Increasing adoption of BYOD and IoT are driving the growth of the medical device security market, Factors such as increasing instances of healthcare cyberattacks and threats, growing geriatric population and the subsequent growth in chronic disease management, government regulations and need for compliance, growing demand for connected medical devices.
What the Market Looks Like?
Predicted to grow at a CAGR of 8.6% during the forecast period, the Global Medical Device Security Market is estimated to reach USD 6.59 Billion by the end of 2023. In 2018 North America is expected to dominate the market
Based on type, the market 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, the medical device security market is 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.
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What Drives the Market?
The growth of the global market for Medical Device Security is primarily influenced by the following factors:
• Increasing Instances of Healthcare Cyberattacks and Threats
• Growth in Geriatric Population and Subsequent Growth in Chronic Disease Management
• Government Regulations and Need for Compliance
• Growing Demand for Connected Medical Devices
• Increasing Adoption of Byod and IoT
Geographical growth scenario of Medical Device Security Market:
Geographically, the 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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Leading market players and strategies adopted:
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).