The medical device security market growth is driven by the increasing adoption of connected medical devices, extensive usage of digital health applications & devices in home care settings, and rising concerns regarding data security in the healthcare sector.
Over the past few years, increased adoption of connected medical devices has been witnessed among doctors, clinicians, nurses, and physicians, to deliver quick and superior care to patients. However, the adoption of these devices has also created an attack surface that healthcare organizations are unable to secure. The significant rise in cyber-attacks across the globe has made the security of medical devices crucial.
The U.S. Food and Drug Association has issued guidelines for the security of medical devices, which has prompted medical devices manufacturers to enhance security systems in devices to protect them from cyber-attacks and unauthorized access. This, in turn, is expected to foster medical device security market size in the forecast period.
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However, lack of awareness regarding advanced healthcare devices, low healthcare budgets, high costs associated with the implementation of strong security solutions, and minimal adoption of technologically upgraded medical devices are the key restraining factors for the medical device security market.
Key Highlights from Report-
- In the regional landscape, North America is expected to account for the largest medical device security market share during the analysis period. The increasing adoption of security solutions for medical devices and connected healthcare infrastructure across the region is stimulating industry growth. In addition, the presence of the key players that are heavily investing in developing advanced security solutions will further foster regional market size through 2027.
- The Asia Pacific region is expected to showcase considerable growth in the forecast period on account of penetration of IoT, extensive usage of connected medical devices, and rising concerns regarding data security in the healthcare sector. In addition, increased uptake of innovative cybersecurity solutions in China and India will offer lucrative opportunities for the regional industry expansion in the coming years.
- Key players contributing to the medical device security market share are Cisco Systems, IBM, Check Point Software Technologies, Symantec Corporation, McAfee, Microsoft, CA Technologies, Palo Alto Networks, GE Healthcare, FireEye, and ClearDATA, among others.
- GE Healthcare launched Skeye, a new cybersecurity solution, in February 2020. The solution combines artificial intelligence, process management tools, and medical device expertise to prevent cybersecurity threats in hospitals and other healthcare settings. Skye is also expected to enhance the existing resources as well as capabilities in order to aid hospitals in responding in real-time to combat cybersecurity threats.
For the purpose of this study, Emergen Research has segmented the Global Medical Device Security Market on the basis of component, security type, device, end-user, and region:
Component Outlook (Revenue, USD Billion; 2017-2027)
- Professional Managed
Security Type Outlook (Revenue, USD Billion; 2017-2027)
Device Outlook (Revenue, USD Billion; 2017-2027)
- Hospital Medical Devices
- Wearable & External Medical Devices
- Embedded Medical Devices
End-User Outlook (Revenue, USD Billion; 2017-2027)
- Medical Device Manufacturers
- Healthcare Professionals (HCPs)
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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