical Device Security is primarily influenced by the following factors:
· Increasing Instances of Healthcare Cyberattacks and Threats
· Growth in Geriatric Population and Subsequent Growth in Chronic Disease Management
· Government Regulations and Need for Compliance
· Growing Demand for Connected Medical Devices
· Increasing Adoption of Byod and IoT
Geographical growth scenario of Medical Device Security Market:
North America is expected to command the largest share of the market in 2018 primarily driven by increasing instances of cyberattacks on medical devices, growing adoption of connected medical devices, increasing awareness among healthcare professionals regarding cybersecurity, and government initiatives to implement security solutions are driving the medical device security market in the region.
Asia Pacific is expected to grow at the highest CAGR during the forecast period. The growth of this market is attributed to factors such as increasing adoption of connected medical devices, improving healthcare infrastructure, increasing awareness about security of patient health information (PHI), and growing awareness about medical device security solutions due to the increasing number of cyberattacks in the healthcare organizations.
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Leading market players and strategies adopted:
The prominent players in the global medical device security market include Cisco Systems (US), IBM Inc. (US), GE Healthcare (US), Symantec Inc.(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), and Zscaler (US).