Medical Device Security Market Size To Reach USD 9.78 Billion in 2028, Says Reports and Data

Growing number of healthcare cyber-attacks and threats, rise in healthcare R&D, expansion of pharmaceutical industries, increasing healthcare manufacturers, and emphasis on health care digitalization are major factors expected to drive market growth

The global medical device security market size is expected to reach USD 9.78 billion in 2028, registering a CAGR of 8.5% over the forecast period, according to the latest report by Reports and Data. Major factors driving market revenue growth are rising number of healthcare cyber-attacks and threats and expansion of pharmaceutical industries. In addition, increasing healthcare devices manufacturers coupled with increased digitalization will further drive market growth.

Internet-connected medical devices offer numerous opportunities for healthcare providers to monitor and treat patients more effectively. But they also create opportunities for cybersecurity attacks designed to steal highly personal information or disrupt treatment efforts. Medical device cybersecurity refers to the tools and practices that prevent attackers from gaining unauthorized access or control over medical devices and the data they generate.

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Medical devices are becoming increasingly linked to healthcare networks and other medical devices in order to provide capabilities that enhance health care and improve health care providers' ability to treat patients. However, medical devices are susceptible to security breaches, which could jeopardise the device's protection and effectiveness. The U.S. Food and Drug Administration has mandated that medical device manufacturers should be cautious in recognising threats and hazards associated with their products, including cybersecurity risks. This has significantly boosted growth of the medical device security market.

Moreover, rise in healthcare research activities, growing digital health education trends, and proliferation of connected medical devices are key factors expected to drive the medical device security market growth over the forecast period.

However, high security cost, lack of awareness in security arrangements, and complexity in medical device security are major factors that will restrain the medical device security market growth to a certain extent over the projected timeframe. Moreover, lack of trained professionals to operate such advanced security devices create challenges for the market growth.

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Some Key Highlights in the Report:

  • The endpoint security segment accounted for largest revenue share in the global market in 2020 due to its growing adoption of smart medical devices.
  • The wearable and external medical devices segment is expected to register a robust CAGR during the forecast period.
  • The service segment is expected to register largest revenue share in the global market. Rising demand for continuous consultation has raised demand for maintenance services to protect medical devices from increasing cyberattacks.
  • The healthcare providers segment accounted for largest revenue share among the end user outlook in the global market in 2020 due to increasing Remote Patient Monitoring (RPM) services.
  • North America region is expected to account for largest revenue share over the forecast period due to rapid technological development in medical devices and increased need for securing the same from cyber threats.
  • Revenue from the Asia Pacific medical device security market is expected to grow at a significantly high rate due to the rising government initiatives and investments for digitalization in the health care industry.
  • Key players operating in the market are Cisco Systems, IBM, GE Healthcare, Symantec, CA Technologies, Philips, DXC Technology, CloudPassage, FireEye, Check Point Software Technologies, Sophos, Imperva, Fortinet, Palo Alto Networks, ClearDATA, Zscaler.

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Segments covered in the report:

For the purpose of this report, Reports and Data has segmented the global medical device security market on the basis of type, device, component, end user and region:

Type Outlook (Revenue, USD Million; 2018 – 2028)

  • Network Security
  • Endpoint Security
  • Cloud Security
  • Application Security
  • Others

Device Outlook (Revenue, USD Million; 2018 – 2028)

  • Wearable and External Medical Devices
  • Hospital Medical Devices
  • Internally Embedded Medical Devices

Component Outlook (Revenue, USD Million; 2018 – 2028)

  • Solution
    • Risk & Compliance Management
    • Identity & Access Management (IAM)
    • Encryption
    • Antivirus/Antimalware
    • Other Solutions
  • Services
    • Training & Education Services
    • Consulting
    • Professional services
    • Support & Maintenance
    • Design & Integration
    • Other Services

End User Outlook (Revenue, USD Million; 2018 – 2028)

  • Healthcare Providers
  • Medical Device Manufacturers
  • Healthcare Payers

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Regional Outlook (Revenue, USD Billion; 2018 – 2028)

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • 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 and Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Rest of Middle East & Africa

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