Medical Device Security Market In-Depth Analysis & Global Forecast to 2027

[Priya Raut]

Market Overview

A report by Market Research Future (MRFR) presents that the global medical device security market is expected to grow at a CAGR of 13% by 2027. The estimate of the global market is projected to witness a surge of USD 17.0 billion over the forecast period. The rapid technological progress in the healthcare sector have stimulated the advancement of the medical devices framework.

The medical devices are vulnerable to attacks which pose a great threat to the sensitive data stored in the healthcare center’s database as well as to the personal information of the patients. The increasing number of cybercrimes in the past years have further amplified the security concerns. For the healthcare firms, medical device security is increasingly becoming a greater concern attributing to the ransomware intruders who use vulnerable medical devices to plan and execute their attack operations. The attackers mostly use medical devices in order to obtain access to the business network to deploy ransomware or steal data.

Contributing to the above trend, the global medical device security market is anticipated to generate a consistently rising demand for the medical device security services over the long term.

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Key Players

The key players in the global medical device security include names like CA Technologies (the U.S.), IBM (the U.S.), GE Healthcare (the U.S.), Cisco Systems (the U.S.), Fortinet (the U.S.), CloudPassage (the U.S.), DXC Technology (the U.S.), Check Point Software Technologies (Israel), Sophos (the U.K.), ClearDATA (the U.S.). Philips (Netherlands), Palo Alto Networks (the U.S.), Imperva (the U.S.), FireEye (the U.S.), Symantec (the U.S.), and others.

Segmental Analysis

The worldwide medical device security market segmentation is done based on component, type and end-user.

By component, the market is segmented into solutions and services. Majority of the market share is held by the solutions segment. The solutions section is further segmented into risk & compliance management, antivirus/ antimalware solutions, encryption solutions, distributed denial of service solutions, identity & access management solutions, disaster recovery solutions, intrusion detection system/ intrusion prevention systems, data loss prevention solutions, and others. The services section is segmented into professional services and managed security services. Additionally, the professional services segment is narrowed down to consulting services, design & integration, support & maintenance and training & education.

As per type, the market is segmented into network security, cloud security, application security, endpoint security, and others. The endpoint security section holds most of the market share in this segmentation type.

As per end-user, the market is segmented into healthcare providers, healthcare players and medical device manufacturers. The healthcare providers segment leads the global medical device security market.

Regional Analysis

Geographically, the global medical device security market is segmented into four key areas, namely the Americas, Asia Pacific, Europe, and the Middle East and Africa.

The Americas have the highest share percentage in the worldwide medical device security market. It is because of the existence of several key players that are offering the healthcare industry with advanced security services, higher threat of cyber-attacks, adoption of Internet of Things (IoT), and rapid implementation in this region.

Subsequently, the European nations hold the second largest market share of medical device security globally. The growth can be credited to the surge in the incidents of cybercrime, continuous research and development activities done for the implementation of security solutions with high efficacy in the healthcare business and the application of cutting-edge connected medical devices.

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