According to the new market research report “Medical Device Security Market by Solution (Encryption, Antivirus, Identity & Acess Management), Services (Professional, Managed), Type (Network Security, Endpoint Security), Device Type, End User (Healthcare Provider) – Global Forecast” published by MarketsandMarkets™.
The Global Medical Device Security Market is projected to reach USD 6.59 Billion, at a CAGR of 8.6% during the forecast period.
The Key Factors Who will Drives the Market Growth?
- Increasing Instances of Healthcare Cyber attacks 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
Market Growth Opportunities:
- Sensor-Based Wireless Mobile Medical Devices
- Rise in the Adoption of Advanced Cloud Security Solutions in Healthcare
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Medical Device Security Market Segmentation in Detailed:
Based on device type, 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.
Based on end user, segmented into healthcare providers, medical device manufacturers, and healthcare payers. The healthcare providers segment is expected to account for the largest share of the medical device security market in 2018. The large share of this segment is attributed to the high demand for connected networked medical devices among healthcare providers owing to the various benefits offered by these devices.
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Leading Key Players in the Worldwide Industry:
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).
Geographical Regions Mapped in Report:
Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2018, North America is expected to dominate the market followed by Europe. The market in North America is primarily driven by increasing instances of cyber-attacks on medical devices, growing adoption of connected medical devices, increasing awareness among healthcare professionals regarding cyber security, and government initiatives to implement security solutions are driving the medical device security market in the region.