Medical Device Security Market Size – Industry Structure Evaluation, Demand Drivers Analysis, Regional Growth Analysis and Identification, Competitive Positioning Review & Global Market Size Forecast to 2029
Overview
Global Medical Device Security Market size is expected to grow at a CAGR of 8.47% during the forecast period and the market size is expected to reach nearly US$ 10.72 Bn. by 2029.
The medicinal gadgets consist of checking and perceiving ability across various system access leading to infringement, and vulnerabilities. The application of a managed detection and response arrangement enables to keep track of various medical devices. The market is favored by the growing adoption of wearable devices with more than US$ 800 million in revenue in 2022 itself.
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The report study has analyzed the revenue impact of a covid-19 pandemic on the sales revenue of market leaders, market followers, and disrupters in the report, and the same is reflected in our analysis.
Factors such as rise in instances of healthcare cyberattacks and threats, along with subsequent growth in chronic disease management are a few key factors that have boosted the overall market growth. Moreover, government regulations and compliance, rise in adoption of connected medical devices, and growing application of cyber-security solutions are few other factors boosting the medical device security market. However, it is the limitations in the healthcare security budgets along with the lack of infrastructure to manage even the basic security protections that forms the key restraints for the market.
Medical Device Security Market Segment Analysis:
The service segment is expected to hold the largest market share among other components for the medical device security market globally. Factors such as the support & maintenance services for protecting connected medical devices and protecting healthcare IT infrastructure from the growing number of cyber-attacks have acted as drivers for the growth of services segment.
The market is segmented by component, security, device type, end-user, and region. By device type the market is segmented into hospital medical devices, wearable medical devices, and embedded medical devices. The wearable medical devices are expected to account for one of the fastest growth rate that is because of the huge penetration of internet within the healthcare sector as well as growing adoption of receiving the real-time health information for monitoring the patients’ health. Rise in adoption of connected medical devices have also been a major factor that is driving the overall market growth for medical device security.
By geography, the market can be segmented into North America, Europe, Asia Pacific, Middle East, and Latin America. North America is expected to hold the largest market share chiefly driven by reasons that include increasing instances of cyber-attacks for getting confidential patient information, along with increasing awareness among healthcare professionals regarding cyber-security. Improvement in healthcare related government policies and improving healthcare infrastructure are also the chief drivers that have driven the market growth of market globally.
Key Highlights:
Medical Device Security Market analysis and forecast, in terms of value.
Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the market
Medical Device Security Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.
The Medical Device Security Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.
Medical Device Security Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.
Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.
Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the market are also profiled.
Medical Device Security Market Scope: Inquire before buying
| Global Medical Device Security Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2022 | Forecast Period: | 2023-2029 |
| Historical Data: | 2018 to 2022 | Market Size in 2022: | US $ 6.06 Bn. |
| Forecast Period 2023 to 2029 CAGR: | 8.47% | Market Size in 2029: | US $ 10.72 Bn. |
| Segments Covered: | by Component | Solution Services |
|
| by Security | Endpoint Wireless Network Application Cloud |
||
| by Device Type | Hospital Medical Devices Wearable Medical Devices Embedded Medical Devices |
||
| by End-User | Hospitals Medical Device manufacturers Others |
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Medical Device Security Market, by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players
1. GE Healthcare
2. Cisco Systems
3. Symantec Corporation
4. International Business Machines Corporation (IBM)
5. CA Technologies
6. Mcafee
7. Fortinet
8. Zscaler
9. Palo Alto Networks
10. Cleardata
11. DXC Technology
12. Sophos
13. Fireeye
14. Check Point Software Technologies
15. Cloudpassage
16. Koninklijke Philips N.V.
17. Imperva
18. IBM
19. Battelle Memorial Institute
20. Microsoft
21. Palo Alto Network Inc
Frequently Asked Questions:
1. Which region has the largest share in Global Medical Device Security Market?
Ans: North America region holds the highest share in 2022.
2. What is the growth rate of Global Medical Device Security Market?
Ans: The Global Medical Device Security Market is growing at a CAGR of 8.47% during forecasting period 2023-2029.
3. What is scope of the Global Medical Device Security market report?
Ans: Global market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.
4. Who are the key players in Global Medical Device Security market?
Ans: The important key players in the Global market are – GE Healthcare, Cisco Systems, Symantec Corporation, International Business Machines Corporation (IBM), CA Technologies, Mcafee, Fortinet, Zscaler, Palo Alto Networks, Cleardata, DXC Technology, Sophos, Fireeye, Check Point Software Technologies, Cloudpassage, Koninklijke Philips N.V., Imperva, IBM, Battelle Memorial Institute, Microsoft, and Palo Alto Network Inc
5. What is the study period of this market?
Ans: The Global market is studied from 2022 to 2029.