Medical Device Security Market Growth – at a CAGR of 8.5% During Forecast period 2020-2028
Growing need for medical device security in the healthcare sector and exponential growth of the global healthcare industry are among the major factors expected to drive market revenue growth
According to Emergen Research, the global medical device security market size was USD 5.10 billion in 2020 and is expected to reach USD 9.78 billion in 2028 and register a revenue CAGR of 8.5% during the forecast period, 2021-2028.
Market Dynamics:
Key factors contributing to revenue growth of the global medical device security market are rapid growth of the global healthcare industry, integration of emerging digital technologies such as AI, IoT (Internet of Things), big data, and robotics & automation in healthcare, growing use of digitally advanced medical devices, and rising incidences of data breach and cyberattacks in the healthcare sector.
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Other key factors boosting revenue growth of the global market are rising demand for advanced medical device security solutions & services, increasing research & development projects, introduction of cutting-edge medical device cybersecurity tools & solutions, and growing focus of healthcare providers on improving patient care and monitoring, as well as preventing unauthorized access to health data & records. Another important factor driving revenue growth of the global medical device security market is increasing use of new mobile and web-based healthcare apps for Remote Patient Monitoring (RPM) and personalized access to patient health data & information.
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Wearable and External Medical Devices Segment Accounted for Largest Revenue Share in 2020:
The wearable and external medical devices segment dominated other segments in terms of revenue share in the global market in 2020. Major factors boosting revenue growth of this segment are growing demand for wearable medical devices, rising geriatric population, rising trend of home healthcare, and increasing use of point-of-care diagnostic devices in home healthcare settings.
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Endpoint Security Segment to Account for Fastest Revenue CAGR:
The endpoint security segment is expected to register the fastest revenue growth rate in the global market over the forecast period. Increasing use of connected medical devices, rising trend of BYOD (bring-your-own-device) and advanced cloud-synchronized healthcare tools, and emergence of advanced medical device security systems to protect against various threats such as Trojans, APT, and zero-day malware are among the key factors driving the revenue growth of this segment.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America medical device security market accounted for the largest revenue share in the global market in 2020. Rapid digitization in the healthcare sector, technological advancements in medical devices, increasing focus on enhancing the safety and security of medical devices, rising cases of data breach and cyberattacks, and introduction of highly advanced medical device cybersecurity solutions are some of the major factors supporting revenue growth of the North America market.
Major Companies in the Global Medical Device Security Market Include:
- IBM
- Cisco Systems
- Koninklijke Philips N.V.
- GE Healthcare
- Symantec
- CA Technologies
- DXC Technology
- CloudPassage
- FireEye
- Check Point Software Technologies
- Sophos
- Imperva
- Fortinet
- Palo Alto Networks
- ClearDATA
- Zscaler
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For the purpose of this report, Emergen Research has segmented the global medical device security market based on security type, medical device type, component, end-use, and region:
Security Type Outlook (Revenue, USD Billion; 2018-2028)
- Network Security
- Endpoint Security
- Cloud Security
- Application Security
- Others
Medical Device Type Outlook (Revenue, USD Billion; 2018-2028)
- Hospital Medical Devices
- Wearable and External Medical Devices
- Internally Embedded Medical Devices
Component Outlook (Revenue, USD Billion; 2018-2028)
- Solutions
- Risk & Compliance Management
- Identity & Access Management (IAM)
- Encryption solutions
- Antivirus/Antimalware solutions
- Others
- Services
- Professional services
- Training & Education Services
- Support & Maintenance
- Design & Integration
- Consulting
- Others
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Medical Device Manufacturers
- Healthcare Providers
- Healthcare Payers
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Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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