Global Medical Device Security Market to Reach US$ 19.9 Billion by 2028, Propelled by the Rising Prevalence of Cyber-Attacks and Threats in the Healthcare Sector

December 01, 2022

The latest report by IMARC Group, titled “Medical Device Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global medical device security market size reached US$ 8.5 Billion in 2022. Medical device security refers to the implementation of techniques, tools, and processes to prevent unauthorized access to medical data and devices. It utilizes numerous safety solutions for integrating and customizing security into devices, protecting firmware and securing communication among devices. It also helps healthcare providers track healthcare data and patient information while securing sensitive information from thefts and cyberattacks. In recent years, medical device security has gained momentum on account of rapid digitalization, along with the penetration of high-speed internet across healthcare institutions, clinics, hospitals, diagnostic laboratories, and ambulatory surgical centers.

Global Medical Device Security Market Trends:

One of the primary factors driving the market is the rising prevalence of cyber-attacks and threats in the healthcare sector. Additionally, the extensive utilization of medical device security for data and system protection from unauthorized manipulation and malicious software to protect the patients’ records critical to a hospital, is creating a positive market outlook. Other than this, the rising adoption of IoT-based medical devices in the healthcare sector is positively influencing the market growth. Besides this, technological developments, such as the integration of healthcare systems with the Internet of Things (IoT) solutions and artificial intelligence (AI), are creating a positive market outlook.  Other major growth-inducing factors include the implementation of numerous government initiatives to promote the adoption of digital security solutions in the healthcare industry, in confluence with the widespread usage of cloud-based medical device security solutions. Looking forward, IMARC Group expects the market value to reach US$ 19.9 Billion by 2028, expanding at a CAGR of 15.1% during the forecast period (2023-2028).

Market Summary:

  • Based on the device type, the market has been divided into stationery medical devices, internally embedded medical devices, and external medical devices and consumer wearable.
  • On the basis of the component, the market has been segregated into solutions (identity and access management solutions, antivirus and antimalware solutions, encryption solutions, data loss prevention solutions, risk and compliance management, intrusion detection systems and intrusion prevention systems, disaster recovery solutions, distributed denial of service solutions and others), and services.
  • Based on the deployment mode, the market has been bifurcated into on-premises and cloud-based.
  • On the basis of the end user, the market has been segmented into healthcare institutions, medical device manufacturers, and others.
  • Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has also been analyzed, with some of the key players being Check Point Software Technologies Ltd., Cisco Systems Inc., ClearDATA, FireEye (Symphony Technology Group), Fortinet Inc., General Electric Company, International Business Machines Corporation, Koninklijke Philips N.V., McAfee Corp., Medigate, Palo Alto Networks Inc., and Synopsys Inc.
     

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Medical Device Security Market to Reach US$ 19.9 Billion by 2028, Propelled by the Rising Prevalence of Cyber-Attacks and Threats in the Healthcare Sector
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