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Medical Device Security Market Report Scope & Overview:

Medical Device Security Market Revenue Analysis

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The Medical Device Security Market Size was valued at USD 6.6 billion in 2023 and is expected to reach USD 14.2 billion by 2032 and grow at a CAGR of 8.9% over the forecast period 2024-2032.

 Medical device security refers to the methods and strategies that can be applied to prevent attacks on medical devices. Attacks could lead to the unauthorized use of medical equipment and the disclosure of private information generated by it.

Medical technology is advancing and getting better, including pacemakers, insulin pumps, and other devices. The majority share data through connecting to your cell phone, internet, hospital networks, or other devices and come with software. Because of this, it is essential to guarantee that medical devices are cyber secure. Numerous gadgets, including implantable and wearable ones, as well as those used at home or in healthcare facilities, are utilizing new technologies.

Since patients who have cardiac devices implanted may now be monitored remotely, potentially sparing them a trip to the doctor's office, improvements can now provide safer, timelier, and more convenient care. Hospitals are using connected data-sharing technology more frequently to enhance patient care and operational effectiveness. The software that runs these devices, like other pieces of technology, might be vulnerable to cyber-attacks, so caution is needed if a medical device incorporates software and depends on a wireless or cable connection.

MARKET DYNAMICS

DRIVERS

  • Cyberattacks and Threats in the Healthcare Sector Are Increasing

  • An Increase in the Elderly Population and a Resultant Increase in the Management of Chronic Disease

  • The need to agree with unofficial laws

  • An increase in the demand for connected medical devices

  • Uptake of IoT and Byod is Growing

RESTRAINTS

  • Budgetary restrictions for healthcare security

OPPORTUNITIES

  • Mobile medical devices with sensors that are wireless

  • Growing Use of Advanced Cloud Security Solutions in the Healthcare Sector

CHALLENGES

  • Healthcare Cybersecurity Faces Challenges from Endpoint Devices

  • Insufficient Knowledge about Healthcare Security

IMPACT OF COVID-19

Following the release of COVID-19, it is anticipated that the commercial outlook for medical device security would improve noticeably. Due to the increased demand for linked devices from various healthcare organisations as a result of the pandemic, there will likely be an increase in the cost of medical device security.

In addition, the COVID-19 outbreak has significantly changed how people live their daily lives and interact with their environment, workplaces, and other people. 2028 expectations made before to COVID-19 were far less optimistic than those made now.

Due to the rising clientele around the world and the growing need for connected devices among healthcare organisations, this market is anticipated to grow significantly at a higher CAGR over the coming years. Because of these factors, business messaging has become a popular way to reach out to clients.

By Component

Solutions and categories of market services are highly fragmented. By 2018, the market is expected to be dominated by the services sector. The key market share of this sector can be attributed to the increasing need for continuous consultation, support, and care services to protect connected medical equipment and IT health care infrastructure from the increasing number of cyber-attacks. Ownership and access control, antivirus and anti-malware, compliance management, encryption, detection and hacking, data loss prevention, disaster recovery, service distribution restrictions, and other solutions are further categorized under solutions. Due to factors such as the growing demand for enhanced encryption services integrated with other security solutions to deliver advanced Data Protection at lower cost and these solutions protect user data locally and, in the cloud, part of the encryption solutions is predicted to grow at a higher rate during forecasting.

By Type

The market is anticipated to be dominated by the endpoint security segment. Because there is more linked medical equipment, networks are more susceptible to new and sophisticated threats including zero-day malware, trojans, and APTs, which make up a big portion of this market. Endpoint security demand is also being driven by the BYOD trend, social media usage, and cloud synchronization solutions.

By Device Type

Hospital medical devices, embedded medical devices that are used internally, and wearable and exterior medical devices make up the market segments. The market category for wearable and external medical devices is anticipated to grow at the fastest rate during the projected period. The high and rising prevalence of chronic diseases and the growing need to cut healthcare expenses are both cited as factors in this development in the demand for home healthcare. The need for the adoption of wearable and external medical devices for remote patient monitoring is rising as a result of these considerations.

By End User

According to predictions, the medical device security industry will be dominated by the healthcare provider’s segment. Due to the numerous advantages these linked networked medical devices offer, there is a significant demand for them among healthcare practitioners, which is one of the factors contributing to the segment's rise.

KEY MARKET SEGMENTS:

By Component

  • Solutions

  • Services

By Type

By Device Type

By End User

  • Healthcare Providers

  • Medical Device Manufacturers

  • Healthcare Payers

REGIONAL ANALYSIS

North America formerly dominated the medical device security market, and it is anticipated that it will continue to do so during the projected period. This is explained by the region's expanding use of cloud-based technologies and the surge in data breaches at various healthcare organisations. Nevertheless, Asia-Pacific is anticipated to have considerable growth during the projected period due to the increase in connected medical device use in hospitals and increased awareness of medical device security solutions in Asia-developing Pacific's countries.

The analysis of the worldwide medical device security market's growth potential, challenges, and trends is the main emphasis of the report. The study offers Porter's five forces analysis to comprehend the effects of numerous elements on the worldwide medical device security market, counting serious force of contenders, haggling force of providers, danger of new contestants, danger of substitutes, and dealing force of purchasers.

Medical-Device-Security-Market-Regional-Share

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REGIONAL COVERAGE

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

KEY PLAYERS:

Some of the major key players are Mcafee, LLC, Clear data, DXC Technology Company, Check Point Software Technologies Ltd., Palo Alto Networks, Cisco Systems, Inc., Sophos ltd, Cloud passage, International Business Machines Corporation, General Electric Company and other players.

Medical Device Security Market Report Scope:

Report Attributes Details
Market Size in 2023 US$ 6.6 Billion
Market Size by 2032 US$ 14.2 Billion
CAGR CAGR of 8.9% From 2024 to 2032
Base Year 2023
Forecast Period 2024-2032
Historical Data 2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Component (Solutions, Services)
• By Type (Application Security, Endpoint Security, Network Security, Cloud Security)
• By Device Type (Hospital Medical Devices, Internally Embedded Medical Devices, Wearable and External Medical Devices)
• By End User (Healthcare Providers, Medical Device Manufacturers, Healthcare Payers)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Mcafee, LLC, Clear data, DXC Technology Company, Check Point Software Technologies Ltd., Palo Alto Networks, Cisco Systems, Inc., Sophos ltd, Cloud passage, International Business Machines Corporation, General Electric Company.
Key Drivers • Cyberattacks and Threats in the Healthcare Sector Are Increasing
• An Increase in the Elderly Population and a Resultant Increase in the Management of Chronic Disease
• The need to agree with unofficial laws
Restraints • Budgetary restrictions for healthcare security

Frequently Asked Questions

Ans:The Medical Device Security Market Size was valued at USD 6.09 billion in 2022.

Ans: The Medical Device Security Market is to grow at a CAGR of 8.9% over the forecast period 2023-2030.

 The need to agree with unofficial laws, and an increase in the demand for connected medical devices are all propelling the Medical Device Security market forward.

Asia-Pacific is anticipated to have considerable growth during the projected period due to the increase in connected medical device use in hospitals and increased awareness of medical device security solutions in Asia-developing Pacific's countries.

Mcafee, LLC, Clear data, DXC Technology Company, Check Point Software Technologies Ltd., Palo Alto Networks, Cisco Systems, Inc., are the key players of the Medical Device Security Market. 

Table of Contents

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies

4.3.2.1 US

4.3.2.2 Canada

4.3.2.3 Germany

4.3.2.4 France

4.3.2.5 United Kingdom

4.3.2.6 China

4.3.2.7 Japan

4.3.2.8 South Korea

4.3.2.9 Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7.  PEST Analysis

  

8. Medical Device Security Market Segmentation, By Component

8.1 Solutions

8.2 Services

9. Medical Device Security Market Segmentation, By Type

9.1 Application Security

9.2 Endpoint Security

9.3 Network Security

9.4 Cloud Security

10. Medical Device Security Market Segmentation, By Device Type

10.1 Hospital Medical Devices

10.2 Internally Embedded Medical Devices

10.3 Wearable and External Medical Devices

11. Medical Device Security Market Segmentation, By End User

11.1 Healthcare Providers

11.2 Medical Device Manufacturers

11.3 Healthcare Payers

12. Regional Analysis

12.1 Introduction

12.2 North America

12.2.1 USA

12.2.2 Canada

12.2.3 Mexico

12.3 Europe

12.3.1 Germany

12.3.2 UK

12.3.3 France

12.3.4 Italy

12.3.5 Spain

12.3.6 The Netherlands

12.3.7 Rest of Europe

12.4 Asia-Pacific

12.4.1 Japan

12.4.2 South Korea

12.4.3 China

12.4.4 India

12.4.5 Australia

12.4.6 Rest of Asia-Pacific

12.5 The Middle East & Africa

12.5.1 Israel

12.5.2 UAE

12.5.3 South Africa

12.5.4 Rest

12.6 Latin America

12.6.1 Brazil

12.6.2 Argentina

12.6.3 Rest of Latin America

13. Company Profiles

13.1 Mcafee, LLC

13.1.1 Financial

13.1.2 Products/ Services Offered

13.1.3 SWOT Analysis

13.1.4 The SNS view

13.2 Clear data

13.3 DXC Technology Company

13.4 Check Point Software Technologies Ltd.

13.5 Palo Alto Networks

13.6 Cisco Systems, Inc.

13.7 Sophos ltd

13.8 Cloud passage

13.9 International Business Machines Corporation

13.10 General Electric Company

14. Competitive Landscape

14.1 Competitive Benchmark

14.2 Market Share Analysis

14.3 Recent Developments

15. Conclusion

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Secondary Research

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Primary Research

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Data Bank Validation

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