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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.
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
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.
By Component
Solutions
Services
By Type
Endpoint Security
Network Security
Cloud Security
By Device Type
Hospital Medical Devices
Internally Embedded Medical Devices
By End User
Healthcare Providers
Medical Device Manufacturers
Healthcare Payers
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.
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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
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.
| 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 |
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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