Medical Device Security Market worth $6.59 Billion – Increasing Adoption of Byod and IoT

The 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, The report studies the global medical device security market from the forecast period of 2018 to 2023. The market is projected to reach USD 6.59 Billion by 2023 from 4.36 Billion in 2018, at a CAGR of 8.6%

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Market Segmentation in Detailed:

Based on type, 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 bring your own device (BYOD), social media usage, and cloud synchronizing tools are also driving the demand for endpoint security.

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.

Geographical View in-detailed:

The Medical Device Security 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 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 market in the region.

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Global Key Leaders:

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).

Cisco Systems is the leading player in the medical device security market, accounting for a share of 28.6% in 2017. Cisco provides its products and services in North America, Europe, APAC, MEA, and Latin America. The company mainly focuses on organic and inorganic growth strategies such as product launches and collaboration to sustain and enhance its presence in this market. For instance, in June 2017, the company launched Digital Network Architecture which was a major evolution network security. Also, in May 2017, Cisco and IBM collaborated to provide better protection to their customer against cybercrime as well as Cisco launched first fully-automated remote PHY solution, named Infinite Broadband Remote PHY solution (RPHY) for cable access networks.

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